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Mortgage and Repayment Agreement <br /> (Elk River HRA Owner-Occupied Housing Rehabilitation Program) <br /> g ) <br /> This mortgage is exempt from Mortgage Registration Tax imposed by Minnesota Statutes, <br /> ' �287.035' <br /> pursuant to Minnesota Statutes, <br /> § ,because the principal amount of the mortgage loan referred <br /> to herein is made under an affordable housing program and the mortgagee is the Housingand <br /> Redevelopment Authority in and for the City of Elk River,a Minnesota body <br /> corporate and politic. <br /> THIS MORTGAGE AND REPAYMENT AGREEMENT(this "Mortgage"), is made and entered into this <br /> 20th day of October, 2017 (the "Effective Date"), by and between Kyle A. Torfin and Jennifer R. Torfin, <br /> husband and wife (the"Owner")of the property located at 1811 Main St. NW, Elk River, MN 55330 and <br /> Pro e <br /> legally described as set forth in the attached Exhibit A(the" z <br /> "Property")�)and the Housing and Redevelopment <br /> Authority in and for the City of Elk River,(the "HRA"), having its principal office at 13065 Orono Pkwy <br /> NW,Elk River, MN 55330. <br /> NOW THEREFORE, in consideration of the Installment Loan described below and for otherood and <br /> agree valuable consideration,the parties do hereby as follows: g <br /> 1. In accordance with the Elk River Owner-Occupied Housing Rehabilitation Policies and Procedures <br /> (the"Procedures")and the Owner's Application dated July 25th,2017(the"Application"), both of <br /> which are incorporated herein by reference as if fully set forth herein,the HRA has agreed to make <br /> to Owner a Housing Rehabilitation Loan, (the"Installment Loan"),relating to the Property, in the <br /> amount of Twenty-One Thousand Six Hundred Forty and 00/100 ($21,640.00) Dollars. The <br /> Installment Loan shall be disbursed directly to the contractor performing the work on the Property <br /> described in the Application in accordance with the Proce <br /> Procedures. The Owner agrees to repay to the <br /> HRA in the Installment Loan plus interest thereon at the rate of 4.25%per annum in installments of <br /> principal and interest of$162.79 per month,beginning on May 1St,2018 through <br /> and including April 1St, 2033 (the "Final MaturityDate") in accordanceamortization <br /> with the amortization <br /> schedule and the Truth in Lending Statement signed by Owner both attached as Exhibit B. The <br /> Owner may prepay the Installment Loan in whole, together with accrued interest thereon, to the <br /> HRA on any business day. <br /> If the HRA has not received the full amount of any monthly payment by the end of 10 calendar days <br /> after the date it is due,the Owner will pay a late fee to the HRA. The late fee will' y <br /> be 5.000%of the <br /> overdue principal and interest payment.The Owner will pay this late fee promptly but only once on <br /> each late payment. <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 livingorreason of <br /> bythe 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 /> S-1 <br />