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\-. <br />HOUSING AND REDEVELOPMENT AUTIIORITY <br />IN AND FOR TIIE CITY OF ELK RIVER <br />RESOLUTION NO.2O.O5 <br />RESOLUTION APPROVING AMENDMENT OF LOAI\ TERMS <br />FOR A LOAI\ FROM TIIE ATITIIORITY TO MATTHEW AIID <br />CAROL ITICKS AI{D TAKING OTHER ACTIONS WTTH <br />RESPECT THERETO <br />WHEREAS, the Housing and Redevelopment Authority in and for the City of Elk River (the <br />"Authority'') operates and administers its Owner-Occupied Housing Rehabilitation Program (the'?rogram') <br />whereby the Authority makes loans to qualified property owners to assist in the rehabilitation of owner- <br />occupied single-family homes; and <br />WHEREAS, Matthew R. Hicks and Carol Marie Hicks, a married couple (together, the "Borrower"), <br />requested that the Authority assist in the rehabilitation of their property located at 1205 46 Street NW in the <br />City of Elk River, Minnesota (the "City'); and <br />WHEREAS, pursuant to a Mortgage and Repayment Agreement between the Authority and the <br />Borrower (the "Original Mortgage"), dated October 27, 2015, the Authority agreed to loan to the Borrower <br />the maximum principal amount of $25,000 (the "Loan") in accordance with the Program; and <br />WHEREAS, the Borrower has defaulted under the Original Mortgage by failing to make all required <br />monthly payments; and <br />WHEREAS, the Borrower has requested a modification to the tenns of the Loan and the <br />Authority has prepared an Amendment to Mortgage and Repayment Agreement (the "Amendmenf) <br />amending the terms of the Original Mortgage whereby the Authority agrees not to exercise its remedies <br />under the Original Mortgage for actions that occurred prior to the date of execution of the Amendment <br />and the parties agree to extend the maturity date of the Loan and to add any unpaid principal, late fees, <br />and accrued interest on the Loan to the total principal amount outstanding on the Loan; and <br />WHEREAS, in accordance with the Amendment, the principal amount of the Loan shall increase <br />to reflect unpaid principal, accrued interest and late fees, but the monthly payment amount and interest <br />rate on the Loan shall remain the same. <br />NOW, TIIEREFORE, BE IT RESOLVED BY the Board of Commissioners (the "Board") of the <br />Housing and Redevelopment Authority in and for the City of Elk River (the "Authority") as follows: <br />l. Authority Board Approval. The Board hereby approves the Amendment and the <br />extension of the maturity date of the Loan. The loan shall continue to be secured by the Original <br />Mortgage, as modified by the Amendment. <br />2. Amendment. The Chair and Executive Director of the Board are hereby authorized and <br />directed to execute and deliver the Amendment on behalf of the Authority and to perform the obligations <br />thereunder. All of the provisions of the Amendment, when executed and delivered as authorized herein, shall <br />be deemed to be a part of this resolution as fully and to the same extent as if incorporated verbatim herein and <br />shall be in full force and effect from the date of execution and delivery thereof. The Amendment shall be <br />substantially in the form now on file with the Authority, subject to alterations and modifications that do not <br />materially change the substance thereof, or as the Chair and Executive Director, in their discretion, shall <br />524870vt GAF PNl60-22 <br />\-.