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<br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires prosperity <br />Request for Action <br /> <br /> <br />To <br />Housing and Redevelopment Authority <br />Item Number <br />7.1 <br />Agenda Section <br />General Business <br />Meeting Date <br />April 1, 2019 <br />Prepared by <br />Amanda Othoudt, EDD <br />Item Description <br />Amended Mortgage and Repayment Agreement for <br />Kyle and Jennifer Torfin <br />Reviewed by <br />Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />Approve, by motion, a resolution amending the Mortgage and Repayment Agreement for Kyle and <br />Jennifer Torfin <br /> <br />Background/Discussion <br />At their November, 6, 2017, meeting, the HRA approved a $21,640 housing rehabilitation loan under <br />CMHP’s administration secured by a Mortgage and Repayment agreement for Kyle and Jennifer Torfin <br />for improvements to their property. <br /> <br />Mr. Torfin has requested the HRA execute and deliver an amendment to the Mortgage and Assignment <br />and Assumption Agreement where Jennifer will assign her interest in the mortgage to Kyle. Mr. Torfin <br />has agreed to assume all obligations under the mortgage including the sole obligation to repay the loan. <br /> <br />The loan is current with no historically late payments. <br /> <br />Financial Impact <br />N/A <br /> <br />Attachments <br /> Mortgage and Repayment Agreement (Document Number 856048) <br /> Amended Mortgage and Repayment Agreement <br /> Resolution <br />