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Office of the County Recorder
<br /> Sherburne County,MN
<br /> Doc. No. 808930
<br /> Certified, Filed, and/or recorded on
<br /> August 28, 2015 11:00 AM
<br /> EXEMPT Mich Ile e, County Recorder
<br /> il'ATION TAX.
<br /> SHERBURNF COUNTY
<br /> AUDI T 0jl i RE, SLAHEt By Deputy
<br /> Fees: $46.00
<br /> -411 1111111 IIII
<br /> 808930
<br /> Mortgage and Repayment Agreement
<br /> (Elk River HRA Owner-Occupied Housing Rehabilitation Program)
<br /> This mortgage is exempt from Mortgage Registration Tax imposed by Minnesota Statutes,§287,035,
<br /> pursuant to Minnesota Statutes,§287.04,because the principal amount of the mortgage loan referred
<br /> to herein is made under an affordable housing program and the mortgagee is the Housing and
<br /> Redevelopment Authority in and for the City of Elk River,a Minnesota body corporate and politic.
<br /> THIS MORTGAGE AND REPAYMENT AGREEMENT(this"Mortgage"), is made and entered into this
<br /> 13th Day of March,2015 (the"Effective Date"),by and between Scott Thompson and Cynthia Thompson,a
<br /> married couple(the"Owner")the owner of the property located at 1021 4`h St.NW,Elk River,MN 55330,
<br /> and legally described as set forth in the attached Exhibit A (the "Property") and the Housing and
<br /> Redevelopment Authority in and for the City of Elk River,(the"HRA"),having its principal office at 13065
<br /> Orono Pkwy NW,Elk River,MN 55330.
<br /> NOW THEREFORE, in consideration of the Installment Loan described below and for other good and
<br /> valuable consideration,the parties do hereby agree as follows:
<br /> I. In accordance with the Elk River Owner-Occupied Housing Rehabilitation Policies and Procedures
<br /> (the"Procedures")and the Owner's Application dated August 21st,2014(the"Application"),both
<br /> of which are incorporated herein by reference as if fully set forth herein, the HRA has agreed to
<br /> make to Owner a Housing Rehabilitation Loan, (the"Installment Loan"), relating to the Property,
<br /> in the amount of Twenty-Two Thousand and 00/100($22,000.00). The Installment Loan shall be
<br /> disbursed directly to the contractor performing the work on the Property described in the Application
<br /> in accordance with the Procedures.The Owner agrees to repay to the HRA in the Installment Loan
<br /> plus interest thereon at the rate of 2.25% per annum in installments of principal and interest of
<br /> $204.90 per month,beginning on October lg',2015,through and including September 1 2015
<br /> (the"Final Maturity Date")in accordance with the amortization schedule and the Truth in Lending
<br /> Statement signed by Owner both attached as Exhibit B. The Owner may prepay the Installment
<br /> Loan in whole,together with accrued interest thereon,to the HRA on any business day.
<br /> 2. Owner covenants and agrees with the HRA that if the Property is transferred or otherwise conveyed,
<br /> voluntarily or involuntarily,either while the Owner is living or by reason of the death of the Owner
<br /> prior to the Final Maturity Date, the Installment Loan and all accrued interest thereon shall be
<br /> immediately due and payable and shall be repaid in full to the HRA.
<br /> 3. As security for Owner's obligation to repay the Installment Loan and accrued interest thereon, and
<br /> the cost, including reasonable attorney's fees,of collecting the same,and subject to the terms and
<br /> conditions of this Mortgage,Owner hereby grants,and HRA shall and hereby does have,a statutory
<br /> mortgage on the Property in accordance with Minnesota Statutes,Section 507.15.
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