10-29-1984 Council Packet - Laserfiche WebLink

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2. Upon obtaining this information, the Grant Administrator must determine that the applicants individually or in the aggregate have a qualifying interest in the property consisting of at least: a. A valid life estate. Such life estate must be recorded and must appear in the records of the County; or b. A 1/3 interest in the fee title. Such interest may be subject to a mortgage; or c. A 1/3 interest as a purchaser in a contract for deed with respect to the structure being improved. F. Applicant Data The family size and household gross annual income must be inserted where indicated on the Income Formula section of the form. G. Inspection Report 1. A copy of the initial inspection report must be included in the grant package. 2. The inspection report must be signed and dated by the inspector performing the inspection. 3. The city shall inspect the residence to determine the need for the proposed Utilities Connection for which the grant will be given. H. Repayment Agreement As specified in the provisions of the Repayment Agreement, the recipient shall be required to notify the city immediately upon the sale, transfer, conveyance or cessation of residency of the property. 1. Each grant shall be subject to an Agreement for Repayment which provides that in the event that the property upon which the improvements is sold, transferred, or otherwise conveyed by the grant recipient within five (5) years from the date upon which the grant application was approved, or in the event that such property ceases to be the recipient's principal place of residence within five (5) years from the date upon which the grant package was approved, then the recipient shall repay (and the city shall have a lien to the extent permitted by law on the property as security for such repayment) all or a portion of such grant funds in accordance with the following schedule: 15