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AG 13-036RETURN TO: Brook Lindquist EXT: x2401 CITY OF FEDERAL WAY LAW DEPARTMENT ROUTING FORM I. ORIGINATING DEPT./DIV: CED/COMMUNITY SERVICES DEPARTMENT 2. ORIGINATING STAFF PERSON: BxOOx LirrDQuiST EXT: �401_ 3. DATE REQ. BY: 4. TYPE OF DOCUMENT (CHECK ONE): ❑ CONTRACTOR SELECTION DOCUMENT (E.G., RFB, RFP, RFQ) ❑ PUBLIC WORKS CONTRACT ❑ SMALL OR LIMITED PUBLIC WORKS CONTRACT ❑ PROFESSIONAL SERVICE AGREEMENT � MAINTENANCE AGREEMENT � GOODS AND SERVICE AGREEMENT ❑ HUMAN SERVICES / CDBG ❑ REAL ESTATE DOCUMENT ❑ SECURITY DOCUMENT (E.G. sorm xELn�n Docv�,rrTS> ❑ ORDINANCE ❑ RESOLUTION ❑ CONTRACTAMENDMENT(AG#): ❑ INTERLOCAL X OTHER PROMISSORY NOTE 5. PROJECT NAME: B,�sa�xA KnvG PxoMtssoxY NoTE 6. NAME OF CONTRACTOR: B.�RBARA KItvG ADDRESS: 31759 8�" AvENUE SoUTx, FEDERAL WAY, WA 98003 E-MAIL: N/A SIGNATURENAME: BA1tB�KtrtG TELEPHONE N/A FAX: N/A TITLE OWNER 7. EXHIBITS AND ATTACHMENTS: ❑ SCOrE, WORK OR SERVICES ❑ COMPENSATION ❑ INSURANCE REQUIREMENTS/CERTIFICATE X ALL OTHER REFERENCED EXHIBITS ❑ PROOF OF AUTHORITY TO SIGN ❑ REQUIRED LICENSES ❑ PRIOR CONTRACT/AMENDMENTS 8. TERM: COMMENCEMENT DAT'E: ] 1/8/2012 COMPLETION DATE: FEBttu.�RY 6, 2016. 9. TOTAL COMPENSATION $ N/A (INCLUDE EXPENSES AND SALES TAX, IF ANY� (IF CALCULATED ON HOURLY LABOR CHARGE - ATTACH SCHEDULES OF EMPLOYEES TITLES AND HOLIDAY RATES) REIMBURSABLE EXPENSE: 0�s XNO IF YES, MAXIMUM DOLLAR AMOUNT: $ IS SALES TAX OWED ❑ YES X NO IF YES, $ PAID BY: ❑ CONTRACTOR ❑ CITY ❑ PURCHASING: PLEASE CHARGE TO: N/A 10. DOCUMENT/CONTRACT REVIEW iNITIAL / DATE REVIEWED ❑ PROJECT MANAGER ❑ DIRECTOR o RISK MANAGEMENT (iF a�rrr_.[casLE) ❑ LAW INITIAL / DATE APPROVED 11. COUNCILAPPROVAL (�F.aPpL1C,e,BI.E) COMMITTEE APPROVAL DATE: COUNCIL APPROVAL DATE: 12. CONTRACT SIGNATURE ROUTING � ❑ SENT TO VENDOR/CONTRACTOR DATE SENT: DATE REC'D: ❑ ATTACH: SIGNATURE AUTHOWTY, INSURANCE CERTIFICATE, LICENSES, EXHIBITS D LAW DEPARTMENT ❑ SIGNATORY (MAYOR OR DIRECTOR) ❑ CITY CLERK D ASSIGNED AG# ❑ SIGNED COPY RETURNED COMMENTS: AG# I h _ DATE SENT: 11/9 CITY OF CITY HALL � Federal Wa 3 53 835-7000ue South Y Federal Way, WA 98003-6325 �w2�»v atyoffederelwey com PROMISSORY NOTE City of Federal Way Emergency Housing Repair Program (EHRP) LENDER: City of Federal Way, a Municipal corporation 33325 8�'Avenue South Federal Way, WA 98003 BORROWER: EHRP RESIDENCE: pRINCIPAL AMOITNT: DUE DATE: Barbara King, Homeowner 31759 8�' Avenue South Federal Way, WA 98003 $2,398.68 February 5, 2016 In consideration for the mutual undertakings and covenants contained in this Promissory Note (the "Note"), Lender (also referred to hereinafter as the "City") and Borrower agree as follows: 1. Purpose for Loan. Borrower has eligible to participate in Lender's Emergency Housing Repair Program ("EHRP"), a program to assist eligible homeowners with emergency housing problems that pose a combination of unforeseen circumstances that require immediate action to protect the health and safety of its occupants or the neighborhood as a whole. The program is funded by Community Development Block Grant funds that have been made available to the City. Borrower's application for an Emergency Housing Repair Program loan has been approved and the City is prepared to fund the loan upon Borrower's execution of the "Loan Documents," which include this Promissory Note, a Deed of Trust and a Closing Statement. 2. Promise to Pay. For value received, on or before the Due Date, Borrower, including its assigns and successors, promises to pay Lender in lawful money of the United States of America, at Lender's principal place of business, or such other place as Lender may designate in writing from time to time, the Principal Amount of $5,000.00 or such lesser sum as shall have been advanced by Lender to or on behalf of Borrower under this Note, plus interest (in the event of Default) as provided in this Note. 3. Interest Rate. The unpaid Principal Amount shall bear interest at the rate of Zero Percent (0%) per annum (the "Effective Interest Rate") unless or until a Default. 4. Payments. No payments will be required to be made on the Principal Amount unless or until a Default occurs. In the event of Default, the entire unpaid balance of the Principal Amount as of the date of Default shall immediately become due and payable and interest on the unpaid balance shall commence to accrue at the "Default Interest Rate" on the date of Default. 5. Loan Account. All advances made to or on behalf of Borrower under this Note shall be charged to a loan account in Borrower's name on Lender's books ("Loan Account") and Lender PROMISSORY NOTE 10/2012 EMERGENCY HOUSING REPAIR PROGRAM Page 1 CITY OF , �., Federal CITY HALL W�� 33325 8th Avenue South Federel Way, WA 98003-6325 (253)835-7000 wwwatyot/ederalwey com shall debit to Borrower's Loan Account the amount of each advance, and credit the amount of each repayment made by Borrower or "Forgiveness of Debt" granted by Lender. 6. Forgiveness of Debt. Commencing upon the date on which the Lender issues the last advance of funds to or on behalf of Borrower under this Note (the "Repayment Commencement Date"), Borrower shall be entitled to receive, and Lender sha11 grant, forgiveness of Thirty-three Percent (33%) of the Principal Amount for each consecutive twelve-month period after the Repayrnent Commencement Date (a "Repayment Yeaz") that Borrower actually occupies the Residence identified above as Borrower's principal place of residence. If Borrower resides in the Residence for three (3) Repayment Years, the entire Principal Amount sha11 be forgiven and this Note shall be satisfied in full. If Borrower fails for any reason to live in the Residence for three (3) Repayrnent Years, this Note shall be in Default as of the date upon which Borrower no longer resides in the Residence. For purposes of calculating the amount of forgiveness, if any, to which Borrower may be entitled for the Repayment Year in which Borrower vacates the Residence, the amount of forgiveness to which Borrower would be entitled for that Repayment Year shall be prorated for the number of days that Borrower actually occupied the Residence in that Repayment Year. 6. Default. Upon the occurrence of any of the following events ("Events of Default"), Lender, at its option, and without notice to Borrower, may declare the entire unpaid Principal Amount to be immediately due and payable: a. The Borrower no longer occupies the Residence as Borrower's primary residence; b. The Borrower sells the Residence or conveys the Residence in lieu foreclosure, or forfeits the Residence in foreclosure, bankruptcy or other insolvency proceeding; c. The Borrower makes, or is deemed to have made, any materially incorrect, false, fraudulent or misleading representation, warranty or certificate to the Lender or makes, or is deemed to have made, any materially incorrect, false, fraudulent, or misleading representation in any statement or application to Lender in connection with Lender's consideration of Borrower's EHRP application; d. The Borrower defaults under the terms of this Note or the Deed of Trust granted in connection herewith; e. The Borrower is enjoined, restrained or in any way prevented by court order from continuing to reside in the Residence; f. Formal charges are filed against the Borrower under any federal, state or municipal statute, law or ordinance for which forfeiture of the Residence is a potential penalty, or the Residence is in fact so seized or forfeited; g. The Borrower fails to maintain the Residence, commits waste upon the Residence property or allows the Residence or Residence property to become a nuisance; h. The Borrower (1) makes an assignment for the benefit of creditors, (2) consents to the appointment of a custodian, receiver or trustee for itself or for a substantial part of its assets or (3) commences, consents to the commencement or continuation of, or has commenced upon it, voluntarily or involuntarily, any proceeding under any bankruptcy, insolvency or similar laws of any jurisdiction; PROMISSORY NOTE 10/2012 EMERGENCY HOUSING REPAIIt PROGRAM Page 2 CITY OF , � Federal Way CITY HALL 33325 8th Avenue South Federal Way, WA 98003-6325 (253)835-7000 wwwGtyoffederalway com i. The Borrower defaults under the deed of trust executed in connection with this Note, it being understood and agreed that this Note and the deed of trust shall be interpreted and construed as a single integrated agreement between Lender and Borrower; or j. The Borrower dies. The term "Default Date" shall mean the date on which an Event of Default has occurred or the date Borrower is no longer entitled to cure the Event of Default under the terms of this Note. 7. Default Interest Rate. Upon the occurrence of any Event of Default, the unpaid Principal Amount balance shall bear interest at the per annum interest rate for judgments provided by Washington law until the Note is satisfied in full. 8. Security. This Note is secured by and relates to a deed of trust of even date encumbering the Residence. 9. Default Remedies. Upon the occurrence of any Event of Default, Lender shall have and may exercise any one or more of the rights and remedies provided in this Note and the deed of trust relating to this Note. The remedies provided in this Note and deed of trust are cuxnulative to the full extent provided by law. 10. Application of Payments. All payments received on this Note shall first be applied against accrued and unpaid interest and "Costs and Fees" owed to Lender under this Note, and the balance against unpaid Principal Amount. Borrower expressly assumes all risks of loss or delay in the delivery of any payments made by mail, and no course of conduct or dealing shall affect Borrower's assumption of these risks. 11. Costs and Fees. Borrower agrees to pay a11 of Lender's costs incurred in the collection, modification, review, monitoring, or termination of this Note, including actual attorney fees and those incurred in any foreclosure, bankruptcy, or other similar insolvency proceeding. 12. No Waiver. Acceptance by Lender of any payment in an amount less than the amount then due shall be deemed an acceptance on account only, and Lender's acceptance of any such partial payrnent shall not constitute a waiver of Lender's right to receive the entire amount due. 13. Consent. Borrower hereby jointly and severally (i) waives presentment for payrnent, demand, notice of non-payment, notice of protest or protest of this Note, (ii) waives Lender's diligence in collection or bringing suit, and (iii) waives consent to any and all extensions of time, renewals, waivers or modifications as may be granted by Lender with respect to payment or any other provisions of this Note. The liability of the Borrower under this Note shall be absolute and unconditional, without regard to the liability of any other party. 14. Governing Law and Venue. This Note shall be interpreted, construed and governed by, and in accordance with, the laws of the State of Washington. Venue for any action commenced by Borrower or Lender to interpret or enforce this Note or the deed of trust shall be in the Superior Court of the State of Washington, For King County, at the Maleng Regional Justice Center, Kent, Washington. 15. Entire Agreement. Except as otherwise expressly provided in this Note, this Note and the deed of trust constitute the entire agreement of the Borrower and the Lender relating to its subject matter. PROMISSORY NOTE 10/2012 EMERGENCY HOUSING REPAIlt PROGRAM Page 3 CITY OF '�„�...., Federal Way CITY HALL 33325 8th Avenue South Federai Way, WA 98003-6325 (253)835-7000 www atyoffederalway com ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT. OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON LAW. Agreed to and accepted by: LENDER: CITY OF FEDERAL WAY Skip Pries , Mayor AP OVED S FORM: � �b�. City Att y, Patricia A Richardson Printed Name STATE OF WASHINGTON ) � ) ss. COUNTY OF � ) ATTEST: i y Clerk, Carol McNe ly, CM �/� Sa�atafe /v� P�� On this day personally appeared before me, � , to me known to be the individual described in and who executed the foregoing instrument, and oath swore that he/she/they executed the foregoing instrument as his/her/their free and voluntary act and deed for the uses and purposes therein mentioned. GIVEN my hand and official seal this � day of 20� ��\\NN11N��/ � �y„�g�N y�� Notary s signature ��--- �rr— �( �i�� Notary's printed name C�� � c� � y4 Notary Public in and for the State of Was ' on. ���' � � My commission expires � r- 1 q— � _ 4 � tl�J►'' �� 9 ,�� 0,��. `��W��� PROMISSORY NOTE 10/2012 EMERGENCY HOUSING REPAIIt PROGRAM Page 4