Hopeworks Social Enterprises 5/1/2018

In all news releases and other public notices related to the Project funded under this Agreement, the Owner shall include information identifying the source of funds as the City of Everett General Funds. The Owner also shall erect a sign to City specifications at the construction site for the Project identifying the source of funds. II. POPULATION TO BENEFIT FROM THE PROJECT The facility shall be operated as a workforce development center associated with the low-income supportive housing on the Property and available to Very Low-income persons available exclusively to participants whose gross annual household income (at the time of initial acceptance into the workforce training program) is not more that fifty percent (50%) of the annual median income for the Seattle-Bellevue-Everett metropolitan statistical area, adjusted for household size, as estimated from time to time by the U.S. Department of Housing & Urban Development (HUD). If at any future time HUD ceases issuing said median household estimates, the income under this Agreement shall be as determined by the City. Further, the Grantee shall verify the income of the workforce training program participants only in accordance with methods prescribed by or agreed to by the City. III. TERM OF AGREEMENT The term of this Agreement begins on the date of the Agreement and expires December 31, 2043. This Agreement may be terminated by the City prior to its expiration date as provided in Section XVIII hereof. Following expiration or termination of this Agreement, the Owner's obligations to the City shall remain in full force and effect until all closeout requirements of this Agreement are completed. Closeout requirements comprise all actions required to demonstrate to the City's satisfaction that all terms and conditions of the Agreement have been fulfilled, including, but not limited to, repayment of the Loan (if Loan is not forgiven); certificate of occupancy; inspection of the final Project; and to the extent all funds identified in the Project budget have not been disbursed, letters from other funders evidencing their satisfaction with the Project and stating that there are no outstanding issues which would cause their withholding of funds. IV. PAYMENT AND DISBURSEMENTS Disbursements by the City pursuant to this Agreement shall be on a reimbursement basis covering actual expenditures for the project or obligations of the Owner currently due and owing, but not paid. No payment shall be made for any services, work, supplies or materials except for services, work, supplies or materials within the scope of a category set forth in the Project Budget in Exhibit D of this Agreement, and all funds received by the Owner pursuant to this Agreement must be reimbursement for services, work, supplies or materials identified in the Project Budget identified in Exhibit D of this Agreement . 3