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before December 31, 2043. All payments will be deferred on the loan as <br /> long as the property is used as a workforce development center associated <br /> with the low-income supportive housing on the Property and available to <br /> Very Low-income persons. Should this property use change, or the Owner <br /> not fully comply with the provisions of this Agreement, the City of Everett <br /> may, at its option, require immediate payment in full of all principal and <br /> accrued interest. If the use of the property continues as a workforce <br /> development center associated with the low-income supportive housing on <br /> the Property and available to Very Low-income persons until December 31, <br /> 2043, the loan will be 100% forgiven on such date. <br /> B. Security for the Loan <br /> The Loan shall be evidenced by a non-recourse Promissory Note in the <br /> form of Exhibit B attached hereto and incorporated herein by this <br /> reference. <br /> The Owner shall execute and deliver for recording a Leasehold Deed of <br /> Trust in the form of Exhibit C attached hereto and incorporated herein by <br /> this reference. The Deed of Trust shall secure repayment of all funds <br /> provided under this Agreement for the undertaking and performance of the <br /> Project described in Exhibit A and pursuant to the terms of this Agreement. <br /> Prior to execution of the Deed of Trust for the Property, the Owner shall <br /> submit to the City verification of the Owner's leasehold ownership interest in <br /> the Property and mortgage balances and recorded liens against the real <br /> property to be improved. <br /> C. Assignment of Obligations <br /> Except as set forth herein, the Owner shall not assign any of its obligations <br /> under this Agreement, but shall remain obligated at all times to perform <br /> according to the terms of this Agreement. <br /> D. The Project <br /> The Loan is provided to the Owner for the undertaking and performance of <br /> the Project described in Exhibit A. The Loan may be amended from time <br /> to time in any manner described elsewhere in this Agreement, so long as <br /> the same remains consistent with the objective of Exhibit A, as now or <br /> hereafter amended. <br /> E. Project Budget <br /> All funds provided by the City to the Owner pursuant to this Agreement may <br /> only be expended directly or indirectly in accordance with the budget <br /> contained in Exhibit D attached hereto, which is incorporated herein by <br /> reference (the "Project Budget"). Further, the Owner shall pay or cause to <br /> be paid all Project costs in excess of the authorized Loan amount. <br /> F. Public Information <br /> 2 <br />