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14 1 <br /> EXHIBIT B <br /> Form of Promissory Note <br /> City of Everett <br /> Planning Department <br /> 2930 Wetmore Ave., Suite 8B <br /> Everett, WA 98201 <br /> 1. Promise to Pay. In consideration of the Loan provided by City of Everett <br /> ("Holder") pursuant to the City of Everett Loan Agreement ("Agreement"), <br /> ("Maker"), hereby promises to pay to the order of <br /> Holder, at such place as Holder may designate in writing, in lawful money of the United <br /> States of America, the principal sum of$ on the terms and conditions set forth <br /> herein and in the Loan Agreement. <br /> 2. Assignment. The Maker shall not assign any of its rights, duties, or <br /> obligations under the terms of this Note without prior express written consent of the City and <br /> upon such terms and conditions to which the Maker is subject. <br /> 3. Term. Payment in full of all principal and interest on this Note shall be <br /> due on <br /> 4. Interest. Interest shall accrue on the unpaid principal balance, at 3% <br /> interest compounded annually unless penalty interest is imposed pursuant to Section 7 of ( <br /> this Promissory Note. <br /> 5. Payment of Principal and Interest; Forgivable. Principal and interest, if <br /> any, on this Note shall be deferred until December 31, 2043, at which time the full balance <br /> due and owing under this Note shall be paid, except that, if Maker fully complies with the <br /> provisions of this Note and the Agreement, then the Holder shall forgive on such date all <br /> amounts due under this Note. <br /> 6. Prepayment. Maker shall have the right to prepay this Note in full or in <br /> part at any time and from time to time without payment of a prepayment fee or penalty. <br /> 7. Default. This Note shall be in default (1) if payment is not made when <br /> due, and such default shall continue for a period of ten (10) days after any written notice to <br /> the Maker from Holder hereof specifying such default and requiring the same to be <br /> remedied; or (2) should default be made in the observance or performance of any <br /> covenants, terms, or provisions of the Agreement, Deed of Trust, Use Restriction Covenant <br /> Agreement, or any other agreement regarding the Project to which Maker and Holder are <br /> parties, if any (collectively, the "Loan Documents"), and such default continues after any <br /> notice from Holder hereof to Maker and the expiration of any period granted to Maker for <br /> curing such default as provided for in any such instrument in the event of such a default. <br /> Upon such a default the whole sum of principal hereunder shall become <br /> immediately due and payable according to the terms herein. As long as this Note is in <br /> B-1 <br /> 91 <br />