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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 <br /> State 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 <br /> projects that benefit Very Low-Income persons. "Very Low-Income" means gross <br /> annual household income (at the time of initial acceptance into the workforce training <br /> program) is not more than fifty percent (50%) of the annual median income for the <br /> Seattle-Bellevue-Everett metropolitan statistical area, adjusted for household size, as <br /> estimated from time to time by the U.S. Department of Housing & Urban Development <br /> (HUD). <br /> D. The Owner owns a leasehold interest in certain real property located at 3319 <br /> Broadway Avenue, Everett, Washington, more fully described in Exhibit A attached <br /> hereto and incorporate herein by this reference (the "Premises" or the "Property"). The <br /> leasehold interest is created by the Lease by and between Hopeworks Station <br /> Enterprises as Lessor and Owner as Lessee (the "Lease"). The Owner and City desire <br /> that the Premises be used for the provision of a workforce development center <br /> associated with the low-income supportive housing on the Property and available to <br /> 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 <br /> parties hereto agree as follows: <br /> I. 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 City has no obligation <br /> to disburse any Loan funds hereunder unless the Lease is in a form <br /> acceptable to the City. The Loan shall be due and repaid in full on or <br /> 1 <br />