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Exhibit "C" <br /> Specific Terms and Conditions <br /> 1. This grant shall be considered a loan with principal and interest due ten years from the date of <br /> closing. All payment will be deferred as long as the property is used as a facility for low and <br /> moderate-income people as per this contract. Should this property use change, or the terms <br /> of this contract not be upheld, the City of Everett may, at its option, require immediate <br /> payment in full of all sums lent plus interest. At the end of ten years, the loan will be forgiven <br /> 100% principal and interest. The loan shall be secured by a deed of trust and note, both in the <br /> form as provided by the City attached herein. <br /> 2. Interest rate shall be 3% simple interest. <br /> 3. All CDBG expenditures for this project shall be matched 100% by the Boys and Girls Club <br /> (matching funds). <br /> 4. All applicable permits: land use and building permits will be acquired by the Boys and Girls <br /> Club from the City of Everett. <br /> 5. The property shall be maintained at all times and not let to rundown. The city of Everett <br /> Planning and Community Development staff will be responsible for conducting this review. <br /> c-1 <br />