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Fully Executed - Recorded Document
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04. April
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2026-04-21 10:00 AM - Commissioners' Agenda
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Fully Executed - Recorded Document
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Last modified
7/16/2026 1:06:14 PM
Creation date
7/16/2026 1:05:43 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
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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owner and holder of its Subordinate Loan Documents; (ii) its Subordinate Loan <br />Documents have not been modified or amended; (iii) the Subordinate Lender <br />has no actual knowledge of any material Subordinate Loan Default, and has not <br />given notice of, any Subordinate Loan Default, that has occurred under its <br />Subordinate Loan Documents; (iv) no scheduled monthly payments under its <br />Subordinate Note, if applicable, have been prepaid more than ten (10) days in <br />advance oftheir respective due dates; and (v) to the Subordinate Lender's actual <br />knowledge, none of the rights of such Subordinate Lender under any of its <br />Subordinate Loan Documents are subject to the rights of any third parties, by <br />way of subrogation, indemnification or otherwise, except for matters of record <br />in the official public land records of Kittitas County, Washington, maintained <br />by the Kittitas County Auditor or in filings made under the Uniform Commercial <br />Code. <br />b. Without the prior written consent of the Senior Lender, the Subordinate Lender <br />shall not (i) amend, modiff, renew or replace any provision of any of its <br />Subordinate Loan Documents in a manner that results in or requires any earlier <br />or greater payments thereunder or materially increases the obligations of <br />Partnership thereunder or creates any additional defaults under such Subordinate <br />Loan Documents; (ii) terminate any of its Subordinate Loan Documents, or (iii) <br />pledge, assign, transfer, convey, or sell any interest in its Subordinate <br />Indebtedness to any party that is not a governmental or quasi-governmental <br />authority; (iv) accept any payment on account of its Subordinate Indebtedness <br />other than a regularly scheduled payment of interest or principal and interest <br />made not earlier than ten (10) days prior to the due date thereof (and the <br />aggregate of which is not in excess of 75Yo of then available Surplus Cash) or as <br />expressly authorized in Sections 3 and 5(h); or (iv) take any action concerning <br />environmental matters affecting the Property. <br />c. The Subordinate Lender will deliver to Senior Lender a copy of each <br />Enforcement Action Notice delivered by that Subordinate Lender pursuant to <br />the Subordinate Loan Documents or in connection with the Subordinate <br />Indebtedness, simultaneously with Subordinate Lender's delivery of such <br />Enforcement Action Notice. The Subordinate Lender shall not take action to <br />enforce its Subordinate Loan Documents against the Partnership or the Property <br />until it has delivered to the Senior Lender a copy of a notice declaring a <br />Subordinate Loan Default and stating its intent to take Enforcement Action, or <br />until the expiration, without cure of the applicable Subordinate Loan Default, of <br />the applicable cure period in Section 6 below. The Senior Lender shall deliver <br />to the Subordinate Lender in the manner required in Section 8(e) a copy of each <br />notice of a Senior Loan Default delivered by the Senior Lender. Neither giving <br />nor failing to give a notice to the Senior Lender or the Subordinate Lender <br />pursuant to this Section 5(c) shall affect the validity of any notice given by the <br />Priority and Subordination Agreement t3 Teanaway Court
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