Loading...
HomeMy WebLinkAboutR-1994-015 Solid Waste Management PlanRESOLUTION NO. R-94- 15 A RESOLUTION adopting the Yakima County Solid Waste Management Plan, November 1993. WHEREAS, pursuant to the provisions of RCW Chapter 70.95, the Washington State Legislature adopted legislation the purpose of which was to establish a comprehensive state-wide program for solid waste handling, solid waste recovery and/or recycling which would prevent land, air, and water pollution and conserve natural, economic, and energy resources of the State of Washington; and WHEREAS, RCW Chapter 70.95.010, as amended in 1989 by the Legislature established the solid waste management priorities as waste reduction; waste recycling; energy recovery, incineration, landfill of separated waste; and energy recovery, incineration or land filling of mixed wastes; and WHEREAS, the County of Yakima pursuant to the provision of RCW Chapter 70.95 has advised the City of Yakima that Yakima County and the Solid Waste Advisory Committee has prepared the Yakima County Solid Waste Management Plan, which includes the City of Yakima; and WHEREAS, Yakima County has requested that the City of Yakima acknowledge and adopt the County Solid Waste Management Plan, and recognize that the Plan will be reviewed and revised every five (5) years and recognize that modifications to the Plan may be initiated by the Yakima County or any City/Town respectively; and WHEREAS, pursuant to the provisions of the Yakima County Solid Waste Management Plan, the City of Yakima may participate in the determination of jurisdictional responsibility in implementing the elements of the Solid Waste Management Plan; and WHEREAS, pursuant to the provisions of Chapter 43.21C RCW, WAC 179-11 and Yakima County Environmental Ordinance, an environmental checklist has been prepared in conjunction with the Yakima County Solid Waste Management Plan and a "Determination of Nonsignificance" has been issued in conjunction with the same; now, therefore BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF YAKIMA: The City of Yakima hereby adopts the Yakima County Solid Waste Management Plan, dated November 1993. Page 1 (lslres/solid waste2.rp ADOPTED BY THE CITY COUNCIL this 15 t hday of Fe bnaEry o� , 1994. ATTEST: s --4-'41-4z c_yrc._. City Clerk Page 2 fls)res/solid waste2.rp Mayor A-G--R_EE_M_ENT I. PARTIES 1.1 OFFICE OF HOUSING AND NEIGHBORHOOD CONSERVATION, a division of the Department of Community and Economic Development of the City of Yakima, a municipal corporation of the State of Washington ("OHNC" herein). 1.2 The undersigned bank (Pioneer National Bank) ("bank" herein) H. RECITALS 2.1 OHNC receives funds from the United States Department of Housing and Urban Development (HUD), and other sources, which it will use for building improvement loans and for loan subsidies to various qualified owners of rental units. 2.2 OHNC desires to refer qualified borrowers to the bank in order to have a loan written and funded by the bank. 2.3 OHNC desires to have bank administer and handle the details with regard to the writing and repayment of the loans, recognizing that the bank is qualified and experienced in such administration. 2.4 Bank agrees to handle such administration without charging OHNC a fee therefore, provided, that such administration shall be subject to the terms and condition of this agreement. 2.5 Both parties understand that OHNC intends to enter into similar agreements with other bank(s), as well as the bank herein. 2.6 Both parties understand that this agreement will be used in conjunction with the Rental Rehabilitation Program's policy and procedures dated September 20, 1983, amended August 1988, and December 1993 hereinafter called policy and procedures, a copy of which is attached hereto and incorporated herein. III. AGREEMENT 3.1 Applications OI INC shall take applications from investors for loans to fund the rehabilitation of rental units. Application shall include a credit report, preliminary title report, a profit and loss statement of the subject property and applicant's employment verification and last two years of federal tax returns. All costs incurred by this application shall be assumed by OHNC. 3.2 Inspections: OI INC shall inspect the property applying the HUD Minimum Property Standard for One and Two Dwellings, and make a deficiency list for the owner. The owner shall be required to accept bids from licensed and bonded contractors and submit them to the OHNC for review and cost verification. 3.3 Loan Referral: OHNC shall prepare the following documents and submit them to the bank for loan acceptance: a. Preliminary title report, b. Subsidy amount, c. OHNC note and deed of trust, d. Credit report of owner, e. Profit and Toss statement of property, f. Deficiency list, g. Bids for rehabilitation of project, h. Formal appraisal indicating after rehabilitation fair market value, Existing loan(s) and balances on property, j. Owner's financial staternent, k. Owner's employment verification and/or two years of IRS statements. 3.4 Loan Term: The banks loan to the owner shall be a minimum of $2,000.00 and be a minimum fixed term of 60 months and a maximum fixed term of 180 months, 3.5 Interest Rate: The percentage rate of interest for loans less than five years shall be determined on the day of closing at 1.5% over the quoted prime interest rate as printed in the Wall Street Journal for that day, and 2% over the quoted prime interest rate on loans over a five year term. 3.6 Loan Position: All bank loans shall be afforded a first or second priority . All OHNC loans shall be in second or third priority, immediately junior to bank loans. 3.7 Maximum Loan: Total indebtedness shall not exceed 80% of the appraised value of the subject property after rehabilitation unless funds equal to the amount over 80% are deposited by OHNC with the bank as a loan guarantee. In such event total indebtedness shall not exceed 95% of the appraised value of subject property after rehabilitation. The loan guarantee funds shall be released back to OHNC by the bank when the principal of the total indebtedness reaches a level of 75% of appraised value of subject property excluding the City's subsidy. The date of this release shall be predetermined at date of loan closing. The bank shall place loan guarantee funds in market interest bearing accounts and shall pay all accrued interest by OHNC upon date of release of the guarantee. 3.8 Bank Loan: The bank shall write the loan and obtain the borrower's signature on the note and deed of trust to OHNC. All title documents shall be recorded with OHNC being placed in a junior position. All loans shall have title insurance for coverage of the entire encumbered amount. A copy of the bank loan closing statement will be forwarded to OHNC after closing, as authorized by the applicant in writing. All loans requested in the amount of $50,000.00 or less must be reviewed within ten working days from receipt of a complete loan package and 20 working days for all loans exceeding $50,000.00. Any loan application that is not approved by the bank shall be returned to OHNC at 112 South 8th St., Yakima, Washington 98901 stating the reason for the disapproval. 3.9 Completion: OHNC shall be responsible for doing progress and final inspections, as requested by the bank, with a report of the rehabilitation work given to the bank. 3.10 Payment: It shall be the Owner's responsibility to request OHNC for construction inspection for payment certification. This certification is approved by the bank and a check made to the owner and contractor with a copy sent to OHNC. Upon request and receipt of final payment, all lien releases must be submitted. 3.11 Indemnity: It is understood that the bank shall retain sole and exclusive control and responsibility for determining such matters as eligibility of its borrowers, the actual loans to be made and the terms, conditions and closing thereof, the actual improvements to be made and the extent and quality thereof and tile right of the suppliers and laborers to be paid. It is the intent hereof that the normal responsibilities and obligations of the bank shall not in any manner be enlarged or extended by reason of the fact that OHNC is and will be making subsidized loans from government - derived funds. 3.12 Termination: This agreement shall remain in effect from date hereof until either party gives at least 90 days written notice of termination to the other. DATED this /r day of ,1993 Office of Housing and Neig •orhood Co servation Pioneer National Bank (Bank) By A,(f Title: Piz -se -44-i Dated: rl C/P 1 `f By: ATTEST: City Clerk CITY CONTRACT NO. CiLi 13-- l ID) Title: SVP By Title: AGREEMENT I. PARTIES 1.1 OFFICE OF HOUSING AND NEIGHBORHOOD CONSERVATION, a division of the Department of Community and Economic Development of the City of Yakima, a municipal corporation of the State of Washington ("OHNC" herein). 1.2 The undersigned bank (West One Bank) ("bank" herein) 64sroft vRS :'..y'4N II. RECITALS A4, 2.1 OHNC receives funds from the United States Department of Housing and Urban Development (HUD), and other sources, which it will use for building improvement loans and for loan subsidies to various qualified owners of rental units. 2.2 OHNC desires to refer qualified borrowers to the bank in order to have a loan written and funded by the bank. 2.3 OHNC desires to have bank administer and handle the details with regard to the writing and repayment of the loans, recognizing that the bank is qualified and experienced in such administration. 2.4 Bank agrees to handle such administration without charging OHNC a fee therefore, provided, that such administration shall be subject to the terms and condition of this agreement. 2.5 Both parties understand that OHNC intends to enter into similar agreements with other bank(s), as well as the bank herein. 2.6 Both parties understand that this agreement will be used in conjunction with the Rental Rehabilitation Program's policy and procedures dated September 20, 1983, amended August 1988, and December 1993 hereinafter called policy and procedures, a copy of which is attached hereto and incorporated herein. III. AGREEMENT 3.1 Applications: OHNC shall take applications from investors for loans to fund the rehabilitation of rental units. Application shall include a credit report, preliminary title report, a profit and loss statement of the subject property and applicant's employment verification and last two years of federal tax returns. All costs incurred by this application shall be assumed by OHNC. 3.2 Inspections: OHNC shall inspect the property applying the HUD Minimum Property Standard for One and Two Dwellings, and make a deficiency list for the owner. The owner shall be required to accept bids from licensed and bonded contractors and submit them to the OHNC for review and cost verification. 3.3 Loan Referral: OHNC shall prepare the following documents and submit them to the bank for loan acceptance: a. Preliminary title report, b. Subsidy amount, c. OHNC note and deed of trust, d. Credit report of owner, e. Profit and loss statement of property, f. Deficiency list, g. Bids for rehabilitation of project, h. Formal appraisal indicating after rehabilitation fair market value, i. Existing loan(s) and balances on property, j. Owner's financial statement, k. Owner's employment verification and/or two years of IRS statements. 3.4 Loan Term: The banks loan to the owner shall be a minimum of $2,000.00 and be a minimum fixed term of 60 months and a maximum fixed term of 180 months, 3.5 Interest Rate: The percentage rate of interest for loans less than five years shall be determined on the day of closing at 1.5% over the quoted prime interest rate as printed in the Wall Street Journal for that day, and 2% over the quoted prime interest rate on loans over a five year term. 3.6 Loan Position: All bank loans shall be afforded a first or second priority . All OHNC loans shall be in second or third priority, immediately junior to bank loans. 3.7 Maximum Loan: Total indebtedness shall not exceed 80% of the appraised value of the subject property after rehabilitation unless funds equal to the amount over 80% are deposited by OHNC with the bank as a loan guarantee. In such event total indebtedness shall not exceed 95% of the appraised value of subject property after rehabilitation. The loan guarantee funds shall be released back to OHNC by the bank when the principal of the total indebtedness reaches a level of 75% of appraised value of subject property excluding the City's subsidy. The date of this release shall be predetermined at date of loan closing. The bank shall place loan guarantee funds in market interest bearing accounts and shall pay all accrued interest by OHNC upon date of release of the guarantee. 3.8 Bank Loan: The bank shall write the loan and obtain the borrower's signature on the note and deed of trust to OHNC. All title documents shall be recorded with OHNC being placed in a junior position. All loans shall have title insurance for coverage of the entire encumbered amount. A copy of the bank loan closing statement will be forwarded to OHNC after closing, as authorized by the applicant in writing. All loans requested in the amount of $50,000.00 or less must be reviewed within ten working days from receipt of a complete loan package and 20 working days for all loans exceeding $50,000.00. Any loan application that is not approved by the bank shall be returned to OHNC at 112 South 8th St., Yakima, Washington 98901 stating the reason for the disapproval. 3.9 Completion: OHNC shall be responsible for doing progress and final inspections, as requested by the bank, with a report of the rehabilitation work given to the bank. 3.10 Payment: It shall be the Owner's responsibility to request OHNC for construction inspection for payment certification. This certification is approved by the bank and a check made to the owner and contractor with a copy sent to OHNC. Upon request and receipt of final payment, all lien releases must be submitted. 3.11 Indemnity: It is understood that the bank shall retain sole and exclusive control and responsibility for determining such matters as eligibility of its borrowers, the actual loans to be made and the terms, conditions and closing thereof, the actual improvements to be made and the extent and quality thereof and the right of the suppliers and laborers to be paid. It is the intent hereof that the normal responsibilities and obligations of the bank shall not in any manner be enlarged or extended by reason of the fact that OHNC is and will be making subsidized loans from government - derived funds. 3.12 Termination: This agreement shall remain in effect from date hereof until either party gives at least 90 days written notice of termination to the other. DATED this day of ,1993 Office of Housing and Neighborhood Co servation West One Bank, .rTF-4,v (Bank) W'` S? i `', By: �. ►� LLQ. ���,r �� � By ector o ono ommuni -velop and nt £.v/9 • mi•!�' � Title: Dated: f 1.� By: ATTEST: City Clerk CITY CONTRACT NO. Cl 'i� Title: By Title: AGREEMENT I. PARTIES 1.1 OFFICE OF HOUSING AND NEIGHBORHOOD CONSERVATION, a division of the Department of Community and Economic Development of the City of Yakima, a municipal corporation of the State of Washington ("OHNC" herein). 1.2 The undersigned bank (U. S. Bank) ("bank" herein) II. RECITALS 2.1 OHNC receives funds from the United States Department of Housing and Urban Development (HUD), and other sources, which it will use for building improvement loans and for loan subsidies to various qualified owners of rental units. 2.2 OHNC desires to refer qualified borrowers to the bank in order to have a loan written and funded by the bank. 2.3 OHNC desires to have bank administer and handle the details with regard to the writing and repayment of the loans, recognizing that the bank is qualified and experienced in such administration. 2.4 Bank agrees to handle such administration without charging OHNC a fee therefore, provided, that such administration shall be subject to the terms and condition of this agreement. 2.5 Both parties understand that OHNC intends to enter into similar agreements with other bank(s), as well as the bank herein. 2.6 Both parties understand that this agreement will be used in conjunction with the Rental Rehabilitation Program's policy and procedures dated September 20, 1983, amended August 1988, and December 1993 hereinafter called policy and procedures, a copy of which is attached hereto and incorporated herein. III. AGREEMENT 3.1 Applications. 01 INC shall take applications from investors for loans to fund the rehabilitation of rental units. Application shall include a credit report, preliminary title report, a profit and loss statement of the subject property and applicant's employment verification and last two years of federal tax returns. All costs incurred by this application shall be assumed by OHNC. 3.2 Inspections: 01INC shall inspect the property applying the HUD Minimum Property Standard for One and Two Dwellings, and make a deficiency list for the owner. The owner shall be required to accept bids from licensed and bonded contractors and submit them to the OHNC for review and cost verification. 3.3 Loan Referral. OHNC shall prepare the following documents and submit them to the bank for loan acceptance: a. Preliminary title report, b. Subsidy amount, c. OHNC note and deed of trust, d. Credit report of owner, e. Profit and loss statement of property, f. Deficiency list, g. Bids for rehabilitation of project, h. Formal appraisal indicating after rehabilitation fair market value, i. Existing loan(s) and balances on property, Owner's financial statement, k. Owner's employment verification and/or two years of IRS statements. 3.4 Loan Term: The banks loan to the owner shall be a minimum of $2,000.00 and be a minimum fixed term of 60 months and a maximum fixed term of 180 months, 3.5 Interest Rate: The percentage rate of interest for loans less than five years shall be determined on the day of closing at L5% over the quoted prime interest rate as printed in the Wall Street Journal for that day, and 2% over the quoted prime interest rate on loans over a five year term. 3.6 Loan Position: All bank loans shall be afforded a first or second priority . All OHNC loans shall be in second or third priority, immediately junior to bank loans. 3.7 Maximum Loan: Total indebtedness shall not exceed 80% of the appraised value of the subject property after rehabilitation unless funds equal to the amount over 80% are deposited by OHNC with the bank as a loan guarantee. In such event total indebtedness shall not exceed 95% of the appraised value of subject property after rehabilitation. The loan guarantee funds shall be released back to OHNC by the bank when the principal of the total indebtedness reaches a level of 75% of appraised value of subject property excluding the City's subsidy. The date of this release shall be predetermined at date of loan closing. The bank shall place loan guarantee funds in market interest bearing accounts and shall pay all accrued interest by OHNC upon date of release of the guarantee. 3.8 Bank Loan: The bank shall write the loan and obtain the borrower's signature on the note and deed of trust to OHNC. All title documents shall be recorded with OHNC being placed in a junior position. All loans shall have title insurance for coverage of the entire encumbered amount. A copy of the bank loan closing statement will be forwarded to OHNC after closing, as authorized by the applicant in writing. All loans requested in the amount of $50,000.00 or less must be reviewed within ten working days from receipt of a complete loan package and 20 working days for all loans exceeding $50,000.00. Any loan application that is not approved by the bank shall be returned to OHNC at 112 South 8th St., Yakima, Washington 98901 stating the reason for the disapproval. 3.9 Completion: OHNC shall be responsible for doing progress and final inspections, as requested by the bank, with a report of the rehabilitation work given to the bank. 3.10 Payment: It shall be the Owner's responsibility to request OHNC for construction inspection for payment certification. This certification is approved by the bank and a check made to the owner and contractor with a copy sent to OHNC. Upon request and receipt of final payment, all lien releases must be submitted. 3.11 Indemnity: It is understood that the bank shall retain sole and exclusive control and responsibility for determining such matters as eligibility of its borrowers, the actual loans to be made and the terms, conditions and closing thereof, the actual improvements to be made and the extent and quality thereof and the right of the suppliers and laborers to be paid. It is the intent hereof that the norma! responsibilities and obligations of the bank shall not in any manner be enlarged or extended by reason of the fact that OHNC is and will be making subsidized loans from government - derived funds. 3.12 Termination: This agreement shall remain in effect from date hereof until either party gives at least 90 days written notice of termination to the other. DATED this day of ,1993 Office of Housing and Neighborhood Conservation U. S. Bank (Bank) By 71beizi 4. /-rte-4 ent Title: (%ice P.,s .del 4 Po.4 F b0 /114M41,... By: 1 yti._.._—_ Title: U-1' Pr esuL/14111, ATTEST: City Clerk CITY CONTRACT N0. • By Title: AGREEMENT I. PARTIES 1.1 OFFICE OF HOUSING AND NEIGHBORHOOD CONSERVATION, a division of the Department of Community and Economic Development of the City of Yakima, a municipal corporation of the State of Washington ("OHNC" herein). 1.2 The undersigned S & L (Yakima Federal Savings and Loan Association) ("S & L" herein) 11. RECITALS 2.1 OHNC receives funds from the United States Department of Housing and Urban Development (HUD), and other sources, which it will use for building improvement loans and for loan subsidies to various qualified owners of rental units. 2.2 OHNC desires to refer qualified borrowers to the S & L in order to have a loan written and funded by the S & L. 2.3 OHNC desires to have S & L administer and handle the details with regard to the writing and repayment of the loans, recognizing that the S & L is qualified and experienced in such administration. 2.4 S & L agrees to handle such administration without charging OHNC a fee therefore, provided, that such administration shall be subject to the terms and condition of this agreement. 2.5 Both parties understand that OHNC intends to enter into similar agreements with other S & L(s), as well as the S & L herein. 2.6 Both parties understand that this agreement will be used in conjunction with the Rental Rehabilitation Program's policy and procedures dated September 20, 1983, amended August 1988, hereinafter called policy and procedures, a copy of which is attached hereto and incorporated herein. III. AGREEMENT 3.1 Applications: OHNC shall take applications from investors for loans to fund the rehabilitation of rental units. Application shall include a credit report, preliminary title report, a profit and loss statement of the subject property and applicant's employment verification and last two years of federal tax returns. All costs incurred by this application shall be assumed by OHNC. 3.2 Inspections: OHNC shall inspect the property applying the HUD Minimum Property Standard for One and Two Dwellings, and make a deficiency list for the owner. The owner shall be required to accept bids from licensed and bonded contractors and submit them to the OHNC for review and cost verification. 3.3 Loan Referral: OHNC shall prepare the following documents and submit them to the S & L for loan acceptance: a. Preliminary title report, b. Subsidy amount, c. OHNC note and deed of trust, d. Credit report of owner, e. Profit and loss statement of property, f. Deficiency list, g. Bids for rehabilitation of project, h. The S & L will appraise or issue a policy statement of value on the properties at a cost determined by like -kind appraisals issued by the S & L. This cost will be included in the loan to the investor. i. Existing loan(s) and balances on property, j. Owner's financial statement, k. Owner's employment verification and/or two years of IRS statements. 3.4 Loan Term: The S & Ls loan to the owner shall be a minimum of $2,000.00 and be a minimum fixed term of 60 months and a maximum fixed term of 180 months. 3.5 Interest Rate: The percentage rate of interest for loans less than five years shall be determined on the day of closing at L5% over the quoted prime interest rate as printed in the Wall Street Journal for that day, and 2% over the quoted prime interest rate on loans over a five year term. The S & L at its discretion, and under the same terms and conditions, may substitute the "national average cost of funds to FSLC insured savings and loan association" index for the quoted prime interest rate printed in the Wall Street Journal. 3.6 Loan Position: All S & L loans shall be afforded a first or second priority . All OHNC loans shall be in second or third priority, immediately junior to S & L loans. 3.7 Maximum Loan: Total indebtedness shall not exceed 80% of the appraised value of the subject property after rehabilitation unless funds equal to the amount over 80% are deposited by OHNC with the S & L as a loan guarantee. In such event total indebtedness shall not exceed 95% of the appraised value of subject property after rehabilitation. The loan guarantee funds shall be released back to OHNC by the S & L when the principal of the total indebtedness reaches a level of 75% of appraised value of subject property excluding the City's subsidy. The date of this release shall be predetermined at date of loan closing. The S & L shall place loan guarantee funds in market interest bearing accounts and shall pay all accrued interest by OHNC upon date of release of the guarantee. 3.8 S & L Loan: The S & L shall write the loan and obtain the borrower's signature on the note and deed of trust to OHNC. All title documents shall be recorded with OHNC being placed in a junior position. All loans shall have title insurance for coverage of the entire encumbered amount. A copy of the S & L loan closing statement will be forwarded to OHNC after closing, as authorized by the applicant in writing. All loans requested in the amount of $50,000.00 or less must be reviewed within ten working days from receipt of a complete loan package and 20 working days for all loans exceeding $50,000.00. Any loan application that is not approved by the S & L shall be returned to OHNC at 112 South 8th Street, Yakima, Washington 98901 stating the reason for the disapproval. 3.9 Completion: OHNC shall be responsible for doing progress and final inspections, as requested by the S & L, with a report of the rehabilitation work given to the S & L. The S & L, at its option, reserves the right to make the progress and final inspections in which case loan disbursements will be based upon the S & L inspection. 3.10 Payment: It shall be the Owner's responsibility to request OHNC for construction inspection for payment certification. This certification is approved by the S & L and a check made to the owner and contractor with a copy sent to OHNC. Upon request and receipt of final payment, all lien releases must be submitted. 3.11 Indemnity: It is understood that the S & L shall retain sole and exclusive control and responsibility for determining such matters as eligibility of its borrowers, the actual loans to be made and the terms, conditions and closing thereof, the actual improvements to be made and the extent and quality thereof and the right of the suppliers and laborers to be paid. It is the intent hereof that the normal responsibilities and obligations of the S & L shall not in any manner be enlarged or extended by reason of the fact that OHNC is and will be making subsidized loans from government -derived funds. 3.12 Termination: This agreement shall remain in effect from date hereof until either party gives at least 90 days written notice of ten, to the other. DATED this day of I-47Jc Office of Housing and Neighborhood Conservation Ya- a Federal Saving& ) Loan ,1993 B / / ' B arr irector o' ommunhi and cont l� -I.p '' -nt Title: ,s nior Vice President 1, Dated: ATTEST: City Clerk CITY CONTRACT N0. LI + - I iLi -as — By: " inn Wentz Title: Assistant Vice President By Title: AGREEMENT L PARTIES 1.1 OFFICE OF HOUSING AND NEIGHBORHOOD CONSERVATION, a division of the Department of Community and Economic Development of the City of Yakima, a municipal corporation of the State of Washington ("OHNC" herein). 1.2 The undersigned S & L (First Savings Bank of Washington) ("S & L" herein) II. RECITALS 2.1 OHNC receives funds from the United States Department of Housing and Urban Development (HUD), and other sources, which it will use for building improvement loans and for loan subsidies to various qualified owners of rental units. 2.2 OHNC desires to refer qualified borrowers to the S & L in order to have a loan written and funded by the S & L. 2.3 OHNC desires to have S & L administer and handle the details with regard to the writing and repayment of the loans, recognizing that the S & L is qualified and experienced in such administration. 2.4 S & L agrees to handle such administration without charging OHNC a fee therefore, provided, that such administration shall be subject to the terms and condition of this agreement. 2.5 Both parties understand that OHNC intends to enter into similar agreements with other S & L(s), as well as the S & L herein. 2.6 Both parties understand that this agreement will be used in conjunction with the Rental Rehabilitation Program's policy and procedures dated September 20, 1983, amended August 1988 and December 1993, hereinafter called policy and procedures, a copy of which is attached hereto and incorporated herein. III. AGREEMENT 3.1 Applications• OI -INC shall take applications from investors for loans to fund the rehabilitation of rental units. Application shall include a credit report, preliminary title report, a profit and loss statement of the subject property and applicant's employment verification and last two years of federal tax returns. All costs incurred by this application shall be assumed by OHNC 3.2 Ins-pection_s: OIINC shall inspect the property applying the HUD Minimum Property Standard for One and Two Dwellings, and make a deficiency list for the owner. The owner shall be required to accept bids from licensed and bonded contractors and submit them to the OHNC for review and cost verification. 3.3 Loan Referral: OHNC shall prepare the following documents and submit them to the S & L for loan acceptance: a. Preliminary title report, b. Subsidy amount, c. OHNC note and deed of trust, d. Credit report of owner, e. Profit and loss statement of property, f. Deficiency list, g. Bids for rehabilitation of project, h. The S & L will appraise or issue a policy statement of value on the properties at a cost determined by like -kind appraisals issued by the S & L. This cost will be included in the loan to the investor. i. Existing loan(s) and balances on property, j. Owner's financial statement, k. Owner's employment verification and/or two years of IRS statements. 3.4 Loan Term: The S & Ls loan to the owner shall be a minimum of $2,000.00 and be a minimum fixed term of 60 months and a maximum fixed term of 180 months. 3.5 Interest Rate: The percentage rate of interest for loans less than five years shall be determined on the day of closing at 1.5% over the quoted prime interest rate as printed in the Wall Street Journal for that day, and 2% over the quoted prime interest rate on loans over a five year term. The S & L at its discretion, and under the same terms and conditions, may substitute the "national average cost of funds to FSLC insured savings and loan association" index for the quoted prime interest rate printed in the Wall Street Journal. 3.6 Loan Position: All S & L loans shall be afforded a first or second priority . All OHNC loans shall be in second or third priority, immediately junior to S & L loans. 3.7 Maximum Loan: Total indebtedness shall not exceed 80% of the appraised value of the subject property after rehabilitation unless funds equal to the amount over 80% are deposited by OHNC with the S & L as a loan guarantee. In such event total indebtedness shall not exceed 95% of the appraised value of subject property after rehabilitation. The loan guarantee funds shall be released back to OHNC by the S & L when the principal of the total indebtedness reaches a level of 75% of appraised value of subject property excluding the City's subsidy. The date of this release shall be predetermined at date of loan closing. The S & L shall place loan guarantee funds in market interest bearing accounts and shall pay all accrued interest by OHNC upon date of release of the guarantee. 3.8 5_& L Loan_ The S & L shall write the loan and obtain the borrower's signature on the note and deed of trust to OHNC. All title documents shall be recorded with OHNC being placed in a junior position. All loans shall have title insurance for coverage of the entire encumbered amount. A copy of the S & L loan closing statement will be forwarded to OHNC after closing, as authorized by the applicant in writing. All loans requested in the amount of $50,000.00 or less must be reviewed within ten working days from receipt of a complete loan package and 20 working days for all loans exceeding $50,000.00. Any loan application that is not approved by the S & L shall be returned to OHNC at 112 South 8th Street, Yakima, Washington 98901 stating the reason for the disapproval. 3.9 Completion: O1 INC shall be responsible for doing progress and final inspections, as requested by the S & L, with a report of the rehabilitation work given to the S & L. The S & L, at its option, reserves the right to make the progress and final inspections in which case loan disbursements will be based upon the S & L inspection. 3.10 Payment: It shall be the Owner's responsibility to request OHNC for construction inspection for payment certification. This certification is approved by the S & L and a check made to the owner and contractor with a copy sent to OHNC. Upon request and receipt of final payment, all lien releases must be submitted 3.11 Indemnity: It is understood that the S & L shall retain sole and exclusive control and responsibility for determining such matters as eligibility of its borrowers, the actual loans to be made and the terms, conditions and closing thereof, the actual improvements to be made and the extent and quality thereof and the right of the suppliers and laborers to be paid. It is the intent hereof that the normal responsibilities and obligations of the S & L shall not in any manner be enlarged or extended by reason of the fact that OHNC is and will be making subsidized loans from government -derived funds. 3.12 Termination: This agreement shall remain in effect from date hereof until either party gives at least 90 days written notice of terminatio; to h other. DATED this day of ,1993 Office of Housing and Neighb+r ood Conservation By -��-�- pment Title: / //;" First Savings Bank of Washington (S & L) nity and ATTEST: yef City Clerk CITY CONTRACT N6: 94---/ S _ «/ By: Title: B Y Title: Y//' AGREEMENT I. PARTIES 1.1 OFFICE OF HOUSING AND NEIGHBORHOOD CONSERVATION, a division of the Department of Community and Economic Development of the City of Yakima, a municipal corporation of the State of Washington ("OHNC" herein). 1.2 The undersigned bank (Seattle First) ("bank" herein) II. RECITALS 2.1 OHNC receives funds from the United States Department of Housing and Urban Development (HUD), and other sources, which it will use for building improvement loans and for loan subsidies to various qualified owners of rental units. 2.2 OHNC desires to refer qualified borrowers to the bank in order to have a loan written and funded by the bank. 2.3 OHNC desires to have bank administer and handle the details with regard to the writing and repayment of the loans, recognizing that the bank is qualified and experienced in such administration. 2.4 Bank agrees to handle such administration without charging OHNC a fee therefore, provided, that such administration shall be subject to the terms and condition of this agreement. 2.5 Both parties understand that OHNC intends to enter into similar agreements with other bank(s), as well as the bank herein. 2.6 Both parties understand that this agreement will be used in conjunction with the Rental Rehabilitation Program's policy and procedures dated September 20, 1983, amended August 1988, and December 1993 hereinafter called policy and procedures, a copy of which is attached hereto and incorporated herein. III. AGREEMENT 3.1 Applications: OHNC shall take applications from investors for loans to fund the rehabilitation of rental units. Application shall include a credit report, preliminary title report, a profit and loss statement of the subject property and applicant's employment verification and last two years of federal tax returns. All costs incurred by this application shall be assumed by OHNC. 3.2 Inspections: OHNC shall inspect the property applying the HUD Minimum Property Standard for One and Two Dwellings, and make a deficiency list for the owner. The owner shall be required to accept bids from licensed and bonded contractors and submit them to the OHNC for review and cost verification. 3.3 Loan Referral: OHNC shall prepare the following documents and submit them to the bank for loan acceptance: a. Preliminary title report, b. Subsidy amount, c. OHNC note and deed of trust, d. Credit report of owner, e. Profit and loss statement of property, f. Deficiency list, g. Bids for rehabilitation of project, h. Formal appraisal indicating after rehabilitation fair market value, Existing loan(s) and balances on property, j. Owner's financial statement, k. Owner's employment verification and/or two years of IRS statements. 3.4 Loan Term: The banks loan to the owner shall be a minimum of $2,000.00 and be a minimum fixed term of 60 months and a maximum fixed term of 180 months, 3.5 Interest Rate: The percentage rate of interest for loans Tess than five years shall be determined on the day of closing at L5% over the quoted prime interest rate as printed in the Wall Street Journal for that day, and 2% over the quoted prime interest rate on loans over a five year term. 3.6 Loan Position: All bank loans shall be afforded a first or second priority . All OHNC loans shall be in second or third priority, immediately junior to bank loans. 3.7 Maximum Loan: Total indebtedness shall not exceed 80% of the appraised value of the subject property after rehabilitation unless funds equal to the amount over 80% are deposited by OHNC with the bank as a loan guarantee. In such event total indebtedness shall not exceed 95% of the appraised value of subject property after rehabilitation. The loan guarantee funds shall be released back to OHNC by the bank when the principal of the total indebtedness reaches a level of 75% of appraised value of subject property excluding the City's subsidy. The date of this release shall be predetermined at date of loan closing. The bank shall place loan guarantee funds in market interest bearing accounts and shall pay all accrued interest by OHNC upon date of release of the guarantee. 3.8 Bank Loan: The bank shall write the loan and obtain the borrower's signature on the note and deed of trust to OHNC. All title documents shall be recorded with OHNC being placed in a junior position. All loans shall have title insurance for coverage of the entire encumbered amount. A copy of the bank loan closing statement will be forwarded to OHNC after closing, as authorized by the applicant in writing. All loans requested in the amount of $50,000.00 or less must be reviewed within ten working days from receipt of a complete loan package and 20 working days for all loans exceeding $50,000.00. Any loan application that is not approved by the bank shall be returned to OHNC at 112 South 8th St., Yakima, Washington 98901 stating the reason for the disapproval. 3.9 Completion: OHNC shall be responsible for doing progress and final inspections, as requested by the bank, with a report of the rehabilitation work given to the bank. 3.10 Payment: It shall be the Owner's responsibility to request OHNC for construction inspection for payment certification. This certification is approved by the bank and a check made to the owner and contractor with a copy sent to OHNC. Upon request and receipt of final payment, all lien releases must be submitted. 3.11 Indemnity: It is understood that the bank shall retain sole and exclusive control and responsibility for determining such matters as eligibility of its borrowers, the actual loans to be made and the terms, conditions and closing thereof, the actual improvements to be made and the extent and quality thereof and the right of the suppliers and laborers to be paid. It is the intent hereof that the normal responsibilities and obligations of the bank shall not in any manner be enlarged or extended by reason of the fact that OHNC is and will be making subsidized loans from government - derived funds. 3.12 Termination: This agreement shall remain in effect from date hereof until either party gives at least 90 days written notice of termination to the other. DATED this day of Office of Housing and Neigtyaorhood Conservation Seattle First ,1993 (Bank) By 0/CL/4.i._; L./fry/7;1...i rector of ommunit 1 and Econo i.; lob► ent Title: EVP ATTEST: 1<a} -,_Q„ City Clerk tErr CONTRACT NO: I S`C. By: Title: By Title: