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PROMISSORY NOTE <br /> COMMUNITY HOUSING IMPROVEMENT PROGRAM (CHIP) <br /> Borrower Name <br /> Authorized Rep. Name/Title <br /> Property Address <br /> City Everett State WA Zip 98270 <br /> Date of Execution 00/00/00 Place of Execution Everett,WA <br /> Principal Amount $ 0.00 <br /> 1. BORROWER'S PROMISE TO PAY <br /> In return for a loan made, <br /> Borrower(s), promise(s)to pay to the order of the City of Everett, a municipal corporation under the laws <br /> of the State of Washington(Lender),the principal amount of <br /> U.S.Dollars <br /> ($ 0.00 ) or as much thereof as may have been advanced under this Note,plus <br /> interest on the unpaid principal balance at a yearly rate of , ( )percent,for a term of <br /> ,( )years in accordance with this Promissory Note(Note). This loan is <br /> made for the purpose of certain improvements to Borrower's property (Property). These improvements <br /> (Project) are as described in loan documents associated with this Note. The Lender will determine the <br /> date on which the project is completed. Interest will begin to accrue on the date of project completion. <br /> 2. PAYMENTS <br /> Borrower promises to pay according to the following schedule: <br /> Installment Loan <br /> Borrower promises to pay both principal and interest on this Note by making installment <br /> payments of U.S. Dollars <br /> ($ ), on or before the first day of each calendar month, beginning <br /> on . Borrower promises to make these payments <br /> every month until , when the final payment will <br /> be due. If, on that date, Borrower still owes any amount of principal, interest, or other <br /> charges under this Note,Borrower promises to pay all amounts due under this Note in full <br /> on that date,in addition to the final payment. <br /> 1 Deferred Loan <br /> The principal and interest on this Note shall be due and payable in full on <br /> . Interest shall bear <br /> the yearly rate as set forth in Paragraph 1 hereof for a maximum of <br /> ( )years. <br /> 1 The terms of this note are that the loan will be forgiven 100%so long <br /> as Borrower continues to operate the facility for the purpose it was <br /> intended at the time of this loan signing <br /> Borrower will make all payments at the Office of the City Treasurer,2930 Wetmore Ave,Suite 8b, <br /> Everett,Washington, 98201, or at any other place that Lender may designate. The Lender may transfer <br /> this Note. The term "Lender" includes Lender's collection agents and anyone who takes this Note by <br /> transfer and is entitled to receive payments. <br /> Page 1 of 4 Rev.6/15 <br />