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JAN - 28`2010 IN 1113 AM Anaie Notary 5igAina FAX NQ, 246 60Office of the CountyRecorder <br />Sherburne County, MN <br />Doc. Ho. 708722 <br />Certified filed and/or recorded on <br />02 -22 -2010 at 02:30 <br />V A6he, County Recorder <br />Deputy Fee, $ 48.44 <br />IIIIIIIIIIIIIIIII <br />708'722 <br />CM OF ELK RIVER NEIEGIMORHOOD STARMYZ a TION PBUGRAM <br />REPAYN aW AGRZlE1VYENT <br />'IBS AGREE WW ("AWC9M=f) y5 MadA sad =WW into this 2M dny of Ivry, <br />2010 by and betoveert ShttW11L'GVl dn& it Bath Person awrcindfW fefmvd to as °i wUW'X <br />and the City of M Riven having its principal offte at 13065 Oram+o Parkway, Elk Riven, NIN <br />55330, (batiinaftor rdkred t4 as the "City'). <br />RECITALS: <br />A City is a party to a -Corot A mmt" wish the Minnesota Housing Finance <br />AHWQY pursuant to which City can melee certain flan& available to homeo,,men. <br />B. its aoorda= whit the GMt Ag e, City is OMUtiootg to OMM a dt*atnd <br />pay rnmt loan Owanafter refi as "Loam") rdaftv to the real estate ham def desszib4 to <br />be used for the Invpuse or47ww tayramt assisowe, is the amount of Ten IUOM=d and <br />EWIO0- •dales (S1{1~) (&a -Lo= Atwwt"). <br />C. As a mndiition to snaking the Loan to Owner, City is nq that Owner r <br />into this Agreement <br />IOW. THUIEFORE, in comdaatiem of The Recitals, the Loss. the mvernanl5 oontained <br />hemp. anti atheor good and *A =We 0=idenbca, the pardes do hereby eVW as follows: <br />I . Owner hereby wilm ►rledges receipt of the Lom and agroes to the tams of <br />repayment provided in fhis Agree;neet. <br />I City ap m to fasgive the U amt of the Lom if (i) the Real Prop" (as <br />hereinafter defu 4 does not cease to be Owna's principal wsidmxv, and W) Owner does not <br />sell, transfer or otherwise: Wnvey the Reel Property, whether voh or mvolurmy <br />(utcluding by virtue of deatb), on or before Yauuwy M2015 (tom aFariv Date''). In stye <br />event tW Owner satisfies the tams for forgiveness of the Loan as provided w this parasWh. <br />(the "Loan Forgiveness Raquiremenbwj City will issue to Owner a wn# w satisfaction <br />termirmtiD8 the ii W crefftd by this Agrees =t. <br />