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Office of the County Recorder <br />Doc. County, MN <br />Doc. NO. 699920 <br />GerOed tiled and/or recorded on <br />08 -20 -2009 at 08:55 <br />Michell& Ashe, County Rowe ler <br />8y DePay Fee; $ 46.00 <br />11111111 <br />CITY OF ELK RIVER NEIGHBORHOOD STABILIZA'T`ION PROGRAM <br />REPAYMENT AGREEMENT <br />THIS AGREEMENT ("Agreement ") is made and entered into this, 11* day of August, <br />2009 by and between Kx&Iheua hL Byrnes, a singh person (hereinafter referred to as "Owner"), <br />and the City of Elk River, having its principal office at 13055 Omno Parkway, Elk River, MN <br />55330, (hereinafter refwW to as the "City'). <br />RECITALS: <br />A. City is a party to a "Grant Agremen#" with the Minnesota Housing Finance <br />Agency pursuant to which City can make certain fluids available to homeowners. <br />9. In accordance with the Grant Agreement, City is granting to Owner, a deferred <br />payment loan (hereinafter referred as "Loan'l relating to the real estate hereinafter described, to <br />be used for the purpose of down payment assistance, in the amount of Five'T'housand and noilOD <br />dollars ($5,000.00) (the "Loan Amount" j. <br />C. As a condition to making the Goan to Owner, City is requiring that Owner enter <br />into this Agnmment. <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 August 119 2014 (the "Forgiveness Hate"). In the <br />event that Owner satisfies the terms for forgiveness of the Loan as provided in this paragraph <br />(the "Loan Forgiveness Requirements'"), City will issue to Owner a written satisfaction <br />terminating the lien created by this Agreement. <br />