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- ' -s Mortgage and Repayment Agreement <br /> (Elk River HRA Owner-aeetrtpiedOccupied Housing Rehabilitation Programa <br /> This mortgage is exempt from Mortgage Registration Tax imposed by Minnesota Statutes,§287.035, <br /> pursuant to Minnesota Statutes.§287.04.because the principal amount of the mortgage loan referred <br /> to herein is made under an affordable horning, pram and the mortpa6ee is the Housing and <br /> Redevelopm ent Authority in and for the City of Elk River.a ylinnesota body corporate and politic. <br /> THIS MORIGAG!.AND._REPAYMENT AGREEMENT(this".Mortgage"), is made and entered into this <br /> 20 (the "Effective Date"), by and between (hereinafter referred to as "Owner") of <br /> and the C: v" of Ell. River, (hereinafter referred to as "City (the "Owner") the owner of the <br /> property located at Elk River. MN 55 and legally described as set forth in the <br /> attached Exhibit A (the "Protect " and the Housin_ and Redevelopment Authority in and for the City of <br /> Elk River,(the"HRA"),having its principal office at 13065 Orono Pkwy NW,Elk River,MN 55330. <br /> Owner a Payment Rehabilitation Loan at (X)% , • • • •-relating to the real estate hc'eiaa- er deseFihe4, if} the amount of (write in amount) <br /> Dollars. Said amount shall be paid to the City of El-k River at the rate of$(X)-:ter month, beginning oil the <br /> (date) ,and shall be paid in fell plus iotcrest t rcep by nekater than Iclose date) . <br /> NOW THEREFORE,in consideration of the said Installment Loan_described belowandfor other good,and <br /> valuable consideration,the parties do hereby agree as follows: <br /> h In accordance with the Elk River Owner-Occupied Housing, Rehabilitation Policies and <br /> Procedures (the "Procedures") and the Owner's Application dated 20 (the <br /> "Application" , both of which are incorporated herein by reference as if fully set forth herein, the <br /> HRA has agreed to make to_Owner• a Housing Rehabilitation Loan. (the "Installment Loaa . <br /> relating to the Pro e�rty, in the amount off. _ Dollars.t ___ ).The Installment Loan ball <br /> be disbursed directly to the contractor performing.the work on the Property described in the <br /> Application in accordance with the Procedures The Owner agrees to repay to the H A • the <br /> lnstathnentloan plus interest thereon at the rate of %Der annum in installments of nrincinal <br /> and interest of $ _ p.:1 p li I��;_i i i., _—_ 20 „through andJnsJuding <br /> 20 (the "Final Maturity Date,') in accordance_with the amortization schedule and <br /> the Truth in Lending Statement signed by Owner both attached as Exhibit B. The Owner may <br /> pr_enay_t•• • •- •,1 '• • - *0- •- • .•. . - - . •• thereon.to the Il. on any <br /> business day. <br /> 2. I. Owners covc,nantOwner covenants and agreeagt-ees with the cityHRA that if the real estate <br /> hereinafter cle scribedProp_erty is transferred or otherwise conveyed, voluntarily or involuntarily, <br /> either while the Owner is living or by reason of the death of the Owner during a period of (X) <br /> }ears from the effective date and recaiptof the hnetalln:e--nt loan. the Retention Period, to wit: the <br />