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Office of the County Recorder <br />Sherburne County. MN <br />Doc, No. 898380 <br />Certified filed andlor recorded an <br />08 -11 -20+09 at 10:00 <br />e Ashe, County Recorder <br />Deputy Fee: S 46.00 <br />111111111111 <br />CITY OF ELK RIVER NEIGHBORHOOD STABILIZATION PROGRAM <br />REPAYMENT AGREEMENT <br />THIS AGREEMENT ( "Agreement ") is made and entered into thi$ 31 s+ day of July, <br />2009 by and between Daniel B. Ellefson, a single person (hereinafter referred to as "Owner "), <br />and the City of Elk River, having its principal office at 13065 Orono Parkway, Elk River, MN <br />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 "Loam ") relating to the real estate hereinafter described, to <br />be used for the purpose of down payment assistance, in the amount o0ive thousand and no] 100 <br />dollars ($5,000.011) (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 wriount 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 July 31, 2014 (the "Forgiveness Date"). In the event <br />that Owner satisfies the terms for forgiveness of the Loan as provided in this paragraph (the <br />"Loan Forgiveness Requirements "), City will issue to Owner a written satisfaction terminating <br />the lien created by this Agreement. <br />Title Recording SaMcas, Inc. 586056 <br />79 Western Ave N <br />St, Paul, MIN 513102 09'462415 <br />SHERBURNE A WEST BASIC <br />IN1111�IfI 2NDMTG <br />