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CONTRACT between Elk River Housing and Redevelopment Authority and CENTER FOR ENERGY AND ENVIRONMENT Page 1 <br />LOAN ORIGINATION AGREEMENT <br /> <br />This LOAN ORIGINATION AGREEMENT (“Agreement”) is made by and between The City of ELK <br />RIVER HOUSING and REDEVELOPMENT AUTHORITY, with offices at 13065 Orono Parkway, Elk River, <br />MN 55330 (“Authority”), and CE NTER FOR ENERGY AND ENVIRONMENT, with offices at 212 3rd <br />Avenue North , Suite 560, Minneapolis, Minnesota 55401 (“CEE”). <br /> <br />RECITALS <br /> <br /> A. The Authority has a need for certain professional services and desires to retain CEE to <br />provide said services, all subject to the terms and conditions contained in this <br />Agreement. <br /> <br /> B. CEE is qualified to provide the desired professional services and desires to provide said <br />services for the Authority, all subject to the terms and conditions contained in this <br />Agreement. <br /> <br />NOW, THEREFORE, in consideration of the foregoing and the mutual promises contained in this <br />Agreement, the parties agree as follows: <br /> <br />1. Services/Scope of Work <br /> <br />1.1 CEE shall in conjunction with the Authority develop and deliver the City of Elk <br />River Home Improvement Loan Program (hereinafter the “Program”) and more fully <br />described in Exhibit A attached hereto. All activities delivered under the Program <br />shall be coordinated with the Authority’s designated Economic Development <br />Director . <br /> <br />1.2 CEE shall assist the Authority staff in marketing the Program. CEE shall insure that <br />the Authority's sponsorship of the program is a prominent part of any marketing <br />effort. <br /> <br />1.3 The funding source is exclusively from the Authority and the program will be <br />referred to as the Authority Funded Program. <br /> <br />2. Compensation <br /> <br />2.1 The Authority shall compensate CEE for services provided under this agreement <br />according to the following schedule and more fully described in Exhibit B attached hereto: <br /> <br />Loan Set Up Fee $1,500 <br /> <br />The Authority shall pay CEE a one time loan set-up fee. This shall compensate CEE for <br />time and labor to create the loan program. <br /> <br />Loan Origination Fee $550.00 <br /> <br />The Authority shall pay CEE an Origination Fee for each loan closed using the Authority <br />Funded Program. The Origination Fee shall compensate CEE for assisting borrowers with