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<br />Exhibit A19 #2860 Page 14 <br />Agreement between the City of Coon Rapids and Center for Energy and Environment <br /> <br />Eligible Improvements: These funds may only be used for down-payment or closing cost related to the <br />purchase of the subject property. <br />Underwriting: Amount and approval of loan will be determined based on the 1st mortgage approval. In <br />order to determine eligibility, CEE requires the following documentation from the 1st mortgage lender: <br />1) A CEE application <br />2) Certification that all homebuyers have completed a Home Stretch or other Homebuyers course <br />offered through a counseling agency approved by the US Department of Housing and Urban <br />Development <br />2) A copy of the whole/complete Purchase Agreement <br />3) A copy of the Appraisal or determination of value <br />4) A copy of the Title Commitment <br />5) A copy of the 1st mortgage pre-approval/commitment letter <br />6) A copy of the 1st Mortgage loan estimate, closing disclosure or similar closing cost / financing <br />statement. <br />Disbursement of Funds: Funds will be disbursed to the closing agent, for the benefit of the borrower, in <br />coordination with the purchase closing. <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 />General Program Conditions <br /> <br />Application Processing: Loans will be distributed on a first come first serve basis as borrowers qualify. <br />Applicants must provide a completed application package including the following in order to be <br />considered for funding. <br /> Completed and signed application form <br /> Proof of income <br /> Bids or estimates for proposed projects <br /> Other miscellaneous documents loan officers may require. <br /> <br />Loan Security: All loans that will be secured with a mortgage will be in favor of the City of Coon Rapids. <br /> <br />Contractors/Permits: Contractors must be properly licensed. Permits must be obtained when required <br />by city ordinance. <br /> <br />Program Costs: Loan origination, post installation inspection and remodeling advisor visit fees will be <br />paid out of the Program Budget. Loan program marketing efforts will be billed directly to the City of <br />Coon Rapids and is a separate expense should the city choose to commission CEE for marketing support. <br />Borrowers will pay all mortgage filing fees and related closing costs.