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14 <br /> City of Everett/HopeWorks Social Enterprise <br /> 2018 Loan Agreement <br /> Table of Contents <br /> Page <br /> Recitals 1 <br /> I. Loan Terms 1 <br /> A. The Loan 2 <br /> B. The Project 2 <br /> C. Project Budget 2 <br /> D. Public Information 2 <br /> II. Population to Benefit from the Project 2 <br /> III. Term of Agreement 3 <br /> IV. Payment and Disbursements 3 <br /> V. Budget Revisions 4 <br /> VI. Appraisal 4 <br /> VII. Title Insurance 4 <br /> VIII. Property Taxes and Utilities 4 <br /> IX. Covenant Agreement 4 <br /> X. Subordination Agreements, Subsequent Priority Instruments 5 <br /> XI. Management of the Project 5 <br /> A. In General 5 <br /> B. Workforce Development Center Operations Manual 5 <br /> XII. Insurance 6 <br /> A. Liability 6 <br /> B. Property Insurance with Special Causes of Loss & Builders Risk Insurance6 <br /> C. Professional Services 7 <br /> D. Workers' Compensation 7 <br /> E. General Requirements 7 <br /> XIII. Construction Services; Project Schedule 8 <br /> A. Construction Standards 8 <br /> B. State Labor Standards 8 <br /> C. Professional Services 8 <br /> D. Project Schedule 8 <br /> XIV. Environmental Review 9 <br /> XV. Competitive Bidding 9 <br /> XVI. Reporting Requirement; Annual Reports 9 <br /> XVII. Audits; Inspections 9 <br /> XVIII. Breach by the Grantee; Remedies 9 <br /> XIX. Nonwaiver of Breach 10 <br /> XX. Governing Law; Venue Stipulation 10 <br /> XXI. Relationship of the Parties 10 <br /> 75 <br />