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1� <br /> 6304378 <br /> CITY OF OikC?N 0 <br /> HENNEPIN COUNTY REHABILITATION LOAN PROGRAM <br /> DEFERRED LOAN REPAYMENT AGREEMENT <br /> This AGREEMENT, made and entered into this Al c <br /> l day of it <br /> 19A4, by and between c?afiC.f,a. Uorme cos•t`te <br /> (hereinafter collectively referred to as "Borrower") , and the City of <br /> Cleo ntj , a public body corporate and politi of the State of Minne- <br /> sota, having its principal office at oZ Jai .150 j Tc�rAA aq Ctyst'ad <br /> (hereinafter referred to as "Lender") ; and where applicable, the contract for <br /> deed vendor(s) , remaindermen, or separated spouses not in possession joining <br /> in this Agreement at the place provided below: <br /> WHEREAS, Lender has paid %t QU.Q N -116.a xss.cuc-t Q <br /> C-v . )ems, _ v - -_-- Dollars ($ 1%,,151q.C.0 ) , on <br /> Borrower's behalf as a no-interest loan for rehabilitation work on existing <br /> residential housing owned and occupied by Borrower (hereinafter referred.to as <br /> "the Loan") , the receipt and sufficiency of which is hereby acknowledged!by <br /> Borrower primarily to improve the conditions relating to health, safety, °and <br /> energy efficiency of said housing, or to provide essential accessibility` <br /> improvements, said real estate being legally described below: and <br /> WHEREAS, Borrower and Lender desire to set forth herein the provisions <br /> for Borrower's repayment of the Loan, and to provide for securing said <br /> repayment with a mortgage on the property described below. (hereinafter <br /> referred to as "the Lien") . <br /> NOW, THEREFORE, in consideration of said Loan the parties hereto do <br /> hereby agree as follows: <br /> 1. Borrower covenants and agrees with Lender to pay to the order of <br /> Lender the principal sum of the Loan, without interest, at the office <br /> of the Lender or at such other place as Lender may designate in <br /> writing delivered or mailed to the Borrower, upon the occurrence of <br /> any of the following events within the period of ten (10) years after <br /> the date of the Loan as set forth above: <br /> a. If the real estate hereinafter described is sold, transferred, or <br /> otherwise conveyed (whether by deed, contract for deed, or <br /> otherwise) ; and whether voluntary or involuntary, either while <br /> the Borrower is living or by reason of the death of the Borrower <br /> (excluding the transfer of said property by joint operatio7 of <br /> law or devised to a surviving Borrower joint tenant or former <br /> tenant in common, for so long as said surviving Borrower, joint <br /> tenafet, devisee or owner occupies said property as his or h'er <br /> principal place of residence; or <br /> b. If the real estate described below ceases for any reason to be <br /> the Borrower's principal place of residence. <br /> Exempt from Regi tretion Ta i <br /> er Sonic&s <br /> 4001.11 <br /> 'Unty <br /> -. r- r,t IT1, <br />