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04. April
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2026-04-21 10:00 AM - Commissioners' Agenda
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K - Fully Executed
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Last modified
4/30/2026 9:39:05 AM
Creation date
4/30/2026 9:38:29 AM
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
Fully Executed Version
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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Citibank, and secured by that certain Subordinate Multifamily Deed of Trust, Assignment ofRents, <br />Security Agreement and Fixture Filing (the "Taxable Deed of Trust") recorded in Kittitas County, <br />Washington. All documents identified in this paragraph, and any documents executed by the <br />Partnership in connection therewith, are collectively referred to as the "Taxable Loan <br />Documents". <br />E. Commerce's Interests. Sponsor and Commerce have entered into a Capital <br />Funding Agreement (the "Commerce Contract") which sets forth the terms and conditions <br />under which Commerce has agreed to lend Sponsor up to $12,630,020.00 (the "Commerce <br />Loan"). The Commerce Loan is evidenced by a Promissory Note (the "Commerce Noteo'), <br />made by Sponsor to the order of Commerce. The Commerce Contract and the Commerce Note <br />were assigned to the Partnership under an Assignment, Assumption and Consent Agreement <br />recorded concurrently herewith in Kittitas County, Washington (the "Commerce <br />Assignment"). The Commerce Contract is secured by a Deed of Trust for the benefit of <br />Commerce, to be recorded in Kittitas County, Washington (the "Commerce Deed of Trust"). <br />Commerce has entered into that certain Low Income Housing Covenant Agreement granted by the <br />Partnership for the benefit of Commerce to be recorded in Kittitas County, Washington (the <br />"Commerce Regulatory Agreemenf'). All documents identified in this paragraph, and any <br />documents executed by the Partnership in connection therewith, as the same may be amended <br />from time to time, subject to the restrictions set forth in Section 5(b) below, are collectively <br />referred to as the "Commerce Loan Documents", provided, however, for the avoidance of <br />doubt, as it pertains to statements of priority or subordination in this Agreement, the Commerce <br />Regulatory Agreement shall not be considered part of the o'Commerce Loan Documents", the <br />intent being that the Commerce Regulatory Agreement shall have third (3'd) priority as provided <br />below. <br />F. Sponsor's and General Partners' Interest. <br />a. Soonsor's Interest as Snonsor Loan Lender. The Sponsor has made a loan <br />to the Partnership in the amount of $2,030,000 (the "CPF Sponsor Loan"). <br />The CPF Sponsor Loan is evidenced by a Promissory Note (Sponsor Loan - <br />CPF) (the "CPF Sponsor Note"), made by the Partnership to the order of the <br />Sponsor. The Partnership's obligation to repay the CPF Sponsor Note is <br />secured by a Deed ofTrust (Sponsor Loan - CPF) for the benefit ofSponsor, <br />to be recorded in Kittitas County, Washington (the "CPF Sponsor Deed of <br />Trust"). All documents identified in this subparagraph, and any documents <br />executed by the Partnership in connection therewith, as the same may be <br />amended from time to time, subject to the restrictions set forth in Section 5(b) <br />below, are collectively referred to as the "CPF Sponsor Loan Documents". <br />b. Sponsor's Interest as Countv Funds Sponsor Loan Lender. The Sponsor has <br />made a loan to the Partnership in the amount of S750,000 (the "County Funds <br />Sponsor Loan"). The County Funds Sponsor Loan is evidenced by a <br />Promissory Note (Sponsor Loan - County Funds) (the "County Funds <br />Sponsor Note"), made by the Partnership to the order of the Sponsor. The <br />JPriority and Subordination Agreement Teanaway Court
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