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Period of time after grant, within <br />which sale, transfer, conveyance, Percent <br />or cessation of residency occurs Repayment <br />Prior to end of 12th full month 100" <br />After end of 12th full month <br />until end of 24th full month 80N <br />After end of 24th full month <br />until end of 36th full month 6W' <br />After end of 36th full month <br />until end of 48th full month 40N <br />After end of 48th full month <br />until end of 60th full month 20% <br />After end of 60th full month No Repayment <br />2. Execution of the Repayment Agreement <br />In order to create a valid lien on the property which has been <br />improved by grant funds, the city must exercise extreme care in <br />the execution of the Repayment Agreement document. Any inaccu- <br />racy or omission may have a negative effect on the validity of <br />the lien. <br />Prior to the submission of the grant package the city should <br />ensure the completion of the following sections of the Repayment <br />Agreement only: <br />a. Property Description. <br />The property description must be clear, legible, accurate and <br />complete. Care must be ta�en to ensure that the description <br />is exactly as it appears in the property records. If the <br />app 1cant owns property other than on which the structure to <br />be improved is located, only the description of the property <br />on which the structure is located should be included. <br />b. Signatures <br />The record names (the names exactly as they appear in the <br />property records) must be used by all whose signatures are <br />required. <br />The following is a brief discussion of the signatures <br />required under particular property ownership situations: <br />1) Any jOINT TENANCY -- signatures of all joint tenants are <br />required. <br />:6 <br />