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LOAN TERMS <br /> A. The Loan <br /> The Owner is hereby provided a 3% interest loan with a principal amount not to exceed <br /> Two Hundred Nineteen Thousand Sixty-Seven Dollars ($219,067) (the "Loan") for the <br /> full undertaking and performance of the Project. The Loan shall be for a term of forty <br /> (40) years and is due and payable on December 31, 2059. <br /> B. Security for the Loan <br /> The Loan shall be evidenced by a non-recourse Promissory Note of the Owner in the <br /> form of Exhibit B attached hereto and incorporated herein by this reference. <br /> The Promissory Note shall be secured by a Deed of Trust executed by the Owner in <br /> the form of Exhibit C attached hereto and incorporated herein by this reference (the <br /> "Deed of Trust"). The Deed of Trust shall secure repayment of all funds provided to <br /> the Owner under this AHTF Agreement and shall be recorded against all of the <br /> Property constituting the Project. <br /> Prior to execution by the Owner of the Deed of Trust for the Property to be acquired <br /> under this AHTF Agreement, the Owner shall submit to the City verification of the <br /> Owner's ownership interest in the Property and of mortgage balances and recorded <br /> liens against the Property. <br /> C. The Project <br /> The Loan is provided to the Owner for the undertaking and performance of the Project <br /> as detailed in the Project Description, Exhibit A. The Loan may be amended from <br /> time to time in any manner described elsewhere in this AHTF Agreement, so long as <br /> the same remains consistent with the object of Exhibit A, as now or hereafter <br /> amended. <br /> D. Project Budget <br /> All funds provided by the City to the Owner pursuant to this AHTF Agreement may <br /> only be expended in accordance with the budget contained in Exhibit D attached <br /> hereto and incorporated herein by this reference (the "Project Budget"), as may be <br /> amended pursuant to Section V hereof. The Owner shall manage the Project so that <br /> Project activity costs do not exceed the Project Budget. Further, the Owner shall pay <br /> all Project costs in excess of the authorized Loan amount. <br /> • City of Everett <br /> AHTF Agreement <br /> HopeWorks Station Residential LLLP <br /> Page 2 of 15 <br />