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14 <br /> City of Everett <br /> Loan Agreement <br /> This Loan Agreement (the "Agreement") by and between HopeWorks Social Enterprises <br /> (hereinafter"the Owner") and the City of Everett (hereinafter"the City") is made to facilitate <br /> the construction of a workforce development center associated with the low-income <br /> supportive housing on the Property and available to Very Low-income persons (hereinafter <br /> "the Project"). <br /> RECITALS: <br /> A. The Owner is a non-profit corporation organized and existing under the laws of the State <br /> of Washington. <br /> B. The City is a municipal corporation of the State of Washington. <br /> C. The City has available in its General Fund certain money to be used to support projects <br /> that benefit Very Low-Income persons. "Very Low-Income" means gross annual <br /> household income (at the time of initial acceptance into the workforce training program) <br /> is not more than fifty percent (50%) of the annual median income for the Seattle- <br /> Bellevue-Everett metropolitan statistical area, adjusted for household size, as estimated <br /> from time to time by the U.S. Department of Housing & Urban Development (HUD). <br /> D. The Owner owns a leasehold interest in certain real property located at 3319 Broadway <br /> Avenue, Everett, Washington, more fully described in Exhibit A attached hereto and <br /> incorporate herein by this reference (the "Premises" or the "Property"). The Owner and <br /> City desire that the Premises be used for the provision of a workforce development <br /> center associated with the low-income supportive housing on the Property and available <br /> to Very Low-income persons on a continuous, uninterrupted basis for approximately 25 <br /> years, until December 31, 2043. <br /> E. The City Council of the City of Everett has budgeted funding from the General Fund for _ <br /> the Project, in an amount not to exceed $400,000. <br /> NOW,THEREFORE, in consideration of their mutual promises herein contained,the parties <br /> hereto agree as follows: <br /> LOAN TERMS <br /> A. The Loan <br /> The Owner is hereby provided a loan at 3% simple interest in a principal <br /> amount not to exceed $400,000.00 (the "Loan"). The Loan shall be due and <br /> repaid in full on or before December 31, 2043. All payments will be deferred <br /> on the loan as long as the property is used as a workforce development <br /> center associated with the low-income supportive housing on the Property <br /> and available to Very Low-income persons. Should this property use change, <br /> or the Owner not fully comply with the provisions of this Agreement, the City <br /> 1 <br /> 77 <br />