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EXHIBIT C
<br /> Form of Deed of Trust
<br /> THIS DEED OF TRUST, made this day of , 2019, by and among
<br /> HopeWorks Station Residential LLLP, a Washington limited liability limited partnership,
<br /> GRANTOR, whose address is 5830 Evergreen Way, Everett, WA 98203; First American Title
<br /> Company, a Washington corporation, TRUSTEE, whose address is 2707 Colby Avenue, Suite
<br /> 601; Everett, WA 98201, and the City of Everett, a municipal corporation of the State of
<br /> Washington, BENEFICIARY, whose address is 2930 Wetmore Avenue, Suite 8A, Everett, WA
<br /> 98201.
<br /> WITNESSETH: Grantor hereby bargains, sells and conveys to Trustee in Trust, with power of
<br /> sale, the real property in Snohomish County, Washington described in Attachment 1 attached
<br /> hereto and incorporated herein by this reference, which real property together with the
<br /> improvements now or hereafter constructed thereon is not used principally for agricultural or
<br /> farming purposes, together with all the tenements, hereditaments, and appurtenances now or
<br /> hereafter thereunto belonging or in any wise appertaining, and the rents, issues and profits thereof
<br /> (the "Property").
<br /> This Deed of Trust is for the purpose of securing performance of each agreement of Grantor
<br /> herein contained, and in the Affordable Housing Trust Fund Agreement dated the day of
<br /> , 2019 (the "AHTF Agreement"), entered into between the Beneficiary and
<br /> Grantor, in the amount of Two Hundred Nineteen Thousand Sixty-Seven Dollars ($219,067) with
<br /> interest, in accordance with the terms of a promissory note of even date herewith (the "Note"),
<br /> payable to Beneficiary or order, and made by the Grantor, and all renewals, modifications and
<br /> extensions thereof, and also such further sums as may be advanced or loaned by Beneficiary to
<br /> Grantor, or any of their successors or assigns, together with interest thereon at such rate as shall
<br /> be agreed upon. Capitalized terms used but not otherwise defined herein shall have those
<br /> meanings ascribed to them in the AHTF Agreement.
<br /> To protect the security of this Deed of Trust, Grantor covenants and agrees:
<br /> 1. To keep the Property in good condition and repair; to commit or permit no waste thereof;
<br /> to complete any building, structure or improvement being built or about to be built thereon;
<br /> except as provided in the AHTF Agreement, not to remove or demolish any building
<br /> thereon; except as provided in the AHTF Agreement, to restore promptly any building,
<br /> structure or improvement thereon which may be damaged or destroyed; to pay when due
<br /> all claims for labor performed and materials furnished therefor; not to commit, suffer, or
<br /> permit any act upon the Property in violation of law; and to do all other acts which from
<br /> the character or use of the Property may be reasonably necessary to preserve and
<br /> conserve its value.
<br /> 2. To pay before delinquent all lawful taxes, assessments and any other charges upon or
<br /> affecting the Property when due; and to keep the Property free and clear of all other
<br /> charges, liens or encumbrances impairing the security of this Deed of Trust, subject to the
<br /> Grantor's right to contest such taxes, assessments and other charges in good faith.
<br /> Exhibit C
<br /> City of Everett
<br /> HopeWorks Station Residential LLLP
<br /> Page 1 of 7
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