24-116.00VolunteersOfAmericaGrantPriorityAndSubordinationAgreement Return Address
Volunteers of America of Eastern Washington and
Northern Idaho
525 W 2nd Avenue
Spokane, WA 99201
Attention:Fawn Schott
PRIORITY AND SUBORDINATION AGREEMENT
(Volunteers of America Crosswalk 2.0)
Grantors: 1. WASHINGTON TRUST BANK
2. WASHINGTON STATE DEPARTMENT OF COMMERCE
3. CITY OF SPOKANE VALLEY
Grantees: 4. WASHINGTON TRUST BANK
5. WASHINGTON STATE DEPARTMENT OF COMMERCE
6. CITY OF SPOKANE VALLEY
Abbreviated Legal Ptn Lots 2-11 Block 210 East Side Syndicate Add
Description: (Additional legal description on Exhibit A)
Assessor's Tax
Parcel Numbers: 35152.0308
Reference
Numbers:
Priority and Subordination Agreement Page 1
Volunteers of America of Eastern Washington and Northern Idaho
THIS PRIORITY AND SUBORDINATION AGREEMENT("Agreement") is dated as of
,2024 by and among the following parties: VOLUNTEERS OF AMERICA OF
EASTERN WASHINGTON AND NORTHERN IDAHO, a Washington nonprofit corporation
(the "Company"); WASHINGTON TRUST BANK, a Washington bank corporation (the
"Bank"); WASHINGTON STATE DEPARTMENT OF COMMERCE, a state agency (the
"State"); and CITY OF SPOKANE VALLEY, a Washington municipal corporation (the
"Spokane Valley") (collectively, the "Parties" and each individually, a "Party"). The State and
Spokane Valley are collectively referred to herein as "Lenders," in each case so long as such
Party's deed of trust remains in effect as a lien on the Property (defined below) or, in the case of
Bank only,so long as any amount owing to Bank by the Company under the Bank Loan Documents
(as defined below)remains unpaid.
RECITALS
A. Company's Interest. The Company owns the real property located at 1440 N.
Haven Street, City of Spokane, Spokane County, Washington, legally described as set forth on
Exhibit A attached hereto(the"Land"),which Property will be developed as 36 affordable housing
beds for a teen emergency shelter and resource center for young people aged 13-20 who are
experiencing homelessness (known as Crosswalk 2.0) (the "Project" and, collectively with the
Land,the"Property"). The Lenders have provided or committed financial assistance for the Project,
as described below.
B. Bank's Interests. Bank has made a loan to the Company in the amount of
$2,500,000 (the "Bank Loan"). To evidence the Bank Loan, Bank and the Company entered into
that certain Loan Agreement (the "Bank Loan Agreement"). Pursuant to the Bank Loan
Agreement,the Company executed a Promissory Note in the amount of$2,500,000.00(the"Bank
Note"). The Company executed a Deed of Trust appointing UPF Washington, Incorporated as
trustee and naming the Bank as Beneficiary recorded in Spokane County under recording number
(the"Bank Deed of Trust"). References to the"Bank Deed of Trust"include
all modifications,extensions,renewals or replacements of the Bank Deed of Trust.The Bank Loan
Agreement, Bank Note, Bank Deed of Trust, and all documents executed by the Company in
connection therewith, are referred to collectively as the"Bank Loan Documents."
C. State's HTF Interests. The State has made a grant to the Company in the original
principal amount of$4,559,000.00 (the "State HTF Loan"). To evidence the State HTF Loan,the
State and the Company entered into that certain Capital Funding Contract between Company and
State (Contract No. 21RC-94115-006) (the "State HTF Contract"). Pursuant to the State HTF
Contract, the Company executed a Promissory Note in the amount of$4,559,000.00 (the "State
HTF Note"). The Company executed (a) a Low Income Housing Covenant Agreement recorded
in Spokane County under recording number (the "State HTF Covenant");
and (b) a Deed of Trust appointing Vista title & Escrow as trustee and naming the State as
Beneficiary recorded in Spokane County under recording number (the"State
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Volunteers of America of Eastern Washington and Northern Idaho
HTF Deed of Trust"). References to the "State HTF Deed of Trust" include all modifications,
extensions,renewals or replacements of the State HTF Deed of Trust. The State HTF Contract,the
State HTF Note, the State HTF Covenant, the State HTF Deed of Trust, and the State HTF
Assignment are referred to collectively as the "State HTF Loan Documents."
D. State's BCF 22-96641-017 Interests. The State has made a grant to the Company
in the original principal amount of$2,450,000(the"State BCF Grant").To evidence the State BCF
22-96641-017 Grant, the State and the Company entered into that certain Community Capital
Facilities Grant Agreement #22-96641-017 (the "State BCF Agreement"). Pursuant to the State
BCF Agreement, the Company executed a Promissory Note in the amount of $2,450,000 (the
"State BCF Note"). The Company executed a Deed of Trust appointing VISTA as trustee and
naming the State as Beneficiary recorded in Spokane County under recording number
(the"State BCF Deed of Trust").References to the"State BCF Deed of Trust"
include all modifications, extensions, renewals or replacements of the State BCF Deed of Trust.
The State BCF Grant,the State BCF Agreement#22-96641-017,and the State BCF Deed of Trust
are referred to collectively as the "State BCF Loan Documents."
E. State's 21-96633-999 Interests. The State has made a grant to the Company in the
original principal amount of$2,450,000 (the "State 21-96633-999 Budget Appropriation"). To
evidence the State 21-96633-999 Budget Appropriation Grant,the State and Company entered into
that certain _ (21-96633-999) (the "State 21-96633-999 Budget Appropriation
Grant Agreement"). Pursuant to the State 21-96633-999 Budget Appropriation Grant Agreement,
the Company executed a Promissory Note in the amount of$2,450,000.00 (the "State 21-96633-
999 Budget Appropriation Note"). The Company executed (a) a [ ] Covenant
Agreement recorded in Spokane County under recording number (the
"State 21-96633-999 Budget Appropriation Covenant"); and (b) a Deed of Trust appointing
VISTA TITLE& ESCROW, LLC, a Washington limited liability company ("VISTA") as trustee
and naming the State as Beneficiary recorded on January 21, 2021 in Spokane County under
recording number 7024640, as re-recorded on February 5, 2021 in Spokane County under
recording number 7031160 (collectively, the "State 21-96633-999 Budget Appropriation Deed of
Trust"). References to the"State 21-96633-999 Budget Appropriation Deed of Trust" include all
modifications, extensions, renewals or replacements of the State 21-96633-999 Budget
Appropriation Deed of Trust. The State 21-96633-999 Budget Appropriation Grant Agreement,
the State 21-96633-999 Budget Appropriation Grant Note, the State 21-96633-999 Budget
Appropriation Grant Covenant, and the State 21-96633-999 Budget Appropriation Grant Deed of
Trust are referred to collectively as the "State 21-96633-999 Budget Appropriation Documents."
F. Spokane Valley's Interests. Spokane Valley has made a grant to the Company in
the amount of up to $500,000.00 (the"Spokane Valley Grant"). To evidence the Spokane Valley
Grant, Spokane Valley and the Company entered into that certain Capital Project Grant Agreement
(Contract No. 23-140.00) dated as of August 16, 2023 (the "Spokane Valley Grant Agreement").
Pursuant to the Spokane Valley Grant Agreement, the Company executed a Restrictive Covenant
Agreement recorded in Spokane County under recording number (the
"Spokane Valley Covenant"). The Spokane Valley Grant Agreement, the Spokane Valley
Priority and Subordination Agreement Page 3
Volunteers of America of Eastern Washington and Northern Idaho
Covenant, and any documents executed by the Company in connection therewith, are collectively
referred to as the "Spokane Valley Documents."
J. Definitions. The deeds of trust described in Paragraphs B, C, D, and E above shall
be referred to collectively hereinafter as the "Deeds of Trust." The covenants and regulatory
agreements described in Paragraphs B, C, D, E, and F above shall be referred to collectively
hereinafter as the "Covenants." All of the documents discussed in the Recitals section of this
Agreement are collectively referred to as the "Documents" and the information and definitions
contained in the Recitals are acknowledged by the Parties to be an incorporated, integral part of
this Agreement.
H. Purpose. The Parties wish to enter into this Agreement in order to establish their
relative rights and priorities regarding the Property, all as more fully set forth herein.
AGREEMENT
NOW, THEREFORE, for good and valuable consideration,the receipt and sufficiency of
which are hereby acknowledged, the Parties agree as follows:
1. Priority and Subordination.
A. The Parties agree that the Documents, regardless of recording order, shall have
priority in the order set forth below in this Section, with the most senior Document
listed first and each Party intentionally and unconditionally subordinates the lien or
charge of each Document to which it is a party or beneficiary in favor of the lien or
charge upon the Property of the other Documents to the extent necessary to have
the relative priority set forth below:
1) State HTF Covenant
2) Spokane Valley Covenant
3) Bank Loan Documents
4) State HTF Deed of Trust
5) State BCF Deed of Trust
6) State S21999 Budget Appropriation Deed of Trust
Priority and Subordination Agreement Page 4
Volunteers of America of Eastern Washington and Northern Idaho
B. Notwithstanding the fact that the State's loans (the "Subordinated Loans") are
secured by the Property,each of the Subordinated Loans is and will be subordinate,
and is hereby subordinated, to the extent and in the manner set forth in this
Agreement, in right of payment to the prior payment in full of all amounts owing
to Bank by the Company under the Bank Loan Documents(collectively,the"Bank
Obligations"), including without limitation all interest accruing on the Bank
Obligations during any bankruptcy case of the Company. No holder of a
Subordinated Loan will exercise, pursue or attempt to exercise or pursue any rights
or remedies with respect to the Property ("Enforcement Action") without Bank's
prior written consent,which consent may be given or withheld in the sole discretion
of Bank. The Lender of a Subordinated Loan agrees not to ask, demand, sue for,
take or receive from the Company, directly or indirectly, in cash or other property
or by set-off or in any other manner, payment of all or any amount owing on any
Subordinated Loan unless and until the Bank Obligations have been paid in full;
provided,however,that so long as no default or event of default exists on the Bank
Obligations,Lender of a Subordinated Loan may receive and the Company may pay
regular periodic payments of principal and interest(excluding any balloon payment
due at maturity)on the Subordinated Loans on,or within 30 days of,the stated dates
of payment provided in the loan documents for the Subordinated Loans without
giving effect to any modification or acceleration thereof and without prepayment
thereof. Bank and the Company may freely enter into extensions, modifications
and renewals of the Bank Obligations of any kind or nature whatsoever(other than
increases in principal amount or increases in interest rate) without notice to or
consent of the Lender of a Subordinated Loan and no such extension, modification
or renewal will defeat the subordination made in this Agreement in whole or in part.
The Lender of a Subordinated Loan will hold all payments or distributions upon or
with respect to its Subordinated Loan that it receives contrary to the provisions of
this Agreement in trust for Bank, and will pay them over forthwith to Bank to be
applied to,or held as collateral for,the Bank Obligations until the Bank Obligations
have been indefeasibly paid in full,as Bank may elect.
C. The Covenants shall survive any foreclosure sale, trustee's sale, or deed in lieu
thereof under any of the Deeds of Trust and shall be binding on any person
acquiring the Property by any such means,or that is a successor to one who acquires
the Property by such means,for so long as such person shall retain an interest in the
Property, subject to the terms of the Covenants regarding the termination thereof.
In addition,the State and Spokane Valley acknowledge and agree that they will not
take any action under any of the Documents that would result in termination of
another Party's Covenant.Notwithstanding the foregoing and for the avoidance of
doubt, the State and Spokane Valley may take action under their respective
Covenants,without obtaining prior consent of any Party,to the extent such actions
do not result in termination of another Party's
Priority and Subordination Agreement Page 5
Volunteers of America of Eastern Washington and Northern Idaho
Covenant, the State and Spokane Valley shall each give reasonable notice to the
others of pending actions under their respective Documents.
D. Regardless of priority as among the Covenants, the Company, its successors, and
any other parties obligated thereunder shall be obligated to comply with the
provisions of each Covenant except as expressly provided herein.
E. The priority of the Bank Loan Documents over the State HTF Covenant,the State
HTF Deed of Trust, the BCF Deed of Trust, and the State S21999 Budget
Appropriation Deed of Trust is limited to the following amounts: (i)all present and
future advances made by Bank,regardless of whether such advances are deemed to
be mandatory or optional up to an aggregate principal amount of$2,500,000.00;
(ii) all amounts expended by Bank to pay taxes, assessments, prior liens, or
insurance premiums on behalf of the Company and all amounts otherwise expended
by Bank to protect the Project and Bank's interests under the Bank Loan
Documents; (iii)any costs,fees or late charges incurred by the Company as a result
of default under the Bank Loan Documents; (iv)any costs or fees incurred by Bank
as a result of default under the Bank Loan Documents; and (v) interest on (i)
through(iv), above.
2. Reliance by Lenders; Consent. It is understood by the Parties hereto that the
Lenders would not enter into their respective Documents without this Agreement. The Company
consents to all terms hereof.
3. Insurance or Condemnation Proceeds. Notwithstanding any provision of any
Lender's Deed of Trust or other Document to the contrary, in the event of any damage to,
destruction of, or taking or condemnation (including deed in lieu thereof) of the Property or any
portion thereof, any insurance or condemnation proceeds shall be applied first to the repair or
restoration of the Property and any amounts secured by any Party's deed of trust shall not be
accelerated as a result of any casualty loss or condemnation, unless:
A. At the time of the casualty loss or condemnation,there is an Event of Default under
the Bank Loan Documents;
B. After consultation among the Lenders,the Lenders determine that repair or restoration
of the Property is not feasible or that adequate funds are not available therefor,which
determination shall occur no later than thirty(30)days after consultation among the
Lenders; or
C. As of the date of casualty or condemnation less than one(1)year remains before the
maturity of the debt secured by any Lender's deed of trust;
provided that such repair or restoration proceeds with reasonable dispatch once condemnation or
insurance proceeds are available. Until such time as the Bank Loan has been fully repaid in
Priority and Subordination Agreement Page 6
Volunteers of America of Eastern Washington and Northern Idaho
accordance with the Bank Loan Documents, any funds to be applied to repair or restoration shall
be held and administered by Bank in accordance with the Bank Loan Document, and Bank shall
be entitled to reasonable compensation for its services in connection with the administration of
such funds, as set forth in the Bank Loan Documents.
4. Notification and Opportunity To Cure. For the benefit of the Bank and for so
long as the Bank Deed of Trust encumbers the Property,for the benefit of the State and for so long
as the State HTF Deed of Trust encumbers the Property,for the benefit of the State and for so long
as the State BCF Deed of Trust encumbers the Property, and for the benefit of the State and for so
long as the State S21999 Budget Appropriation Deed of Trust encumbers the Property, the Bank
agrees that it will not exercise any of the remedies permitted under the Bank Loan Documents
unless and until:
A. If the default consists of a violation of a covenant to pay money,the Bank has given
the State and Spokane Valley ten(10)days' written notice of such default and such
default has not been cured within such ten-day period;
B. If the default consists of a failure to renew or perfect any collateral pledge, letter of
credit, guaranty or other undertaking, agreement or security given in connection
with the Bank Note, the Bank has given the State and Spokane Valley thirty (30)
days' written notice of such default and such default has not been cured within such
ten-day period;
C. If the default consists solely of a violation of any provision of the Bank Loan
Documents other than as described in subsections 5.A and 5.B above,the Bank has
given the State and Spokane Valley thirty (30) days' written notice of such default
and such default has not been cured within such thirty-day period, provided that
(i) within ten (10) days after such notice is given, the State or Spokane Valley
commences its cure and submits to the Bank in writing its plan to cure,(ii) said cure
is continuously pursued by the Bank,as applicable,with due diligence(during said
thirty-day period),and(iii) if the Bank determines, in its reasonable discretion,that
the default is not curable and/or immediate action is needed to protect the Bank's
rights,the Bank shall provide the State and Spokane Valley notice of such default,
but the Bank may exercise any of the remedies for default in the Bank Loan
Documents without allowing the State and Spokane Valley to cure the Company
default.
For purposes of this Section 5, in order to cure a monetary default, neither the State nor
Spokane Valley shall be required to pay any principal amount of the Bank Loan that would
not have come due but for the Bank's exercise of its right to accelerate the principal balance
owing under the Bank Loan Documents.
Nothing contained in this Section 5 shall be construed as imposing any obligation on the
Bank other than to postpone the exercise of its rights to enforce a default until the expiration
Priority and Subordination Agreement Page 7
Volunteers of America of Eastern Washington and Northern Idaho
of the applicable grace period, if any, specified herein and provided that the default has not
been cured within that period. Failure to give notice and opportunity to cure defaults in the
manner herein provided shall not in any way invalidate or prohibit the Bank from
exercising any of the remedies for default permitted under the Bank Loan Documents
(other than to prohibit the Bank from proceeding further until the applicable notice is given
and the applicable grace period, if any, for the curing of such default has expired and
provided that the default has not been cured within that period).
Notwithstanding the above provisions, the cure rights of the State and Spokane Valley
provided for in this Section 5 shall not apply in the following circumstances:
A. if the Company transfers or encumbers all or any portion of its interest in the
Property in violation of the Bank Loan Documents (except as otherwise
contemplated under this Agreement); or
B. in any circumstances when a delay in effecting a cure is,in the reasonable judgment
of the Bank, likely to result in the Property becoming uninsured or rendered
unavailable to the Bank, or the value thereof being materially and adversely
affected; or
C. any default of the same type or nature which is repeated more than twice in any one
calendar year; or
D. any filing of a voluntary petition in bankruptcy by the Company, or any guarantor,
or for the appointment of a receiver or trustee of all or a portion of the Property; or
E. any assignment for the benefit of creditors, fraudulent conveyance, or other plan or
action instituted by the Company in an attempt to avoid the satisfaction of any
lawful indebtedness; or
F. any waste committed to the Property, or any demolition or removal of any
improvements on the Property without the Bank's consent, other than the exercise
by any proper authority of the right of eminent domain;
G. any nonmonetary default that the Bank reasonably determines is not capable of
being cured within the requisite period.
The Bank and the Company agree that any amounts expended by the State or Spokane Valley in
exercise of their respective rights under Section 5 shall be deemed to have been advanced by such
parties pursuant to and secured by their respective Deeds of Trust, if any. The Company agrees
such amounts shall be paid to the State or Spokane Valley on demand, and shall bear interest at the
rate of interest borne by the loan secured by the applicable Lender's Deed of Trust from the date
of expenditure by that Lender until paid. Such advances, if any, shall not alter the lien priority
reflected in Paragraph 1.A.
Priority and Subordination Agreement Page 8
Volunteers of America of Eastern Washington and Northern Idaho
5. Acknowledgements. The Lenders hereby each agree and acknowledge, solely for
the benefit of all other Lenders, as follows:
A. For purposes of this Agreement, the Lenders acknowledge that each has been
provided the opportunity to review the other Lenders' Documents before executing
this Agreement;
B. No Lender has made any warranty or representation of any kind or nature
whatsoever to the other Lenders with respect to (i)the application of the proceeds
of its loans, (ii) the value of the Property, the improvements to be constructed
thereon,or the marketability or value thereof upon completion of such construction,
or(iii)the ability of the Company to honor its covenants and agreements with the
Lenders;
C. No Lender by reason of this Agreement has any duty to disclose to the other
Lenders any facts that a Lender may now know or hereafter know about the
Company or successors of the Company, regardless of whether (i)the Lender has
reason to believe that any such facts may increase materially the risk beyond that
which any other Lender intends to assume, (ii) the Lender may have reason to
believe that such facts are unknown to another Lender, or (iii) the Lender has a
reasonable opportunity to communicate such facts to another Lender, it being
understood and agreed that each Lender is fully responsible for being and keeping
informed of the financial condition of the Company and/or any members,sponsors,
or successors of the Company and of all circumstances bearing on the risk of non-
payment of any indebtedness of the Company to the Lenders as described in this
Agreement; and
D. Each Lender has made such independent legal and factual inquiries and
examinations as such Lender deems necessary or desirable and is not relying on
any inquiries or examinations made by any other Lender or on information from
any other Lender concerning this Agreement,the Company,the Land or the Project.
6. Miscellaneous.
A. Entire Agreement. This Agreement is the entire agreement among the parties with
respect to the subject matter of this Agreement, and all prior understandings or
agreements on that subject matter are superseded hereby.
B. Applicable Law; Venue. This Agreement shall be governed by and construed in
accordance with the laws of the State of Washington. Venue of any action or
proceeding to enforce, interpret or otherwise related hereto shall lie in Spokane
County, Washington.
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Volunteers of America of Eastern Washington and Northern Idaho
C. Successors; Assignment. This Agreement is for the benefit of the Lenders and
their respective successors and assigns, in each case for so long as such Party's
Deed of Trust or Covenant (if any), or both, remains in effect with respect to the
Property or any part thereof, and any provision hereof may be waived or modified
by written agreement among all of them,or so many of them as are affected thereby,
without the consent of the Company. The assigns and successors-in-interest of the
Parties hereto shall be bound by this Agreement. This Agreement may be assigned
by a Party only as a part of an assignment of that Party's entire interest in the
Property or its loan described herein.
D. Notices. All notices to be given pursuant to this Agreement shall be in writing and
shall be deemed given when hand-delivered within normal business hours, when
actually received by email transmission during normal business hours, or two (2)
business days after deposit in the U.S. mail,postage prepaid, (one (1) business day
if sent by overnight courier)to the Parties at the addresses set forth below or to such
other place as a Party may from time to time designate for itself by notice to the
other Parties. No transferee or successor of a Party shall be entitled to notices or
opportunity to cure defaults hereunder unless notice of the transfer is given in
accordance with this subsection. For purposes of this subsection, a"business day"
is any day other than a Saturday, Sunday, or statutory federal or Washington state
bank holiday.
Bank: Washington Trust Bank
717 W. Sprague Ave.
Spokane, WA 99021
Attention: Kim Lloyd, Relationship Manager VP,
Corporate Banking
State: State of Washington Department of Commerce
Attn: Housing Trust Fund
1011 Plum St. SE
P.O. Box 42525
Olympia, WA 98504-2525
Spokane Valley: City of Spokane Valley
10210 E. Sprague Ave.
Spokane Valley, WA 99206
Attention: City Attorney's Office
Priority and Subordination Agreement Page 10
Volunteers of America of Eastern Washington and Northern Idaho
Company: Volunteers of America of Eastern Washington and
Northern Idaho
525 W. 2nd Ave.
Spokane, WA 99201
Attention:Fawn Schott
With a copy to: Witherspoon Brajcich McPhee,PLLC
601 W. Main Ave., Ste. 1400
Spokane, WA 99201
Attention:Brian M.Werst
bwerst@workwith.com
E. Amendment. Except as stated in subsection C of this Section,this Agreement may
be amended only by a writing signed by all the Parties hereto, but this subsection
shall not impair the validity of any further agreements among fewer than all of the
Parties hereto as among themselves.
F. Counterparts. This Agreement may be executed in any number of counterparts,
all of which taken together shall constitute one and the same instrument and
whether or not all Parties execute each counterpart.
G. Completion of Recording Information. If this Agreement is signed without
completion of certain recording information called for above, any Party hereto or
any title insurance company acting on the instructions of any Party is hereby
authorized to insert such information prior to recording this Agreement.
H. Consent to Other Parties' Documents. By executing this Agreement,each Party
hereby acknowledges and consents to the execution of, and where appropriate,the
recording of, the Documents by the Company and the other Parties thereto.
Notwithstanding such consent,the terms hereof,the terms of the Documents,and the
acceptance by Lenders of their respective liens and other rights and interests under the
Documents,no Lender shall,by reason of this Agreement,be liable or responsible for
any obligation of the Company under the Documents or of any"Owner"as defined in
any of the Documents.
[Signature Pages Follow]
Priority and Subordination Agreement Page 11
Volunteers of America of Eastern Washington and Northern Idaho
IN WITNESS WHEREOF,the undersigned has executed this Priority and Subordination
Agreement as of the date first above written.
WASHINGTON TRUST BANK
By:
Name:
Title:
STATE OF WASHINGTON )
COUNTY OF )
I hereby certify that I know or have satisfactory evidence that
appeared before me, and acknowledged that she/he signed this instrument, on oath stated that
she/he was authorized to execute this instrument, and acknowledged it as the
of to be the free and voluntary act of such entity for the uses
and purposes mentioned in this instrument.
GIVEN under my hand and official seal this day of , 2024.
NOTARY PUBLIC in and for the State of Washington
My commission expires
Print Name:
Priority and Subordination Agreement Signature Page
Volunteers of America of Eastenr Washington and Northern Idaho
IN WITNESS WHEREOF,the undersigned has executed this Priority and Subordination
Agreement as of the date first above written.
WASHINGTON STATE DEPARTMENT OF
COMMERCE,
a state agency
By:
Name: Corina Grigoras
Title: Assistant Director,Housing Division
STATE OF WASHINGTON )
COUNTY OF THURSTON)
I hereby certify that I know or have satisfactory evidence that Corina Grigoras appeared
before me, and acknowledged that she/he signed this instrument, on oath stated that she/he was
authorized to execute this instrument, and acknowledged it as the Assistant Director, Housing
Division, of the WASHINGTON STATE DEPARTMENT OF COMMERCE, a state agency, to
be the free and voluntary act of such entity for the uses and purposes mentioned in this instrument.
GIVEN under my hand and official seal this day of , 2024.
NOTARY PUBLIC in and for the State of Washington
My commission expires
Print Name:
Priority and Subordination Agreement Signature Page
Volunteers of America of Eastenr Washington and Northern Idaho
IN WITNESS WHEREOF,the undersigned has executed this Priority and Subordination
Agreement as of the date first above written.
CITY OF SPOKANE VALLEY,
a Washington municipal corporation
By:
Name: s/�H..�,✓
Title: G.ry AAA4C"t-
Approved as to Form:
By: X#
Name: , �or0 r', L�
Title: (),:i A, 0,r-v,7
/ [Acknowledgement on Next Page]
Priority and Subordination Agreement Signature Page
Volunteers of America of Eastenr Washington and Northern Idaho
STATE OF WASHINGTON )
COUNTY OF SPOKANE ) //
I hereby certify that I know or have satisfactory evidence thagitli flohfit07appeared
before me, and acknowledged that she/he signed this instrument, on oath stated that she/he was
authorized to execute this instrument, and acknowledged it as the 6 l 74 1jv,,- of CITY
OF SPOKANE VALLEY, a Washington municipal corporation, to be ihe free arftt voluntary act
of such entity for the uses and purposes mentioned in this instrument.
GIVEN under my hand and official seal this 0,^61' day of a , 202
/.'
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NBUI �
SPs`�g N 1111�%'/j� NO ARY PUBLIC in anti for the State of Washington
�o• AR f A My commission expires o2
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tit s Print Name: 5U-San A a/iD
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Priority and Subordination Agreement Signature Page
Volunteers of America of Eastenr Washington and Northern Idaho
IN WITNESS WHEREOF,the undersigned has executed this Priority and Subordination
Agreement as of the date first above written.
VOLUNTEERS OF AMERICA OF EASTERN
WASHINGTON AND NORTHERN IDAHO,
a Washington nonprofit corporation
By:
Name:
Title:
STATE OF WASHINGTON )
)
COUNTY OF SPOKANE )
I hereby certify that I know or have satisfactory evidence that appeared
before me, and acknowledged that she/he signed this instrument, on oath stated that she/he was
authorized to execute this instrument, and acknowledged it as the of
VOLUNTEERS OF AMERICA OF EASTENR WASHINGTON AND NORTHERN IDAHO, a
Washington nonprofit corporation,to be the free and voluntary act of such entity for the uses and
purposes mentioned in this instrument.
GIVEN under my hand and official seal this day of , 2024.
NOTARY PUBLIC in and for the State of Washington
My commission expires
Print Name:
Priority and Subordination Agreement Signature Page
Volunteers of America of Eastenr Washington and Northern Idaho
EXHIBIT A
LEGAL DESCRIPTION
THAT PORTION OF LOTS 2 THROUGH 11 IN BLOCK 210 OF EAST
SIDE SYNDICATE ADDITION TO SPOKANE, ACCORDING TO THE
PLAT RECORDED IN VOLUME "C" OF PLATS, PAGE 73, BEING
DESCRIBED AS FOLLOWS:
BEGINNING AT THE NORTHWEST CORNER OF SAID BLOCK 210,
BEING HEREINABOVE DESCRIBED; THENCE ALONG THE NORTH
LINE OF BLOCK 210 SOUTH 89°52'20" EAST 250.19 FEET TO THE
NORTHEAST CORNER OF LOT 2 OF SAID BLOCK 210;
THENCE ALONG THE EAST LINE OF SAID LOT 2, SOUTH 00°09'14"
WEST 62.11 FEET TO THE TRUE POINT OF BEGINNING OF THIS
DESCRIPTION;
THENCE LEAVING SAID EAST LINE, NORTH 89°50'49" WEST 250.16
FEET TO THE WEST LINE OF SAID BLOCK 210;
THENCE ALONG SAID WEST LINE, SOUTH 00°07'10" WEST 187.77
FEET TO THE SOUTHWEST CORNER OF SAID BLOCK 210;
THENCE ALONG THE SOUTH LINE OF SAID BLOCK 210, SOUTH
89°49'52" EAST 250.04 FEET TO THE SOUTHEAST CORNER OF LOT 11
OF SAID BLOCK 210;
THENCE ALONG THE EAST LINES OF LOTS 11 AND 2 OF SAID BLOCK
210 NORTH 00°09'14" EAST 187.84 FEET TO THE SAID TRUE POINT OF
BEGINNING OF THIS DESCRIPTION;
SITUATE IN THE CITY OF SPOKANE, COUNTY OF SPOKANE, STATE
OF WASHINGTON.
Priority and Subordination Agreement Exhibit A
Volunteers of America of Eastenr Washington and Northern Idaho