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r�Q1� <br /> ao 'A <br /> r 63043 <br /> CITY OF O ikO N O <br /> HENNEPIN COUNTY REHABILITATION LOAN PROGRAM <br /> DEFERRED LOAN REPAYMENT AGREEMENT <br /> This AGREEMENT, made and entered into this (2,1 day of , <br /> c� <br /> 19.24, by and between ISch-tba_cot. 3", C>atc.ia. LA.'rmvinacc►ec1 <br /> (hereinafter collectively referred to as "Borrower") , and the City of <br /> Oro and , a public body corporate and politi of the State of Minne- <br /> sota, having its principal office at 4.1750 $1e$L jctirkwa� , 611( r44,1 BAy <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 -TIAC-A-1-$cud- 17!-''rv"c-4- <br /> c►M4 Sve'0, - �� - Dollars ($ 1%)10'8.°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 operation: 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 /> tenant, 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 Registration Ta <br /> er Ser is s <br /> -uflty <br /> By <br /> _.L4 <br /> LL <br /> ncintt-ra <br />