HomeMy WebLinkAboutRepayment Agreement r�Q1�
ao 'A
r 63043
CITY OF O ikO N O
HENNEPIN COUNTY REHABILITATION LOAN PROGRAM
DEFERRED LOAN REPAYMENT AGREEMENT
This AGREEMENT, made and entered into this (2,1 day of ,
c�
19.24, by and between ISch-tba_cot. 3", C>atc.ia. LA.'rmvinacc►ec1
(hereinafter collectively referred to as "Borrower") , and the City of
Oro and , a public body corporate and politi of the State of Minne-
sota, having its principal office at 4.1750 $1e$L jctirkwa� , 611( r44,1 BAy
(hereinafter referred to as "Lender") ; and where applicable, the contract for
deed vendor(s) , remaindermen, or separated spouses not in possession joining
in this Agreement at the place provided below:
WHEREAS, Lender has paid %.t Qu.Q -TIAC-A-1-$cud- 17!-''rv"c-4-
c►M4 Sve'0, - �� - Dollars ($ 1%)10'8.°0 ) , on
Borrower's behalf as a no-interest loan for rehabilitation work on existing
residential housing owned and occupied by Borrower (hereinafter referred'to as
"the Loan") , the receipt and sufficiency of which is hereby acknowledged;by
Borrower primarily to improve the conditions relating to health, safety, and
energy efficiency of said housing, or to provide essential accessibility`
improvements, said real estate being legally described below: and
WHEREAS, Borrower and Lender desire to set forth herein the provisions
for Borrower's repayment of the Loan, and to provide for securing said
repayment with a mortgage on the property described below, (hereinafter
referred to as "the Lien") .
NOW, THEREFORE, in consideration of said Loan the parties hereto do
hereby agree as follows:
1. Borrower covenants and agrees with Lender to pay to the order of
Lender the principal sum of the Loan, without interest, at the office
of the Lender or at such other place as Lender may designate in
writing delivered or mailed to the Borrower, upon the occurrence of
any of the following events within the period of ten (10) years after
the date of the Loan as set forth above:
a. If the real estate hereinafter described is sold, transferred, or
otherwise conveyed (whether by deed, contract for deed, or
otherwise) ; and whether voluntary or involuntary, either while
the Borrower is living or by reason of the death of the Borrower
(excluding the transfer of said property by joint operation: of
law or devised to a surviving Borrower joint tenant or former
tenant in common, for so long as said surviving Borrower, joint
tenant, devisee or owner occupies said property as his or h'er
principal place of residence; or
b. If the real estate described below ceases for any reason to' be
the Borrower's principal place of residence.
Exempt from Registration Ta
er Ser is s
-uflty
By
_.L4
LL
ncintt-ra
R
Absent the occurrence of the events set forth in paragraph 1(a) or
1(b) , above, within ten (10) years after the date of the Loan as' set
forth above, upon the commencement of the eleventh year after the
said date of the Loan, Borrower, at that time and at any time there-
after, shall have no obligation to repay the Loan or any part thereof
to Lender.
Repayment of the Loan as required under the terms of this paragraph 1
shall be made to Lender not later than the thirtieth day following
the sale, transfer or other conveyance referred to in paragraphi1(a) ,
above, or following the date upon which the real estate ceases to be
the Borrower's principal place of residence as provided in paragraph
1(b) thereof.
2. Borrower covenants with Lender that Borrower is eligible for the Loan
• under the following conditions:
a. The property described below is the principal residence of the
Borrower as of the date of the Loan, and the Borrower has no
present intention to rent the said property, or to sell, assign,
or transfer the interest of the Borrower in said property to
another; and
b. The proceeds of the Loan will be used only for alterations, ,
repairs, or improvements on or in connection with the property
described below, primarily to improve the conditions relating to
health, safety, or energy efficiency of the dwelling located
thereon, or to provide essential accessibility improvements
thereto; and
c. Borrower has made no material misstatement of fact in connection
with Borrower's application for the Loan.
Borrower further specifically covenants and agrees with Lender that
Borrower's default under the provisions of this paragraph 2 consti-
tutes an event requiring repayment of the Loan in the manner provided
in paragraph 1, above, and is an event of default under the provi-
sions of the Lien, as referred to in paragraph 5, below.
3. As security for the Borrower's personal covenant and obligation for
repayment as herein provided, and subject to the terms and condi tions
of this Agreement,. Borrower hereby grants, and the Lender shall and
hereby does have, a Lien on the real estate hereinafter described,
together with all hereditaments and appurtenances thereto, in the
full amount necessary to satisfy such repayment obligation and Ithe
cost, including reasonable attorney's fees of collecting the same.
The said real estate subject to said Lien is situate in Hennepin
County, Minnesota, and is legally described as follows:
oc V 2.
�e>irvc ..ecn CpLun rvnesoit..
2 -
4. Promptly after the date of any sale, transfer or other conveyance of
the above-described real estate within ten (10) years of the date of
the Loan as set forth above, or promptly after the date upon which
said real estate ceases to be the Borrower's principal place of resi-
dence within said ten (10) year period, Borrower or his/her heirs,
executors, or representatives, shall give Lender notice thereof.
5. In the event Borrower or his/her heirs, executors, or representatives
shall fail or refuse to make a required payment within said limited
time period, or otherwise in any way be in default under the terms
and conditions of this Agreement, the Borrower confers upon the
Lender the option of declaring all sums then owing by Borrower
immediately due and payable without notice and confesses judgment in
said amount, and hereby authorizes the Lender to enter said judgment,
foreclose this Lien by judicial proceedings or sell the liened
premises at public auction and convey the same to the purchaserslin
fee simple in accordance with the statute, and out of the monies!
arising from such sale to retain all sums secured hereby, with
interest and all legal costs and charges of such foreclosure andlthe
maximum attorney's fees permitted by law, which costs, charges and
fees the Borrower herein agrees to pay.
The Borrower and Lender further covenant and agree as follows: [
a. Borrower shall be furnished a conformed copy of this Agreement at
the time of execution or after recordation.
b. Upon default of any covenant or agreement by Borrower under the
terms of this Agreement, Lender prior to foreclosure shall mail
notice to Borrower as provided herein specifying (i) the nature
of the default by the Borrower, (ii) the action required to ;cure
such default, (iii) a date, if such default is capable of being
cured by Borrower, not less than thirty (30) days from the date
the notice is mailed by Borrower by which such default, if
capable of being cured, must be cured; and (iv) that failure to
cure such default on or before the date specified in the notice
may result in acceleration of the sum secured by this Lien and
sale of the liened premises. The notice shall further inform
Borrower of the right, if any, to reinstate after acceleration
and the right to bring a court action to assert the nonexistence
of a default or any other defense of the Borrower to acceleration
and sale.
c. In addition to any notice required under applicable law to be
given in another manner, (i) any notice of the Borrower provided
..for in this Agreement shall be given by mailing such noticelby
certified mail addressed to the Borrower at the address of the
liened premises, or at such other address as the Borrower may
designate by notice in writing to the Lender as provided herein,
and (ii) any notice to the Lender shall be given by certified
mail, return receipt requested, to Lender at the address of the
City on page 1 of this Agreement, or to such other address as
Lender may designate by notice in writing to the Borrower as
provided herein. Any notice provided for in this Agreement shall
be deemed to have been given to Borrower or Lender when given in
the manner designated herein.
•
6. The Lien created by this Agreement shall terminate and shall be of no
further force or effect in the event Lender has not, on or before ;
W\ 1) ,Q0014- (a) commenced an action in the manner provided
by statute for the foreclosure of the Lien, and (b) filed for record
a notice of said action, or a power of attorney to foreclose mors-
gage, or a lis pendens referring to the same, in the office of the
County Recorder or Registrar of Titles, as the case may be, in
Hennepin County. Lender may, in its sole discretion, extend said
termination date of said lien by filing for record, on or before said
termination date, an agreement with Borrower or his/her heirs,
executors, or representatives evidencing such extension.
7. In the event that the property described above is subject, as of the
date of this Agreement, to one or more contracts for deed (herein-
after collectively referred to as a *Contract for Deed") , Borrower
specifically covenants that the vendor or vendors, as the case may
be, of the Contract for Deed (hereinafter collectively referred to as
the *Contract Vendor") , has executed this Agreement at the place pro-
vided below. The execution of this Agreement by the Contract Vendor
shall and hereby is deemed to be for the purpose of establishing and
continuing the existence of the indebtedness described herein andthe
lien granted herein. Accordingly, it is specifically agreed that the
Contract Vendor shall not be personally liable by reason of any
default which may occur in the performance or by reason of the non-
performance of any of the terms of this Agreement to be performed; by
the Borrower; and that the Lender shall not seek or be entitled to
any personal judgment against the Contract Vendor by reason of any
default hereunder, and that the sole remedies of the Lender in the
event of any default as against the Contract Vendor shall be to pro-
ceed against the real estate described herein in the manner provided
in this Agreement in order to subject it to the repayment of the
Loan.
Notwithstanding anything to the contrary contained in this Agreement,
in the event that the property described above is subject to a
Contract for Deed, it is further azreed by the parties hereto as
follows:
a. The conveyance of fee title by the Contract Vendor to Borrower
upon fulfillment of the tarns and conditions of the Contract :for
Deed, and the sale or conveyance by Contract Vendor of the
•
vendor's interest in said Contract for Deed, shall not be events
giving rise to repayment of the Loan under this Agreement.
b. In the event Borrower desires to obtain first mortgage financing
• to meet Borrower's obligations under the Contract for Deed
referred to in this paragraph 7, Lender hereby agrees to sub-
ordinate the lien created by this Agreement for its benefit to
• said refinancing first mortgage lien, and to execute any and) all
instruments reasonably required to effectuate said subordination.
4
c. This Agreement constitutes an amendment to the Contract for Deed
referred to in this paragraph 7, to the extent that it subordi-
nates said Contract for Deed to the Lien herein created and
granted, and the parties hereto agree that any conveyance by:
Contract Vendor of the premises described above shall be subject
to said Lien for so long as the Loan is unpaid and outstanding.
8. This Agreement shall run with the aforementioned real estate andj
shall inure to the benefit of and be binding upon the parties hereto
and their respective heirs, executors, representatives, successors
and assigns. Wherever used, the singular number shall include the
plural, and the plural the singular. All covenants and agreements of
the Borrower shall be joint and several.
9. In the event that any provision or clause of this Agreement shall
conflict with applicable law, such conflict shall not affect the
other provisions of this Agreement which can be given effect without
the conflicting provision, and to this end the provisions of the
Agreement are declared to be severable.
IN TESTIMONY WHEREOF, the parties hereto have a ecuted this Agreement.
I
10 a, Q.t.
Remaindermen (if applicable) Bor 7•wer
Remaindermen (if applicable) Borrower
Separated Spouse (if applicable) Contract Vendor (if applicable)
Contract Vendor (if applicable)
CITY •F 110 a_. al
Al.!
Mayor, City, i ! a. a a,
I.
Ci /.0! t , ' , City of C.)Vcz
STATE OF MINNESOTA )
) ss.
COUNTY OF HENNEPIN )
On this day of Ri , 19q, before m , a Notary Public
within and for said County, personally appeared EljwA b .3. QALL>} .M.3 J '.
Mayor olf the City of Oce , and 4b1+3E Lb 3. CLLoCte.S ,
City bAuks n..Tk_A-roR of the- Ci of Ocotl(
to me known to be the person(s) described . , and who executed the foregoing
instrument, and acknowledged that they exe ted same s the'r f e act and
deed.
,,• :_ DOROTHY M. HALLIN otary Public
NOTARY PUBLIC- MINNESOTA 5
HENNEPIN COUNTY
My commtsslon expires 8-12-96
A. . .
STATE OF MINNESOTA )
) ss.
COUNTY OF HENNEPIN )
On this •;l7 day of / , 19 `', before me, a Notary Public
within and for said County, personally appeared 2 c\WAN.. c �C,ta.i l).r� tyeEL
, to be known to be the person(s) described in,
and who executed the foregoing instrument, and acknowledged that.�he_ executed
same as Ks‹' free act and deed.
No iry Public
.}�`. Catherine A. Jones
NOTARY PUBLIC-MINNESOTA
STATE OF MINNESOTA ) a r t H$INEPIN COUNTY
:y PAY aillimiszlon expires 3-16.97
SS.
COUNTY OF HENNEPIN ) I
On this day of , 19 , before me, a Notary Public
within and for said County, personally appeared
to me known to be the person(s) described in,
and who executed the foregoing instrument, and acknowledged that he_ executed
same as free act and deed.
Notary Public
STATE OF MINNESOTA )
) ss.
COUNTY OF HENNEPIN )
On this day of , 19 , before me, a Notary Public
within and for said County, personally appeared
, to be known to be the person(s) described in,
and who executed the foregoing instrument, and acknowledged that he_ executed
same as free act and deed.
Notary Public
THIS INSTRUMENT WAS DRAFTED AND PREPARED BY:
Jim Graham, Senior Planner
Hennepin County Office of Planning and Development
Development Planning Unit
822 South.Third Street, Suite 310
Minneapolis, MN 55415 _ Telephone: (612) 348-5619 '_"
This instrument is exempt from registration tax under Section 287.06 of ,
Minnesota Statutes. 3
c
Ii
CDBCREPY.AGR
7/10/91 6
I ; •
•.i
6304378
23JUN9412=38 06304378 SCO $4.50
23JUN9412.38 06304378 00C $16.00
- OF I(:E G ( .'-..`DIY RECORDER
}►:h!t_F'r!t
MINTY,SHNCSOTA
CER(:FED FILED AND OR
RECORDED ON
1994JUN 23 PMM12: 33
Ei%CGMENT it 6304378
4). ��-• ° CO.RECORDER
. DEPUTY
!
• y
REG FEE--
COPY FEE- - ___
SATISFACTION OF REPAYMENT AGREEMENT
STATE OF MINNESOTA
ss
COUNTY OF HENNEPIN
KNOW ALL BY THESE PRESENTS,That the undersigned City of Orono, a body corporate and
politic of the State of Minnesota, having its principal office at 2750 Kelley Parkway, Orono, Minnesota,
for a valuable consideration, receipt of which is hereby acknowledged.
DOES HEREBY CERTIFY, That a certain Repayment Agreement,bearing date the April 27, 1994,
made and executed by Barbara J. Garcia, unmarried, as Owner, to the City of Orono as grantor, filed for
record in the office of the County Recorder in and for the County of Hennepin and State of Minnesota,
and entered as Document Number 6304378 on the June 23, 1994, together with the lien provided is, with
the indebtedness described in and secured by said Repayment Agreement, fully paid, discharged and
satisfied. And the County Recorder for said County of Hennepin and the State of Minnesota is hereby
authorized and directed to discharge the same upon the record thereof
IN TESTIMONY WHEREOF,The said City of Orono caused these presents to be executed in its
name by Dennis Walsh, its Mayor, and by Dustin Rief, its City Administraor, this 30+qday of
dG.YI , 2018.
CITY OF ORONO
\ ILA" 411pLv
Dennis Walsh, Mayor Dustin Rief, Ci y Ad tt' .tor
City of Orono City of Orono
STATE OF MINNESOTA )
) ss
COUNTY OF HENNEPIN)
The foregoing instrument was acknowledged before me this 3o day of janUalli , 2018 by
Dennis Walsh, its Mayor, and by Dustin Rief, its City Administrator, of the City of Orono, a body
corporate and politic of the State of Minnesota, on behalf of the City.
*`"" I
"" Anna Marie Carlson
":3•i Notary Public-Minnesota
I ,' Commission Expires 01/31(2020
My II •
ary Public
THIS INSTRUMENT WAS DRAFTED BY:
Hennepin County Community Works
701 Fourth Ave South, Suite 400
Minneapolis, MN 55415