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EXHIBIT B <br /> Form of Promissory Note <br /> $219,067 Everett, Washington <br /> 1. Promise to Pay. In consideration of the Loan provided by The City of Everett, <br /> a Washington municipal corporation ("Holder"), pursuant to the Affordable Housing Trust Fund <br /> Agreement dated , 2019 ("AHTF Agreement"), HopeWorks Station Residential <br /> LLLP, a Washington limited liability limited partnership ("Maker"), hereby promises to pay to the <br /> order of Holder, at such place as Holder may designate in writing, in lawful money of the United <br /> States of America, the principal sum of Two Hundred Nineteen Thousand Sixty-Seven Dollars <br /> ($219,067), plus interest as provided herein, on the terms and conditions set forth herein and in <br /> the AHTF Agreement (the "Loan"). <br /> 2. Assignment. Reserved. <br /> 3. Payment of Principal and Interest. Principal and interest on this Note shall be <br /> due on December 31, 2059. <br /> 4. Interest. 3% simple interest shall accrue on the unpaid principal balance, unless <br /> penalty interest is imposed pursuant to Section 6 of this Promissory Note. <br /> 5. Prepayment. Maker shall have the right to prepay this Note in full or in part at <br /> any time and from time to time without payment of a prepayment fee or penalty. <br /> 6. Default. This Note shall be in default (i) if payment is not made when due, and <br /> such default shall continue for a period of ten (10) days after any written notice to the Maker from <br /> Holder hereof specifying such default and requiring the same to be remedied; or(ii) should default <br /> be made in the observance or performance of any covenants, terms, or provisions of the AHTF <br /> Agreement, Deed of Trust, Use Restriction Covenant Agreement, or any other loan documents <br /> (collectively, the "Loan Documents"), and such default continues after any notice from Holder <br /> hereof to Maker and the expiration of any period granted to Maker for curing such default as <br /> provided for in any such instrument in the event of such a default. <br /> Upon such a default the whole sum of principal hereunder shall become <br /> immediately due and payable according to the terms herein. As long as this Note is in default, <br /> then, at the option of the Holder, without prior notice, this Note shall bear interest at the rate of <br /> twelve percent (12%) per annum. <br /> a. Curing of Monetary Default. If a monetary event of default occurs under the <br /> terms of any of the Loan Documents, before exercising any remedies thereunder, Holder shall <br /> give Maker written notice of such default. Maker shall have a period of ten (10) calendar days <br /> after such notice is given, or such longer period of time as may be specified in the Loan <br /> Documents, within which to cure the default before exercise of remedies by Holder under this <br /> Note or the Loan Documents. <br /> A Default in payment of any amount due hereunder may be cured only by payment <br /> in full of such amount plus the interest accrued from the date of default, as stated above, on the <br /> unpaid principal balance as of the date of default until the date of payment resulting from <br /> application of a default rate of interest as provided herein, if any, that may be due hereunder or <br /> Exhibit B <br /> City of Everett <br /> HopeWorks Station Residential <br /> Page 1 of 5 <br />