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<br /> . C:TY OF ORoNo M/G Rvr/���
<br /> HE?�RJEPIP� COU:1Tf
<br /> HOL�Si;�u P.ENABILITATIOf� GRAPlT PROGRAl4 �
<br /> REPkYPtt!;T AGREEMENT
<br /> '�';S CupEE��tE��T, made and enfiered into this � � day of Seefe,,,�b�r '
<br /> �
<br /> � ?9 ?1 , by and betwee� �1 iza be k� S.__[3e,,l�er� sin�(�
<br /> T':er?inarter referred to as "Owner�� , and the City of Orono
<br /> , a body
<br /> corper•ate and politic of the State o` :tinnesota; having its principal office at
<br /> ��-�`Y �4 t-C�����-,= s 5 3a 3 (herei nafter referred to as "Grantor"1;
<br /> .
<br /> .JH��EAS, on
<br /> �c ��.��� �9�� the Grantcr, pursuant to the provisi�ns
<br /> of Ch3ptor �62A Of 19�nnesota Statutes, agre� to grant to Gwner a rehabilitation ora�L
<br /> (hereioa`ter referred--tv-as-"�rant") relating to the real estate described in Ctause
<br /> 2 below in the amount of se�en �l,e,�sa�d �e � (�uRd,.rd {,• � ,
<br /> �� � a�
<br /> � ��o --,.^ollars (S7+ Y3b.�%—�, but .only on condition that Owner
<br /> , executes this Agreement'a"nd�fhet�the funds are u�ed in accordance with the terms and �
<br /> condit�cns of the Grant application; •
<br /> � t�0id, THEREFORE, in consideration of the said Grant and in accordance with the
<br /> provicicns of said Minnesota Statutes, the parties do here6y agree as folloms:
<br /> la. O�.mer covenants and agrees with Grantor that if the real estate described in
<br /> Claus� 2 below is suid, transferred or other.vise conveyed, votuntarily or involuntarily.
<br /> either while the Owner +s living or by reason of the death of the Owner, or if the
<br /> real estate ceases for any reason to be the Chvner's principal place of residence:
<br /> (i) on or before } b� � �9 which is one (1) year
<br /> after the date o the Grant, Chrner sha �'repay to Grantor a sum
<br /> eyual t� the full amount of the Grant, as set forth above;
<br /> (ii) within the s=co�d year after the date of the GrZ�t, Owner shall repay
<br /> to Grantcr a su� eaual t� eiehty percent !SU") of the anount c�i the
<br /> Lr�nt� . . . .
<br /> !iii) within the third year after the date of the Grant, Owner shall repay
<br /> to Grantor a sum equal to sixty percent {60p) of the ar.rount of the
<br /> Grant;
<br /> (ivj within the feurth year a`ter the date of the Grant, Owner shall repay
<br /> to Grantor a sum equal to forty percent (40�) of the amount of the
<br /> Grant;
<br /> (v) within the fifth year after the date of the Grant, Owner shall repay
<br /> to Grantor a sum equal to twenty percent (20X) of the amount of the
<br /> Crant;
<br /> (vi) thereafter, Owner shall have no obligation to repay, at any time, tt;e
<br /> Grant or any por`�ion�her`eof to Grantor.
<br /> l5. Or.rer covenants and aarees that any of the funds of the said Grar�t not used in
<br /> accordance with the ter��s.and._co�p,djtions_of the Grant Application will be repaid to
<br /> Grantor.
<br /> lc, Any such repaynent sha71 be made.to Grantor not iatar than the 30th day following
<br /> such sale, transfer or other conveyance, or following the date upon. which the reat '
<br /> es'tate ceases to be the Owner's principal place of resider�ce, or on such la;,er date
<br /> er.dates as Granter, in its sole discretion, r�ay designat2.
<br /> 2. As security for pwner's oblication of rEpayment, and subject to the terms and .
<br /> conditions of this Rgreement, Ovmer fiereby grants, and Grantor shall and hereby does
<br /> ha��e, a lier on the real estate hereinafter described in the full amoun: necessary tfl
<br /> sati�fy sa9d repayment obliaation and the costs, including reasona5le attorneys' fees, :
<br /> of collecting the same. The real estate sub3ect to said lien is sitnated in Hennep�n
<br /> Count,�, FiinresoYa, and is leaally d�scribed as•
<br /> • Lot 9, Block �>. i!avarre Heights, Her.nepin County,
<br /> � P�i nnes�ta
<br /> . r� �'�('��-
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