6.1. HRSR 04-03-2023 - Laserfiche WebLink

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Initial(s)Page 2 of 3 Promises I make the following promises: Additional Terms Interest on my loan will be calculated using the 'simple interest' method. This means that the actual interest I will pay will depend on my unpaid balance at the end of each day. Interest may also be referred to as finance charge. * The property to be improved is my principal residence. The terms "I" and "my" refer to all and any Borrowers, individually and together, who execute this Promissory * I will use my loan only for the eligible items listed on the project bids that I submitted. * My residence does not have more than units. * My residence is permanently attached to the land by way of a foundation and is taxed as real property. * I do not intend to use more than 49% of my residence for business purposes. * Simple Interest I understand that the Housing and Redevelopment Authority in and for the City of Elk River, Minnesota, will rely on these promises and that I could be guilty of fraud if these promises are not true. If I pay ahead of the regular scheduled due date(s), the finance charge may be less than estimated. If my payments are late, my finance charge may be higher. You will adjust my last payment accordingly, but you may excuse any additional finance charge due to late payments. I understand that the simple interest method of calculating interest may not always give the same results as the method used in making the Truth in Lending disclosures. Therefore, the actual amount I pay may not be exactly as disclosed. Your Rights if I Default I will be in default if: * I do not make a payment when it is due, or in the full amount due. * Someone tries by legal proceedings to get money or property I have on deposit with you. * I use my residence for unlawful purposes. * I made misstatements on my loan application or knowingly provided false information or documentation. * An event of default occurs under any mortgage covering my property. * I do not keep property insurance in place and in effect that covers the loss of the residence, in whole or in part. * I transfer any or all interest in my property without paying my loan in full. * I do not live up to any promise I have made under this Promissory Note, or * You believe in good faith that I may not be able or willing to pay you as promised. Additional Terms If I am in default, you may require immediate payment of the unpaid balance of this Promissory Note, including the interest I owe. You do not have to give me advance notice. If there is a mortgage, you may also foreclose and sell my residence and use the money from the sale of the property to pay my loan. You may also exercise any other legal rights you may have. However, even if I am in default, you do not have to require immediate payment. You may delay enforcing any of your rights without losing them. I am the owner of the property referenced herein. CEE / Elk_River_Revolving_Note / 01-19