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LOAN ORIGINATION AGREEMENT <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 CENTER FOR ENERGY AND ENVIRONMENT,with offices at 212 3rd <br /> Avenue North, Suite 560, Minneapolis, Minnesota 55401 ("CEE"). <br /> RECITALS <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 /> 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 /> NOW, THEREFORE, in consideration of the foregoing and the mutual promises contained in this <br /> Agreement, the parties agree as follows: _ <br /> 1. Services/Scope of Work <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 /> 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 /> 1.3 The funding source is exclusively from the Authority and the program will be <br /> referred to as the Authority Funded Program. <br /> 2. Compensation <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 /> Loan Set Up Fee $1,500 <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 /> Loan Origination Fee $550.00 <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 <br /> CONTRACT between Elk River Housing and Redevelopment Authority and CENTER FOR ENERGY AND ENVIRONMENT#2917 Page 1 <br />