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Office of the County Recorder
<br />Sherburne County, MN
<br />Doc. No. 811093
<br />Certified, Filed, and/or recorded on
<br />—October 14, 2015 3:00 PM
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<br />Mortgage and Repayment Agreement 811093
<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 />20" Day of May. 2015 (the "Effective Date"), by and between Jerome D. Olesen and Barbara J. Olesen, a
<br />married couple, (the "Owner") the owner of the property located at 420 Main Street, 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 />1. In accordance with the Elk River Owner -Occupied Housing Rehabilitation Policies and Procedures
<br />(the "Procedures") and the Owner's Application dated March 101, 2015 (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 -Five Thousand and 00/100 ($25,000.00) Dollars The Installment Loan
<br />shall be disbursed directly to the contractor performing the work on the Property described in the
<br />Application in accordance with the Procedures. The Owner agrees to repay to the HRA in the
<br />Installment Loan plus interest thereon at the rate of 3.25% per annum in installments of principal
<br />and interest of $ 175.67 per month, beginning on October 111, 2015 , through and including
<br />September V, 2030 (the "Final Maturity Date") in accordance with the
<br />amortization schedule and the Truth in Lending Statement signed by Owner both attached as
<br />Exhibit B. The Owner may prepay the Installment Loan in whole, together with accrued interest
<br />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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