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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
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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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Priority and Subordination Agreement 16 Teanaway Court <br />iii. after consultation among the Lenders, the Senior Lender determines, in <br />its sole commercially reasonable discretion, that the conditions for <br />permitting release of Loss Proceeds for Restoration set forth in its Senior <br />Loan Documents have not been met; or <br />iv. as of the date of Condemnation or Casualty less than one (1) year remains <br />before the maturity of the Senior Indebtedness; <br />provided that Restoration proceeds with reasonable dispatch once Loss Proceeds <br />are available. <br /> <br />Nothing contained in this Agreement shall be deemed to require the <br />Senior Lender to act for or on behalf of the Subordinate Lender in connection <br />with any Restoration or to hold or monitor any Loss Proceeds in trust for or <br />otherwise on behalf of the Subordinate Lender. <br />g. Subordinate Lender shall not cause the termination, through foreclosure or <br />otherwise, of any commercial Leases for laundry facilities, telephone or internet <br />access services and cable television services for tenants at the Property without <br />the express written consent of the Senior Lender. <br />h. Except as provided in this Section 5(h), and regardless of any contrary provision <br />in the Subordinate Loan Documents, Subordinate Lender shall not collect <br />payments for the purpose of escrowing for any cost or expense related to the <br />Property or for any portion of its Subordinate Indebtedness. However, if no <br />Lender holding a Deed of Trust with higher priority is collecting escrow <br />payments for one or more Impositions, the Subordinate Lender may collect <br />escrow payments for such Impositions; provided that all payments so collected <br />by the Subordinate Lender shall be held in trust by such Subordinate Lender to <br />be applied only to the payment of such Impositions. <br />i. Within ten (10) days after request by any Lender, the Subordinate Lender shall <br />furnish the Senior Lender, as applicable, with a statement setting forth the then- <br />current amount of its Subordinate Indebtedness, confirming that it has not given <br />notice of any existing default under its Subordinate Loan Documents (or <br />describing any existing default of which it has given such notice). <br />j. The Senior Lender may amend, waive, postpone, extend, renew, replace, reduce <br />or otherwise modify any provisions of its Senior Loan Documents without the <br />necessity of obtaining the consent of or providing notice to the Subordinate <br />Lender, and without affecting any of the provisions of this Agreement. <br />Notwithstanding the foregoing, the Senior Lender may not modify any provision <br />of any Senior Loan Document in a manner (i) that increases its Senior <br />Indebtedness, except for increases in the Senior Indebtedness that result from <br />advances made by the Senior Lender to protect the security or lien priority of
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