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Office of the County Recorder <br />Sherburne County, MN <br />Doc. No. 71142 ► <br />Certified filed andlor recorded on <br />04 -19 -2010 at 03:00 <br />Ile Ashe, County Recorder <br />Deputy Fee: $ 46.0(7 <br />711426 <br />CITY OF ELK RIVER NEIGHBORHOOD STABILIZATION PROGRAM <br />REPAYMENT AGREEMENT <br />THIS AGREEMENT ( "Agreement") is made and entered into this 26th day of February, <br />2010 by and between Justin A. Lenius and Katie E. Lenius, husband and wife (hereinafter <br />referred to as "Owner "), and the City of Elk River, having its principal office at 13055 Orono <br />Parkway, Elk River, MN 55330, (hereinafter referred to as the "City "). <br />RECITALS: <br />A. City is a party to a "Grant Agreement" with the Minnesota Housing Finance <br />Agency pursuant to which City can make certain funds available to homeowners. <br />B. In accordance with the Grant Agreement, City is granting to Owner, a deferred <br />payment loan (hereinafter referred as "Loan ") relating to the real estate hereinafter described, to <br />be used for the purpose of down payment assistance, in the amount of Fourteen thousand nine <br />hundred ninety -nine dollars and no/100---- ($14,999.00) (the "Loan Amount "). <br />C. As a condition to making the Loan to Owner, City is requiring that Owner enter <br />into this Agreement. <br />NOW, THEREFORE; in consideration of the Recitals, the Loan, the covenants contained <br />herein and other good and valuable consideration, the parties do hereby agree as follows: - <br />1. Owner hereby acknowledges receipt of the Loan, and agrees to the terms of <br />repayment provided in this Agreement. <br />2. City agrees to forgive the full amount of the Loan if (i) the Real Property (as <br />hereinafter defined) does not cease to be Owner's principal residence, and (ii) Owner does not <br />sell, transfer or otherwise convey the Real Property, whether voluntarily or involuntarily <br />(including by virtue of death), on or before February 26, 2015 (the "Forgiveness Date "). In <br />the event that Owner satisfies the terms for forgiveness of the Loan as provided in this <br />paragraph (the "Loan Forgiveness Requirements "), City will issue to Owner a written <br />satisfaction terminating the lien created by this Agreement. <br />Return to: <br />Preferred Title, Inc. <br />P.O. Box 727 <br />113 west Broadway <br />Monticeil i Minnesota 5W82 <br />File # <br />