Laserfiche WebLink
all other funds of the Project in a trust account with a depository insured by the Federal <br /> Deposit Insurance Corporation and shall be held and disbursed in accordance with <br /> Washington law and this Loan Agreement. The balance of such account shall at all <br /> times equal or exceed the aggregate of all outstanding obligations under said account, <br /> plus accrued interest thereon; <br /> 5. Permit the use of the units in the Project for any purpose except that which was <br /> approved by the City; <br /> 6. Incur any liability or obligation in connection with the Project, contingent or otherwise <br /> (other than liabilities and obligations in connection with the financing of the acquisition, <br /> payment of loans, development, construction of and operations of the Project); <br /> 7. Enter into any contract or contracts for supervisory or managerial services except as <br /> permitted by this Loan Agreement; or <br /> 8. Invest any funds from the Project in any property, real or personal, for use on other <br /> properties of the Agency or Owner, except as authorized by this Loan Agreement or <br /> by the City; provided however that this provision shall not limit any payments as may <br /> be required pursuant to the Master Condominium Documents or the Sub <br /> Condominium Documents. <br /> For purposes of this Agreement, Master Condominium Documents include but are not <br /> limited to the i) Master Condominium Declaration for HopeWorks Station Master, a <br /> Condominium Association and ii) the articles of incorporation and bylaws of <br /> HopeWorks Station Condominium Association and the Sub Condominium Documents <br /> including but are not limited to i) the Condominium Declaration for HopeWorks Station <br /> II Building, a Condominium and ii) the articles of incorporation and bylaws of <br /> HopeWorks Station II Building Condominium Association. <br /> W. Public Information <br /> 1. In all news releases and other public notices related to the Project funded under this <br /> Loan Agreement, the Agency shall include information identifying the source of funds <br /> as the City of Everett HOME Investment Partnerships Program. <br /> 2. For all construction Projects, the Agency shall erect a sign to City specifications at the <br /> construction site, identifying the source of funds. <br /> X. Religious or Faith-Based Organizations <br /> 1. Organizations that are religious or faith-based are eligible on the same basis as any <br /> other organization to participate in the HOME Program. <br /> 2. Organizations that are directly funded under the HOME Program may not engage in <br /> inherently religious activities, such as worship, religious instruction, or proselytization, <br /> as a part of the programs or services funded under 24 CFR Part 92. If the Agency <br /> conducts such activities, the activities must be offered separately, in time or location, <br /> from the programs or services funded under 24 CFR Part 92, and participation must <br /> be voluntary for the beneficiaries of the HUD-funded programs or services. <br /> Loan Agreement <br /> Housing Hope Properties <br /> Page 16 of 51 <br />