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<br />Exhibit A19 #2860 Page 8 <br />Agreement between the City of Coon Rapids and Center for Energy and Environment <br /> <br />Borrower Fees: Borrower will be responsible for mortgage filing and service fees, flood certificate, <br />credit report fees and any applicable closing fee which may be financed in the loan amount. <br /> <br /> <br /> <br /> Home for Generations II Loan <br /> <br /> <br />Interest Rate: 4% <br /> <br />Amortization Type: Amortizing. Closed-end (Monthly Payments Required). <br /> <br />Loan Amount: Minimum of $2,000 and Maximum of $50,000. Minimum project cost is $35,000. <br /> <br />Total Project Cost: The borrower must have sufficient funds necessary to cover the cost of the entire <br />project (as outlined in the bid(s). Additional funds may come from the applicant’s personal savings, <br />gifts, or other NON City loans. <br /> <br />Loan term: Generally, one year per $1,000 borrowed. This will be somewhat flexible depending on the <br />size of the loan and the borrower’s ability to repay the loan. The minimum term is 1 year; the maximum <br />term will be 20 years. <br /> <br />Eligible Properties: Single family, owner-occupied properties located within the geographical <br />boundaries of the City of Coon Rapids. Property must be at least 20 years old. Individual townhomes, <br />twin homes and condominiums are eligible. Properties held in a trust are eligible. <br /> <br />Ineligible Properties: Dwellings with more than one unit, cooperatives, manufactured homes, <br />properties in a Contract-for-Deed and properties used for commercial purposes. <br /> <br />Eligible Borrowers: Borrowers must obtain a Homes for Generation II Participation Agreement from the <br />City of Coon Rapids. All borrowers must be legal residents of the United States, as evidenced by a social <br />security number, Including: U.S. Citizens, Permanent Resident Aliens, Non-Permanent Resident Aliens. <br />TAX IDENTIFICATION NUMBERS (TIN) ARE NOT ACCEPTABLE. <br /> <br />Ineligible Borrowers: Including but not limited to: Foreign Nationals, Non-Occupant Co-Borrowers, and <br />Properties held in the name of a business. <br /> <br />Ownership/Occupancy: Owner-occupied only. <br /> <br />Loan - to - Value Ratio: The ratio of all loans secured by the property, including the new loan, should <br />not exceed 100% of the property value. Half of the improvement value may be added to the initial <br />property value. Value can be established by the Property Tax Statement or an Appraisal dated within <br />the past 12 months. <br /> <br />Income Limit: None. <br />