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HopeSource CIP Amend 4
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2026-04-21 10:00 AM - Commissioners' Agenda
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HopeSource CIP Amend 4
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Last modified
4/16/2026 1:11:41 PM
Creation date
4/16/2026 1:11:03 PM
Metadata
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Meeting
Date
4/21/2026
Meeting title
Commissioners' Agenda
Location
Commissioners' Auditorium
Address
205 West 5th Room 109 - Ellensburg
Meeting type
Regular
Meeting document type
Supporting documentation
Supplemental fields
Item
Request to Approve Amendment 4 - HopeSource-CIP (Teanaway Court/Cle Elum Build)
Order
11
Placement
Consent Agenda
Row ID
143720
Type
Agreement
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<br />PROMISSORY NOTE PAGE 1 <br />SPONSOR LOAN (COUNTY FUNDS) <br />PROMISSORY NOTE <br />(Sponsor Loan – County Funds) <br /> <br />$750,000 (U.S.) Cle Elum, Washington <br />_________, 2026 <br /> <br /> FOR VALUE RECEIVED, the undersigned (“Maker”) promises to pay to the order of <br />HopeSource, a Washington nonprofit corporation, at its offices at 606 West 3rd Avenue, Ellensburg, <br />Washington 98926, or at such other place as the holder of this Promissory Note (hereinafter, <br />“Holder”) may from time to time designate in writing, the sum of Seven Hundred Fifty Thousand <br />and No/100 Dollars ($750,000.00), or so much thereof as has been advanced, in lawful money of the <br />United States, with interest thereon from the date of this Promissory Note (hereinafter, this “Note”) <br />until paid at the rate set forth below. Interest for each full calendar month during the term of this Note <br />shall be calculated on the basis of a 360-day year and twelve 30-day months. Interest for any partial <br />calendar month at the beginning or end of the term of this Note shall be calculated on the basis of a <br />365 or 366-day year and the actual number of days in that month. <br /> <br />1. Interest Rate. The interest rate hereunder (the “Note Rate”) shall be zero percent <br />(0%) compounding annually. <br /> <br />2. Payments. Payments hereunder shall be made solely from distributions of Cash <br />Flow or Capital Proceeds in accordance with Section 8.02 and Exhibit A-4 to the First Amended <br />and Restated Agreement of Limited Partnership of Maker dated as of the date hereof (the <br />“Partnership Agreement”) in accordance with the terms of the Partnership Agreement. In addition, <br />the aggregate amount of such payments shall not exceed 75% of then available Surplus Cash in <br />accordance with the terms of the Priority and Subordination Agreement. Notwithstanding any other <br />provisions of this Note, the full balance of this Note shall be due and payable in all events on or <br />before December 31, 2081 (the “Maturity Date”). <br /> <br />3. Maturity. Unless sooner repaid by Maker, the entire unpaid principal balance of this <br />Note, plus any accrued but unpaid interest, and all other amounts owing shall be due and payable in <br />full on the Maturity Date. <br /> <br />4. Application of Payments. Payments shall be applied: (i) first, to the payment of <br />accrued interest; (ii) second, at the option of Holder, to the payment of any other amounts owing under <br />this Note or secured by the Deed of Trust (as defined below), other than accrued interest and principal, <br />including, but not limited to advances Holder may have made for taxes, assessments, insurance <br />premiums, attorneys’ fees or other charges on any property given as security for this Note and late <br />charges due hereunder; and (iii) third, to the reduction of principal of this Note. <br /> <br />5. Late Charge. If any amount payable hereunder is paid more than fifteen (15) days <br />after the due date thereof, Maker promises to pay a late charge of one percent (1%) of the delinquent <br />amount as liquidated damages for the extra expense in handling past due payments. <br /> <br />6. Security. This Note is secured by a Deed of Trust (the “Deed of Trust”) of even date <br />herewith and executed by Maker, encumbering Maker's interest in certain real property located in
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