4.5 HRSR 06-01-2015 - Laserfiche WebLink

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Office of the County Recorder Sherburne County, MN Doc. No. 710349 Certified filed and/or recorded on 05-29 -2010 at 09:30 Michelle Ash &, County Recorder ,3"puty Fee: $ 46.00 11111111111111 CITY OF ELK RIVER NEIGHBORHOOD STAB LIZATION PROGRAM REPAYMENT AGREEMENT THIS AGREEMENT ( "Agreement ") is made and entered into this 19" day of March, 201013y and between Mark E. Ranstrom, a single person and Jessica L. WkWultd, a single person (hereinafter referred to as "Owner "), and the City of Elk River, having its principal office at 13065 Orono Parkway, Elk River, MN 55330, (hereinafter referred to as the "City"). RECITALS: A. City is a party to a "Grant Agreement" with the Minnesota Housing Finance Agency pursuant to which City can make certain funds available to homeowners. B. In accordance with the Grant Agreement, City is granting to Owner, a deferred payment loan (hereinafter referred as "Loan's relating to the real estate hereinafter described, to be used for the purpose of down payment assistance, in the amount of Ten - thousand and uo/100` -- dollars ($10,6W.00) (the "Loan Amount "). C. As a condition to making the Loan to Owner, City is requiring that Owner enter into this Agreement. NOW, THEREFORE, in consideration of the Recitals, the Loan, the covenants contained herein and other good and valuable consideration, the parties do hereby agree as follows: 1. Owner hereby acknowledges receipt of the Loan, and agrees to the terms of repayment provided in this Agreement. 2. City agrees to forgive the full amount of the Loan if (i) the Real Property (as hereinafter defined) does not cease to be Owner's principal residence, and (ii) Owner does not sell, transfer or otherwise convey the Real Property, whether voluntarily or involuntarily (including by virtue of death), on or before March 19`h, 2015 (the "Forgiveness Date "). In the event that Owner satisfies the terms for forgiveness of the Loan as provided in this paragraph (the "Loan forgiveness Requirements"), City will issue to Owner a written satisfaction terminating the lien created by this Agreement.