3230 NORTON AVE HOUSING HOPE 2018-01-01 MF Import

' 5 Exhibit "D" S,�pnific Terms and Gonditions 1. This grant shail be considered a loan with principal and interest due fifteen years from the date of clasing. All payment will be deferred as long as the property is used for transitional housing as per this contract. Should this property use change, or the terms of this contract not be upheld the City of Everett may at its option, require immediate payment in full of all sums lent plus interest. At the end of ten years the loan will be fargiven 100% principai and interest. 2. Interest ra:e shall be 3% simple interest. 3. The City of Everett's Community Housing Improvement Program (CHIP) will review and approve all rehabilitatior. and new construction plans for the site. 4. Housing Hope will appraise the City of Everett's Department of Planning and Community Development of progress on a monthly basis through written progress reports during the course of the renovation and construction. 5. All applicable permits: land use and building permits will be acquired by Housing Hope from the City of Everett. 6. Any tenants that constitute a direct threat to the health and safety of other individuals or may cause substantial physical damage will not be housed in the shelter. 7. The project shall include indoor and outdoor recreation areas. The outdoor recreational area shall be secured and screened as approved by the City of Everett's Department of Planning and Community Development. 8. Signing far the housing will be limited to an address sign. No other on-premise signs will be permitted. A small plaque may be placed on the building to recognize efforts by those who have contributed to the development of Housing Hope Village. 9. The office shall provide adequate indoor waiting and socialization space. 10. Rules and regulations of the housing development shall be incorporated into and become a part of this contrect. The rules and regulations will be approved by the city of Everett's Long Range Planning and Community Development Manager or designee. All participants shall abide by such rules. The Housing Hope staff will be responsible for enforcement of such rules. Rule changes must be approved by the Housing Hope Board of Directors and copies of minute of ineeting where such changes take plact must be sent to the City of Everett's Department of Planning and Community Development. . 1 I8