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EXEMPT FROM REGISTRATION TAX. <br />SHERD URNE COUNTY <br />AUDITOR/TREASURER <br />office of the Ccur4 Recorder <br />Sherburne County, MN <br />DOO. No.71 9348 <br />Certified, Bled, and/or reoorded or <br />9/2062010 3:10 PM <br />T she, Ca" order <br />� 0epUty <br />Fuss: $4$ . QO <br />III I 11111111111 lil <br />719,348 <br />CITY OF ELK RIVER NEIGHBORHOOD STABILIZATION PROGRAM <br />REPAYMENT AGREEMENT <br />TMS AGREEMENT ( "Agreement") is made and entered into this 21st day of May, <br />2010 by and between Troy A. Bondy and Deana M. Bondy, husband and wife, (her <br />referred to as "Owner "), and the City of Elk River, having its principal office at 13065 Orono <br />Parkway, Elk River, MN 55330, (hereinafter referred to as the "City'). <br />RECITALS: <br />A. City is a patty to a "Grant Agreement' ' with the Mhmesota Housing Fimmee <br />Agency pursuant to which City can make certain fins available to homeowners. <br />B. In accordance with the Grant Agreement, City is granting to Owner, a deferred <br />payment loan (hereinafter referred as :Sloan '} relating to the real estate hereinafter described, to <br />be used for the purpose of down payment assistnnae, in the amount of Fourteen Thousand <br />Nine Hundred Ninety -nine doDers and no/100— ($14,9".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, TBEEREFORE, 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 Loam, and agrees to the terms of <br />repayment provided in this Agreetent. <br />2. City des 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 wt <br />sell, transfer or otherwise convey the Real Property, whether voluntarily or involuntarily <br />(including by virtue of death), on or before May 21, 2015 (the *Forgiveness Date"). In the <br />evert 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 />M <br />PLEASE RETURN TO: <br />Mortgage & Title Services <br />6600 France Ave. S. Suite 650 <br />Edina, MN 56435 <br />