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Elk River 14RA Rehabilitation M��nd Repayment Agreement (Elk River HRA Owner-oeeupied ccupied Housing Rehabilitation Program This mortgage is exempt from Mortgage Registration Tax imposed by Minnesota Statutes. 5287.035. pursuant to Minnesota Statutes,5287.04,because the principal amount of the mortgage loan referred to herein is made under an affordable housing program and the mortgagee is the Housing and Redevelopment Authority in and for the City of Elk River.a Minnesota body corporate and politic THIS MORTGAGE AND REPAYMENT AGREEMENT, this"Mortgage"1_is made and entered into this . 20 (the "Effective Date"), by and between r"ef&4a4e-fzO�OFFOd as '10Wnef") Of al4d +h° Q , O�Elli RiVe-f-- (14e-feiRa4e-rzeffffed te ash (the "Owner") the owner of the property located at Elk River_ MN 55 and legally described as set forth in the attached Exhibit A (the "Property") and the Housing and Redevelopment Authority in and for the Citv of Elk River_(the"HRA'),having its principal office at 13065 Orono Pkwy NW,Elk River,MN 55330. WHEREAS, en her-einafter-r-efeffed fe as �he "effeefke date", !he City agreed le gr-ffl4 te r-elZling te �he real estate—here-ina te- in •he affietffit of (write ii3zm�viiir'ci Dollars. Said R+140t114 s! '44e Gib, @�Elk River-a+the r-a+e 4�(�er-H4@nt4,begiiming an t4e n sL,.,77 L.v,�.,;.7 ;.,F,,77 plus 44e-est toe-een by ne la+e-than(elan .7 te) crxicrornxrrvo-c'+�.rlriccro vc�xcromrvr'�v'iccccl-ainrr-rvro vo�ccco'7 NOW THEREFORE,in consideration of the—,aid Installment Loan described below and for other good and valuable consideration,the parties do hereby agree as follows: 1. In accordance with the Elk River Owner-Occupied Housing Rehabilitation Policies and Procedures (the "Procedures") and the Owner's Application dated . 20 (the "Application").both of which are incorporated herein by reference as if fully set forth herein_the HRA has agreed to make to Owner a Housing Rehabilitation Loan_ (the "Installment Loan"1 relating to the Property_in the amount of Dollars(S 1.The Installment Loan shall be disbursed directly to the contractor performing the work on the Property described in the Application in accordance with the Procedures. The Owner agrees to repay to the HRA in the Installment Loan plus interest thereon at the rate of %per annum in installments of principal and interest of $ per month_ beginning on . 20 _ through and including . 20 (the "Final Maturity Date")in accordance with the amortization schedule and the Truth in Lending Statement signed by Owner both attached as Exhibit B. The Owner may prepay the Installment Loan in whole_ together with accrued interest thereon_to the HRA on any business day. 2 ' O.T,nefs eeveffaw0mm covenants and agfeeAgrm with the G4�,HRA that if the few h..,-..1na fief desef h^aPronerte is transferred or otherwise conveyed, voluntarily or involuntarily, either while the Owner is living or by reason of the death of the Owner Affing a period of