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EXEMPT FROM REGISTRATION TAX. <br />SHERBURNE COUNTY <br />AUDITORITREASURER <br />Office of the County Recorder <br />Sherburne County, MN <br />Doc. No. 716066 <br />Certified filed andfor recorded on <br />7-20-2010 at 02:00 <br />le Ashe, County Recorder <br />�E2 Deputy Fee: $ 48.00 <br />REGIS TITLE LLC <br />2230 W CTY RD C <br />z <br />ROSEVILLE MN 55113 <br />CITY OF ELK RIVER NEIGHBORHOOD STABILIZATION PROGRAM <br />REPAYMENT AGREEMENT <br />THIS AGREEMENT ("Agreement") is made and entered into this 23rd day of June, <br />2010 by and between Jason Espedal, a single person and Megan E. Wissbaum, a single <br />person (hereinafter referred to as "Owner"), and the City of Elk River, having its principal office <br />at 13065 Orono Parkway, Elk River, MN 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 "Loan") relating to the real estate hereinafter described, to <br />be used for the purpose of down payment assistance, in the amount of Ten Thousand and <br />no/100-----dollars ($10,000.00) (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, 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 />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 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 not <br />sell, transfer or otherwise convey the Real Property, whether voluntarily or involuntarily <br />(including by virtue of death), on or before June 23, 2015 (the "Forgiveness Date"). In the <br />event 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 />