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HOME LOAN AGREEMENT
<br /> AMENDMENT
<br /> Colby Avenue Youth Center
<br /> (1)
<br /> WHEREAS, Cocoon House executed a HOME Loan Agreement on April 19, 2018, for the Colby
<br /> Avenue Youth Center project; and
<br /> WHEREAS, Cocoon House applied for additional City of Everett (City) funds to cover increased
<br /> project development costs prior to the execution of the HOME loan, and secured preliminary
<br /> County approval for additional funding in the amount of One Hundred Thousand Dollars
<br /> ($100,000); and
<br /> WHEREAS, pending final City approval by the City Council of the requested additional funding,
<br /> Cocoon House committed an additional private bridge loan in the amount of $100,000, for the
<br /> purpose of bridging, for such period as needed, until this Amendment #1 was authorized and
<br /> executed; and
<br /> WHEREAS, the Snohomish County Council by Motion No.18-094, approved the PY2018 Action
<br /> Plan, which included additional funding for the Colby Avenue Youth Center project, located in
<br /> Everett, WA; and
<br /> WHEREAS, on June 6, 2018, the City Council approved Resolution 7253 designating HOME
<br /> funds from the PY 2018 for the Colby Avenue Youth Center project, located in Everett, WA; and
<br /> WHEREAS, the parties seek to revise the City HOME Loan with this Amendment to the HOME
<br /> Loan Agreement to increase the loan amount by $100,000 in PY2018 HOME funds, for a total
<br /> revised loan amount of Four Hundred Thousand Dollars ($400,000); and
<br /> NOW,THEREFORE, in consideration of the mutual promises and agreements contained therein,
<br /> the parties agree as follows:
<br /> A. The HOME Loan Agreement is amended herein with this Amendment, as and where
<br /> appropriate, to provide additional PY 2018 HOME project financing in the amount of One
<br /> Hundred Thousand Dollars ($100,000). The amended HOME loan amount is Four
<br /> Hundred Thousand Dollars ($400,000).
<br /> Section I, Section I.B, and Section I.L. of the Loan Agreement are amended, as and where
<br /> appropriate" to revise the loan amount from "Three Hundred Thousand Dollars
<br /> ($300,000)" to "Four Hundred Thousand Dollars ($400,000)".
<br /> B. The Project Budget, (Exhibit B), is deleted in its entirety and replaced with Exhibit B-1,
<br /> which is attached hereto and by this reference incorporated herein.
<br /> C. Concurrently with the execution of this Amendment, in order to update the HOME loan
<br /> amount to $400,000, Cocoon House will execute an amendment to the Promissory Note,
<br /> dated April 19, 2018 and in the original principal amount of $300,000 (the Promissory
<br /> Note"). The form of the amendment to the Promissory Note is attached hereto as Exhibit
<br /> C-1 and incorporated herein.
<br /> HOME Loan Agreement Amendment
<br /> Cocoon House
<br /> Colby Avenue Youth Center(1)
<br /> Page 2 of 5
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