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CITY <br /> EVERETT COMMUNITY HOUSING IMPROVEMENT PROGRAM <br /> CONTRACT WITH LENDING INSTITUTIONS <br /> INVESTMENT REHABILITATION PROGRAM <br /> THIS AGREEMENT IS ENTERED INTO THIS/64day of i'&24.0(_.) , <br /> , <br /> by and between Coastal Community Bank (herein called the "Lende ") and the City of <br /> Everett, Snohomish County, State of Washington, a municipal corporation (herein called <br /> the "City"). <br /> WITNESSETH: <br /> WHEREAS, the City has adopted a plan for the rehabilitation and improvement of <br /> housing and the environment in the all incorporated areas of the City, designated as the <br /> Community Housing Improvement Program (herein called "CHIP"), and <br /> WHEREAS, the City, Lender, and other participating lenders desire to continue <br /> providing housing rehabilitation services and loan assistance to qualified property owners <br /> of this community for the benefit of low and moderate income residents; and <br /> WHEREAS, it is the objective of the City to assure that CHIP properties be improved <br /> to meet the requirements of the Everett Housing Code and that the health and safety of the <br /> residents of the neighborhoods are protected and enhanced; and <br /> WHEREAS, the Lender and the City believe that the City of Everett's Community <br /> Housing Improvement Program (herein called "CHIP") has been successfully implemented <br /> through the cooperation of parties for resident property owners; and <br /> WHEREAS, the Lender agrees to participate in the Community Housing <br /> Improvement Program through the approval, processing, and collection of home <br /> improvement or housing rehabilitation loans to investment property owners within the city <br /> limits of Everett; and <br /> WHEREAS, the City and the Lender recognize that the purpose of this program is to <br /> provide incentives for investors to improve substandard structures. <br /> NOW THEREFORE, THE PARTIES HERETO AGREE AS FOLLOWS: <br /> I. Commitment of Resources <br /> A. The Lender agrees to allocate loan funds for the Investment Rehabilitation <br /> Program subject to the approval of such loans by the Lender, and in <br /> consideration of commitments by the City and other lending institutions. <br /> B. The Lender agrees to commit $100,000.00 for an Investment <br /> Rehabilitation loan pool fund. <br />