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4.5 HRSR 06-01-2015Elk River Request for Action To Item Number Housing and Redevelopment Authority 4.5 Agenda Section Meeting Date Prepared by Consent Agenda Amanda Othoudt, EDD Item Description Reviewed by Neighborhood Stabilization Program Satisfaction of Cal Portner, City Administrator Repayment Agreements. Reviewed by Action Requested Approve, by motion, the satisfaction of repayment agreements. Background /Discussion In February 2009, the HRA was awarded $593,820 in foreclosure recovery funds through the Minnesota Housing Finance Agency (MHFA) for the Neighborhood Stabilization Program (NSP). The NSP funding award was approved for the following neighborhoods; Windsor Oaks, Trout Brook, Park Pointe, and Elk River Station. The grant money was utilized for down payment assistance, purchase, and rehabilitation of abandoned /foreclosed homes. The assistance provided to the homeowner through the NSP was considered a "special mortgage" although there are no monthly payments due or accrued interest. If the real property is owned for five years, the city agrees to forgive the full amount of the loan and issue the owner a written notice of satisfaction terminating the lien created by the agreement. Upon further research, eleven properties participated in the program. The following properties with mortgage and repayment agreements through the NSP program have satisfied the requirements. • 18667 Trott Brook Parkway NW, Elk River, MN • 17177 Monroe Street NW, Elk River, MN • 17185 Nixon Court NW, Elk River, MN • 10488 172nd Lane NW, Elk River, MN • 17169 Polk Drive NW, Elk River, MN • 10908 181" Lane NW, Elk River, MN Four of the eleven properties will be satisfying the mortgage and repayment agreements in the near future and will be brought to the HRA for approval following their forgiveness date. Financial Impact N/A p 0 W E R I U 0 MfI RE Attachments • Repayment Agreements • Satisfaction of Mortgage N: \Departments \Community Development \Economic Development \HRA\ Administrative \Agenda \2015 \6 -1- 2015 \4.5 sr NSP Satisfaction of Repayment Agreements.docx EXEMPT FROM REGISTRATION TAX. SHERD URNE COUNTY AUDITOR/TREASURER office of the Ccur4 Recorder Sherburne County, MN DOO. No.71 9348 Certified, Bled, and/or reoorded or 9/2062010 3:10 PM T she, Ca" order � 0epUty Fuss: $4$ . QO III I 11111111111 lil 719,348 CITY OF ELK RIVER NEIGHBORHOOD STABILIZATION PROGRAM REPAYMENT AGREEMENT TMS AGREEMENT ( "Agreement") is made and entered into this 21st day of May, 2010 by and between Troy A. Bondy and Deana M. Bondy, husband and wife, (her referred to as "Owner "), and the City of Elk River, having its principal office at 13065 Orono Parkway, Elk River, MN 55330, (hereinafter referred to as the "City'). RECITALS: A. City is a patty to a "Grant Agreement' ' with the Mhmesota Housing Fimmee Agency pursuant to which City can make certain fins available to homeowners. B. In accordance with the Grant Agreement, City is granting to Owner, a deferred payment loan (hereinafter referred as :Sloan '} relating to the real estate hereinafter described, to be used for the purpose of down payment assistnnae, in the amount of Fourteen Thousand Nine Hundred Ninety -nine doDers and no/100— ($14,9".00) (the "Loan. Amount'. C, As a condition to making the Loan to Owner, City is requiring that Owner enter into this Agreement. NOW, TBEEREFORE, in consideration of the Recitals, the Loan, the covenants contained herein and other good and valuable consideration, the parties do hereby agree as follows: 1. Owner hereby acknowledges receipt of the Loam, and agrees to the terms of repayment provided in this Agreetent. 2. City des to forgive the full amount of the Loan if (i) the Real Property (as hereinafter defined) does not cease to be Owner's principal residence, and (ii) Owner does wt sell, transfer or otherwise convey the Real Property, whether voluntarily or involuntarily (including by virtue of death), on or before May 21, 2015 (the *Forgiveness Date"). In the evert that Owner satisfies the terms for forgiveness of the Loan as provided in this paragraph (the "Loan Forgiveness Requirements'% City will issue to Owner a written satisfaction terminating the lien created by this Agreement M PLEASE RETURN TO: Mortgage & Title Services 6600 France Ave. S. Suite 650 Edina, MN 56435 3. If Owner fails to meet the .Loan Forgiveness Requirements, Owner covenants and agrees with City to repay the Loan in the amount determined as follows: a. If the failure to trivet the Loan Forgiveness Requirements occurs VAthin one (1) year after the date of the Loan, Owner shall repay the fail Loan Amount to City- b. If the failure to meet the Loan Forgiveness Requirements occurs after the. first year, but before the Forgiveness Date, Owner sha11 repay an amount determined by deducting 20% from the Loan Amount for each full year elapsed since the date of the Loan. The amounts so deducted shall be deemed forgiven. In the ease of Owner's sale of the Real Property before the Forgiveness Date, the amount of repayment required under this Agreement shall not exceed the "Net Proceeds" of such sale. For purposes hereof, "Net Proceeds" shall mean the sales price of the Real Property .minus (i) loan repayment (other than the Loan described in this Agrement), and (ii) closing costs. Any repayment required under this paragraph shall be made to City no later than thirty (30) days fol lowing the failure to meet the Loan Forgiveness Requirements, or on such later date or dates as the City, in its sole discretion, may designate. 4. As security for owner's obligation of repayment, and subject to the terms and conditions of this Agreement, Owner by this Agreement hereby grants to City a lien on the real estate hereinafter described (the "Real Estate") in the Loan Amount (as the same may have been reduced in accordance with this Agreement) plus all amounts of the collection of same including reasonable attorneys' fees, court costs, etc. The Real Emote is situated in the City of Elk River, Sherburne County, Minnesota, and is legally described as- Lot 3, Block 2, Trott )brook Farms Ninth Addition, Sherburne County, Minnesota S. Promptly after any event that causes Owner to fail to sneer the Loan Forgiveness Requirements (or, in the event of a sale by contract or dew, at least ten (10) clays prior to the date of such sale), Owner or hi&%er heirs, executors, or representatives, shall give City notice thereof 6. In the event Owner or histher heirs, executors or representatives shall fail or refuse to make a required repayment within the time toquired by this Agreement, City may foreclose the lien granted by this Agreement in the Real property in the manner provided by law. 7. This agreement shall run with the Real Estate and shall inure to the benefit of and he binding upon the parties hereto and their respective heirs, executors, representatives, successors, and assigns. In testimony whereof, the parties have executed this agreement as of the day and year first va itten above. ki� o Troy A. Bono— on Deans M. only State of Minnesota ) County ofsh Qrb /h f � On this o'�I day of May 2010 before me, a notary public within and for the said county, personally appeared Troy A. Bandy and Deana M. Bondy, husband and wife to me known to be the penson(s) described in and who executed the foregoing instrument and acknowledging that they executed the s as their free act and deed. ' J Notary public LORI K State of Minnesota 1 County of Sherburne On this day of , 200, before me, a notary public within and for the said county, pemnally appeared to me known to be the pem n(s) described in and who executed the foregoing instrument and acknowledging that _he executed the same as — free act and deed. Notary public Tax staternents for the real property described in this instrument should be sent to: Troy A. Bondy L 8667 Trott Brook Parkway Elk River MN 55330 THIS INSTRUMENT WAS DRAFT-ED BY RETURN TO: Cmmy Plant Moody Trl- Cosnty Actio© Program, Inc. Attu; Wade Anderson, Attomey P 0 Box 683 500 [DS Center, 80 South Eigbth Street Wafte Park, NN 5087 -0683 Minneapolis MN 55402 -3796 '131is instrprne t is exempt from registration tax umder Section 2d7.D6 of Minnesota Statutes. GP.2605147 v3 Office of the County Recorder Sherburne County, MN Doc. No. 710349 Certified filed and/or recorded on 05-29 -2010 at 09:30 Michelle Ash &, County Recorder ,3"puty Fee: $ 46.00 11111111111111 CITY OF ELK RIVER NEIGHBORHOOD STAB LIZATION PROGRAM REPAYMENT AGREEMENT THIS AGREEMENT ( "Agreement ") is made and entered into this 19" day of March, 201013y and between Mark E. Ranstrom, a single person and Jessica L. WkWultd, a single person (hereinafter referred to as "Owner "), and the City of Elk River, having its principal office at 13065 Orono Parkway, Elk River, MN 55330, (hereinafter referred to as the "City"). RECITALS: A. City is a party to a "Grant Agreement" with the Minnesota Housing Finance Agency pursuant to which City can make certain funds available to homeowners. B. In accordance with the Grant Agreement, City is granting to Owner, a deferred payment loan (hereinafter referred as "Loan's relating to the real estate hereinafter described, to be used for the purpose of down payment assistance, in the amount of Ten - thousand and uo/100` -- dollars ($10,6W.00) (the "Loan Amount "). C. As a condition to making the Loan to Owner, City is requiring that Owner enter into this Agreement. NOW, THEREFORE, in consideration of the Recitals, the Loan, the covenants contained herein and other good and valuable consideration, the parties do hereby agree as follows: 1. Owner hereby acknowledges receipt of the Loan, and agrees to the terms of repayment provided in this Agreement. 2. City agrees to forgive the full amount of the Loan if (i) the Real Property (as hereinafter defined) does not cease to be Owner's principal residence, and (ii) Owner does not sell, transfer or otherwise convey the Real Property, whether voluntarily or involuntarily (including by virtue of death), on or before March 19`h, 2015 (the "Forgiveness Date "). In the event that Owner satisfies the terms for forgiveness of the Loan as provided in this paragraph (the "Loan forgiveness Requirements"), City will issue to Owner a written satisfaction terminating the lien created by this Agreement. 3. If Owner fails to meet the Loan Forgiveness Requirements, Owner covenants and agrees with City to repay the Loan in the amount determined as follows: a. If the failure to meet the Loan Forgiveness Requirements occurs within one (1) year after the date of the Loan, Owner shall repay the full Loan Amount to City. b. If the failure to meet the Loan Forgiveness Requirements occurs after the first year, but before the Forgiveness Date, Owner shall repay an amount determined by deducting 20 % from the Loan Amount for each full year elapsed since the date of the Loan. The amounts so deducted shall be deemed forgiven. C. In the case of Owner's sale of the Real Property before the Forgiveness Date, the amount of repayment required under this Agreement shall not exceed the "Net Proceeds" of such sale. For purposes hereof, "Net Proceeds" shall mean the sales price of the Real Property minus (i) loan repayment (other than the Loan described in this Agreement), and (ii) closing casts. Any repayment required under this paragraph shall be made to City no later than thirty (30) days following the failure to meet the Loan Forgiveness Requirements, or on such later date or dates as the City, in its sole discretion, may designate. 4. As security for owner's obligation of repayment, and subject to the terms and conditions of this Agreement, Owner by this Agreement hereby grants to City a lien on the real estate hereinafter described (the "Real Estate ") in the Loan Amount (as the same may have been reduced in accordance with this Agreement) plus all amounts of the collection of same including reasonable attorneys' fees, court costs, etc. The Real Estate is situated in the City of Elk River, Sherburne County, Minnesota, and is legally described as: Unit No. 1603, Woods at Elk river Station, CIC Number 46, Sherburne County, Minnesota 5. Promptly after any event that causes Owner to fail to meet the Loan Forgiveness Requirements (or, in the event of a sale by contract or deed, at least ten (10) days prior to the date of such sale), Owner or his/her heirs, executors, or representatives, shall give City notice thereof 6. In the event Owner or his/her heirs, executors or representatives shall fail or refuse to make a required repayment within the time required by this Agreement, City may foreclose the lien granted by this Agreement in the Deal Property in the mariner provided by taw. 7. This agreement shall run with the Real Estate and shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, representatives, successors, and assigns.. In testimony whereof, the parties have executed this agreement as of the day and year first written above. I - Mark E. Ranstrom ssica L State of Minnesota ) County of _AAe } On this l` day of March 2010 before me, a notary public within and for the said county, personally appeared Mark E. Ranstrom, a single person and Jessica L. Wicklund, a single person to me (mown to be the persons) described in and who executed the foregoing instrument and acknowledging that they executed the same as their free act and deed. R DORSEY NotVy Puck Notarypublic Minnesota 31.2015 State of Minnesota County of Sherburne On this day of , 200_, before me, a notary public within and for the said county, personally appeared to me known to be the person(s) described in and who executed the foregoing instrument and acknowledging that _he executed the same as free act and deed. Notary public Tax statements for the real property described in this instnuent should be sent to: Mark E. Ranstrorn 17177 Monroe Street NW Elk River MN 55330 THIS INSTRUMENT WAS DRAFTED BY RETURN TO: Gray Plant Moody Tri- County Action Program, Inc. Am- Wade Anderson, Attorney P 0 Box 683 500 IDS Center, 80 South Eighth Street Waite Park, MN 56387 -0683 Miunespolis MN 55402 -3796 This inshumeat is exempt from registration tax under Section 287.06 of Minnesota Statutes. GP260S147 v3 JAN - 28`2010 IN 1113 AM Anaie Notary 5igAina FAX NQ, 246 60Office of the CountyRecorder Sherburne County, MN Doc. Ho. 708722 Certified filed and/or recorded on 02 -22 -2010 at 02:30 V A6he, County Recorder Deputy Fee, $ 48.44 IIIIIIIIIIIIIIIII 708'722 CM OF ELK RIVER NEIEGIMORHOOD STARMYZ a TION PBUGRAM REPAYN aW AGRZlE1VYENT 'IBS AGREE WW ("AWC9M=f) y5 MadA sad =WW into this 2M dny of Ivry, 2010 by and betoveert ShttW11L'GVl dn& it Bath Person awrcindfW fefmvd to as °i wUW'X and the City of M Riven having its principal offte at 13065 Oram+o Parkway, Elk Riven, NIN 55330, (batiinaftor rdkred t4 as the "City'). RECITALS: A City is a party to a -Corot A mmt" wish the Minnesota Housing Finance AHWQY pursuant to which City can melee certain flan& available to homeo,,men. B. its aoorda= whit the GMt Ag e, City is OMUtiootg to OMM a dt*atnd pay rnmt loan Owanafter refi as "Loam") rdaftv to the real estate ham def desszib4 to be used for the Invpuse or47ww tayramt assisowe, is the amount of Ten IUOM=d and EWIO0- •dales (S1{1~) (&a -Lo= Atwwt"). C. As a mndiition to snaking the Loan to Owner, City is nq that Owner r into this Agreement IOW. THUIEFORE, in comdaatiem of The Recitals, the Loss. the mvernanl5 oontained hemp. anti atheor good and *A =We 0=idenbca, the pardes do hereby eVW as follows: I . Owner hereby wilm ►rledges receipt of the Lom and agroes to the tams of repayment provided in fhis Agree;neet. I City ap m to fasgive the U amt of the Lom if (i) the Real Prop" (as hereinafter defu 4 does not cease to be Owna's principal wsidmxv, and W) Owner does not sell, transfer or otherwise: Wnvey the Reel Property, whether voh or mvolurmy (utcluding by virtue of deatb), on or before Yauuwy M2015 (tom aFariv Date''). In stye event tW Owner satisfies the tams for forgiveness of the Loan as provided w this parasWh. (the "Loan Forgiveness Raquiremenbwj City will issue to Owner a wn# w satisfaction termirmtiD8 the ii W crefftd by this Agrees =t. . JAN -H -2010 THH 11.44 AEI Angie Notary Signing FAX aka. 248 69$ 9097 P. 002 3. If Owner fps to meet the Lom Forgiveness Requirenmts, Owam' covenants and agrees with City to repair the Low m the amount detm=ed as follows: S. If the #hilum to mm the Loan Fosgivertess ReqWnmmts occurs within ode (1) year after the date of'the Loan, Owner shall repay tlae fell Loan Amrnmt to City. b. If the failure to meet the Loan Fo*vimcss Requiremeft ocem after dW BM year, but before the Forgiveness Date, Owner shall repay su amt detarmmed by deducting 20% fix= the Loan Amount for eaoh_fuil year elapsed rime the date ofthe Loan The ammmis so deducted shall be deemed €orgivam C, In the case of Own es sale of the Reel Propw ly before the Forgiverma Imm, the amovat of repayment required antler this Agf mzM shall not meed the "Net Proceeds" of such sale. For purpoaea hares. '4t Proceeds- shdl mom the sales price of the Real Property mmms (J) loan repayment (odw thOA the Loan described in tktis ,A`greonantj and iii) dosing costs Any repgmle t required under this paragraph shall be made to City no later then tinny (30) clays t'allowmg the failure to meet the Lamy ForVvearss RaqummDents, or on stash later date or dates as the City, in its sole discreNon, may desgpars. 4. As security for owner's abligatacua of =pWu=t mad subject to the teams and caaditi ms of this Agremtnet Owner by this Agra maA hamby OMU to City alien, on the real ame humeft described (the "heal Estate°) in the Lgau Amount (as the am may have been reduced m accordamee with this A, xt) plus all amounts of the collector of sauna inctudin reasonable aMmeys, fees, court costs, etc. The Real En to is sibmted in the City of Elk River, Sherburne County, Nfumesota, mad is legally described as. Unk No. 3604, Woeds at Elk Rivex S ahem4 Comma Merest Coo muu ity No. 46, Sherburne Cmaty, Mbumoto - 5. Promptly a€ter my evacid drat causes Owner to fled to read the Loaah Fwpvwm &KuiremaW (or, in the event of a sale by comt ma or deed, at least ten (10) days prior to the date of such Patel Owner or NM= helm, mcoca=s, or reprseentatives, shah give City notice thereof 6. In tiw evmrt Owner or hiis4m heirs, aacecWom or representatives slxIl feel at refuse to make a requm:d repayment within the time required by this AgTeemud, Qty Wray foreclose the lien gxamted by this Agresamt in the Reeel Property in the Qmaaurter provided by law. 7. This av=m M shall nkn with the treat Estate and small inure to the benelll of and bG bkidit upam the parties hereto and their rapective heirs, exec Wors, Wives, successors, and assips. * JAN-1b-'101D N 11:44 AM Antis Notary 5itning . FAX Nc. 244 M 909f P. M In testimony wheeof, the miss hate axecu t d du ag remnew as of the day and year Brat written above. Qwjter (s) Shirley M. WUftg Sta#e of A7ir esata } County o G°I On this i`L day of 2010, bd'm me, a napery public wittdn and for the said counW, persmially appeared R&Jgy M.1ai+hittmg, a single pumen, to me knovm to be &a persons) desmbed is imd who mwuwd the foregc&g mwmim a end owvledging that she tatem"Id.itte Omm as hmr frm atx and daed, 4 ---------------- _1 ------- - IBAR6" JO 5l•KlFlNER Notary 1U1 P€" -wwwP FAp oamaNdur � Jln, 3t. 201E } County of ) OA this day of , 200_, before me� a notary public within and for the said cmmty, pmwmWy apps to me k nom to be the peown(s) descdbed in each who exectdsd flues foregair g kst= a and scinowhedging that _he eaeasted the same as — free act and deed. Notary public Tax statemmits far the real property described in f s instrument stimild be seat to. Shirley M wb iting 17185 Nixcm CoLat NW EIk River N%7 55M TkU9 WSTRUNOU WAS MULFTED BY RETURN M cnay >IW Moody Tr*. t Acntaa Pmpw& Inn, AttA, Wa& Andenov. Aummey is O Boa 683 5w IDS COMG 80 So& EWJ& street weaB PU* MN sm-Ow MmDOVOE6 Dad 554M-3796 n* foetrt MOut is tart sender Sweet 287.06 of JfimamM SWaWs. OP..M5147 V9 Office of the County Recorder Sherburne County, MN Doc. No. 702313 j Certified filed and/or recorded on 10- 20-2009 at 02:00 ie Ache, County Recorder Ceputy Fee: $ 46.00 CITY OF ELK RIVER NEIGHBORHOOD STABILIZATION PROGRAM REPAYMENT AGREEMENT THIS AGREEMENT (Agreement') is made and entered into this 14th day of October 2409 by and between Christina L. Beaudry, a single person (hereinafter referred to as "Owner "), and the City of Elk River, having its principal office at 13065 Orono Parkway, Elk River, MN 55330, (hereinafter referred to as the "City"). RECITALS: A. City is a party to a "Grant Agreement" with the Minnesota Housing Finance Agency pursuant to which City can make certain funds available to homeowners. B. In accordance with the Grant Agreement, City is granting to Owner, a deferred payment loan (hereinafter referred as "Loan'") relating to the real estate hereinafter described, to be used for the purpose of down payment assistance, in the amount of Five thousand and no/100 dollars ($5000.00) (the "Loan Amount "). C. As a condition to making the Loan to Owner, City is requiring that Owner enter into this Agreement. NOW, THEREFORE, in consideration of the Recitals, the Loan, the covenants contained herein and other good and valuable consideration, the parties do hereby agree as follows: 1. Owner hereby acknowledges receipt of the Loan, and agrees to the terms of repayment provided in this Agreement. 2. City agrees to forgive the full amount of the Loan if (i) the Real Property (as hereinafter defined) does not cease to be Owner's principal residence, and (ii) Owner does not sell, transfer or otherwise convey the Real Property, whether voluntarily or involuntarily (including by virtue of death), on or before October 146, 2014 (the " Forgiveness Date"). In the event that Owner satisfies the terms for forgiveness of the Loan as provided in this paragraph (the "Loan Forgiveness Requirements "), City will issue to Owner a written satisfaction terminating the lien created by this Agreement. 3. If Owner fails to meet the Loan Forgiveness Requirements, Owner covenants and agrees with City to repay the Loan in the amount determined as follows: If the failure to meet the Loan Forgiveness Requirements occurs within one (1) year after the date of the Loan,, Owner shall repay the full Loan Amount to City. b. If the failure to meet the Loan Forgiveness Requirements occurs after the first year, but before the .Forgiveness Date, Owner shall repay an amount determined by deducting 20% from the Loan Amount for each fall year elapsed since the date of the Loan. The amounts so deducted shall be deemed forgiven. C. In the case of Owner's sale of the Real Property before the Forgiveness Date, the amount of repayment required under this Agreement shall not exceed the "Net Proceeds" of such sale. For purposes hereof, "Net Proceeds" shall mean the sales price of the Real Property minus (i) loan repayment (other than the Loan described in this Agreement), and (ii) closing costs. Any repayment required under this paragraph shall be made to City no later than thirty (30) days following the failure to meet the Loan Forgiveness Requirements, or on such later date or dates as the City, in its sole discretion, may designate. 4. As security for owner's obligation of repayment, and subject to the terms and conditions of this Agreement, Owner by this Agreement hereby grants to City a lien on the real estate hereinafter described (the "Real Estate ") in the Loan Amount (as the same may have been reduced in accordance with this Agreement) plus all amounts of the collection of same including reasonable attorneys' fees, court costs, etc. The Real Estate is situated in the City of Elk River, Sherburne County, Minnesota, and is legally described as: Unit No. 902, Woods at Ells River Station, Common Interest Community No. 46, Sherburne County, Minnesota. 5. Promptly after any event that causes Owner to fail to meet the Loan Forgiveness Requirements (or, in the event of a sale by contract or deed, at least ten (10) days prior to the date of such sale), Owner or his/her heirs, executors, or representatives, shall give City notice thereof. b. In the event Owner or his/her heirs, executors or representatives shall fail or refuse to make a required repayment within the time required by this Agreement, City may foreclose the lien granted by this Agreement in the Real Property in the manner provided by law. 7. This agreement shall run with the Real Estate and shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, representatives, successors, and assigns, In testimony whereof, the parties have executed this agreement as of the day and ym first written above. State of Minnesota County of Sherburne On this day of October 2009, before me, a notary public within and for the said county, personally appeared Christina L. Beaudry, a single person, to rune known to be the pemn(s) described in and who executed the foregoing instrument and acknowledging that she executed the same as her free a t and deed. �A Notary public HFJbl WRIE G L ITM tr0`tARY PUIItlC - W1NE8t)TA �' � E3E�E${11- 312D18 State of Minnesota County of Sherburne On this day of 200_, before me, a notary public within and for the said county, personally appeared to me known to be the person(s) described in and who executed the foregoing instrument and acknowledging that _he executed the same as — free act and deed. Notary public Task statements for the real property described in this instrt Christina L. Beaudry 10488 172nd Lane NW Elk River MN 55330 THIS INSTRUMENT WAS DRAFTED BY Gray Plant Moody Atm wade Anderson, Attorney 500 IDS Center, 80 South Eighth Street Minneapolis MN 55402 -3796 iment should be sent to: After Recording Please Send TO: GBS Partners, LLC 13911 Ridgedale drive, Ste 470 RETURN TO: Minnetonka, MN 55305 City of Elk River Attu; Economic Developawat Division 13065 Orono Parkway Elk River MN 55330 This instrument is exempt from registration tax under Section 287,06 of Minnesota Statutes. Ge2605147 Q Office of the County Recorder Doc. County, MN Doc. NO. 699920 GerOed tiled and/or recorded on 08 -20 -2009 at 08:55 Michell& Ashe, County Rowe ler 8y DePay Fee; $ 46.00 11111111 CITY OF ELK RIVER NEIGHBORHOOD STABILIZA'T`ION PROGRAM REPAYMENT AGREEMENT THIS AGREEMENT ("Agreement ") is made and entered into this, 11* day of August, 2009 by and between Kx&Iheua hL Byrnes, a singh person (hereinafter referred to as "Owner"), and the City of Elk River, having its principal office at 13055 Omno Parkway, Elk River, MN 55330, (hereinafter refwW to as the "City'). RECITALS: A. City is a party to a "Grant Agremen#" with the Minnesota Housing Finance Agency pursuant to which City can make certain fluids available to homeowners. 9. In accordance with the Grant Agreement, City is granting to Owner, a deferred payment loan (hereinafter referred as "Loan'l relating to the real estate hereinafter described, to be used for the purpose of down payment assistance, in the amount of Five'T'housand and noilOD dollars ($5,000.00) (the "Loan Amount" j. C. As a condition to making the Goan to Owner, City is requiring that Owner enter into this Agnmment. NOW, THEREFORE, in consideration of the Recitals, the Loan, the covenants contained herein and other good and valuable consideration, the parties do hereby agree as follows: 1. Owner hereby acknowledges receipt of the Loan, and agrees to the terms of repayment provided in this Agreement- 2. City agrees to forgive the full amount of the Loan if (i) the Real Property (as hereinafter defined) does not cease to be Owner's principal residence, and (ii) Owner does not sell, transfer or otherwise convey the Real Property, whether voluntarily or involuntarily (including by virtue of death), on or before August 119 2014 (the "Forgiveness Hate"). In the event that Owner satisfies the terms for forgiveness of the Loan as provided in this paragraph (the "Loan Forgiveness Requirements'"), City will issue to Owner a written satisfaction terminating the lien created by this Agreement. 3. If Owner fails to meet the Loan Forgiveness Requirements, Owner covenants and agrees with City to repay the Loan in the amount determined as follows; a. If the 6Wure to meet the Loan Forgiveness Requirements occurs within one (1) year after the date of the Loan, Owner shall repay the full Loan Amount to City. b. If the failure to meet the Loan Forgiveness Requirements occurs after the first year, but before the Forgiveness Date, Owner shall repay an amount determined by deducting 20% from the Loan Amount far each full you elapsed since the date of the Loan. The amounts so deducted shall be deemed forgiven. C. In the ease of Owner's sale of the Real Property before the Forgiveness Date, the amount of repayment nt required under this Agrserrnent shall not exceed the `filet Prac o&' of such sale. For purposes hereof, "Net Proceeds" shall mean the sales price of the Real Property minus (i) loan repayment (other than the Loan described in this Agreement), and (ii) closing, costs. Any repayment required tinder this paragraph shall be made to City no later than thirty (34) clays following the failure to meet the Loan Forgiveness Requirements, or on such later date or dates as the City, in its sole discretion, may designate. 4. As security for owner's obligation of repayment, and subject to the terms and conditions of this Agre merit, Owner by this Agreement hereby grains to City a lien on the real estate hereinafter described (the "Real Estatee'j in the moan Amount (as the same may have been reduced in accordance with this Agreement) plus all amounts of the collection of same including reasonable attorneys' fees, court costs, etc. The Real Estate is situated in the City of Elk River, Sherburne County, Minnesota, and is legally described as: Unit 4102, Woods at Ells River Station, C.I.C. No. 46, Sherburne County, M%esoto 5. Promptly after any event that causes Owner to fail to meet the Goan Forgiveness Requirements (or, in the event of a sale by contract or dead, at least ten (L 0) days prior to the date of such sale), Owner or his/her heirs, executors, or re resentatives, shall give City notice thereof. G. In the event Owner or his/her heirs, exwutors or representatives shall fail or refuse to make a required repayment within the time required by this Agreement, City may foreclose the lien granted by this Agreement in the Real Property in the marmcr provided by law. 7. This agreement shall run with the Real Estate and shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, represeuntat�.ym successors, and assigns. In testimony whereof, the parties Have executed this agreement as of the day and year first written above. Owner (s) Kathleen M Byrnes State of Minnesota ) 1 ? County ofSXel, ,e4 e,) On this Il 'day of August 2009, before me, a notary public within and for the said county, personally appeared Kathleen M. Byrnes, a single person, to me known to be the person(s) described in and who executed the foregoing instrument and a&nowledging that she executed the same as her free act and dead. ANN CHRISTIN PALM Notary public Notary Public Minnesota mom e i State of N nesota m County of SheTbume On this day of 200, before me, a notary public within and for the said county, Personally appeared to me known to be the person(s) described in and who executed the foregoing instnursent and acknowledging that he executed the same as T free act and deed. Notary public Tax statements for the real property described in this instrument should be sent to: Kada m M. Byrnes 17169 Polk Drive NW Elk River MN 55330 TMS INSTRUMENT WAS DRAFTED BY RETUAN TO: Gray Plant Mooty City of Elk River Atha: Wade Anders=, Atuarney 1 33065 Orow Parkway 500 IDS Center, 90 Soh E404 Strut Elk River MTV 55330 Miameapolis MN 53402 -3796 TJuie i mmunant is exempt &am registration tax wxk:r Section 287.06 of Minnesota Stantes. GP.2603147J3 Office of the County Recorder Sherburne County. MN Doc, No. 898380 Certified filed andlor recorded an 08 -11 -20+09 at 10:00 e Ashe, County Recorder Deputy Fee: S 46.00 111111111111 CITY OF ELK RIVER NEIGHBORHOOD STABILIZATION PROGRAM REPAYMENT AGREEMENT THIS AGREEMENT ( "Agreement ") is made and entered into thi$ 31 s+ day of July, 2009 by and between Daniel B. Ellefson, a single person (hereinafter referred to as "Owner "), and the City of Elk River, having its principal office at 13065 Orono Parkway, Elk River, MN 55330, (hereinafter referred to as the "City"). RECITALS: A. City is a party to a "Grant Agreement" with the Minnesota Housing Finance Agency pursuant to which City can make certain funds available to homeowners. B. In accordance with the Grant Agreement, City is granting to Owner, a deferred payment loan (hereinafter referred as "Loam ") relating to the real estate hereinafter described, to be used for the purpose of down payment assistance, in the amount o0ive thousand and no] 100 dollars ($5,000.011) (the "Loan Amount "). C. As a condition to making the Loan to Owner, City is requiring that Owner enter into this Agreement. NOW, THEREFORE, in consideration of the Recitals, the Loan, the covenants contained herein and other good and valuable consideration, the parties do hereby agree as follows. 1. Owner hereby acknowledges receipt of the Loan, and agrees to the terms of repayment provided in this Agreement. 2. City agrees to forgive the full wriount of the Loan if (i) the Real Property (as hereinafter defined) does not cease to be Owner's principal residence, and (ii) Owner does not sell, transfer or otherwise convey the Real Property, whether voluntarily or involuntarily (including by virtue of death), on or before July 31, 2014 (the "Forgiveness Date"). In the event that Owner satisfies the terms for forgiveness of the Loan as provided in this paragraph (the "Loan Forgiveness Requirements "), City will issue to Owner a written satisfaction terminating the lien created by this Agreement. Title Recording SaMcas, Inc. 586056 79 Western Ave N St, Paul, MIN 513102 09'462415 SHERBURNE A WEST BASIC IN1111�IfI 2NDMTG • 3. If Owner fails to meet the Loan Forgiveness Requirements, Owner covenants and agrees with City to repay the Loan in the amount determined as follows: a. If the failure to meet the Loan Forgiveness Requirements occurs within one (l ) year after the date of the Loan, Owner shall repay the full Loan Amount to City. b. If the failure to meet the Loan Forgiveness Requirements occurs after the first year, but before the Forgiveness Date, Owner shalt repay an amount determined by deducting 20% from the Loan Amount for each full year elapsed since the date of the Loan. The amounts so deducted shall be deemed forgiven. c. In the ease of Owner's sale of the Real Property before the Forgiveness Date, the amount of repayment required under this Agreement shall not exceed the 'Net Proceeds" of such sale. For purposes hereof, "Net Proceeds" shall mean the sales price of the Real Property minus (i) loan repayment (other than the Loan described in this Agreement), and (ii) closing costs. Any repayment required under this paragraph shall be made to City no later than thirty (30) slays following the failure to meet the Loan Forgiveness Requirements, or on such later date or dates as the City, in its sole discretion, may designate. 4. As security for owner's obligation of repayment, and subject to the terms and conditions of this Agreement, Owner by this Agreement hereby grants to City a lien on the real estate hereinafter described (the "Real Estate ") in the Loan Amount (as the same may have been reduced in accordance with this Agreement) plus all amounts of the collection of same including reasonable attorneys' fees, court costs, etc. The Real Estate is situated in the City of Elk River, Sherburne County, Minnesota, and is legally described as: Unit 20, Trout Brook Condominium, CIC No. 12, Sherburne County, lMfnnesota. 5. Promptly after any event that causes Owner to fail to meet the Loan Forgiveness Requirements (or, in the event of a sale by contract or deed, at least ten (10) days prior to the elate of such sale), Owner or his/her heirs, executors, or representatives, shall give City notice thereof. 6. In the event Owner or his/her heirs, executors or representatives shall fail or refuse to make a required repayment within the time required by this Agreement, City may foreclose the lien granted by this Agreement in the Real Property in the manner provided by law. 7. This agreement shall run with the Real Estate and shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, representatives, successors, and assigns. In testimony Whereof, the parties have executed this agreement as of the day and year first written above. Owner (s) State of Minnesota } } County of Sherburne } On this 315 day of July, 2009, before me, a notary public within and for the said county, personally ,appeared Daniel B. Etiefson, a single person, to me known to be the person(s) described in and who executed the foregoing instrument and acknowledging that he executed the satne as is free act and deed. PATRICIA L. K4448 N Moiety P ubl Notary public r ca�nerer+a, ta...len al, State of Minnesota County of Sherburne Can this day of , 200_, before me, a notary public within and for the said county, personally appeared to me known to be the person(s) described in and who executed the foregoing instrument and acknowledging that he executed the same as _ free act and deed. Notary public Tax statements for the real property described in this instrument should be sent to: Daniel B. Ellefson 10908 181" Lane Elk River MN 55330 THIS INSTRUMENT WAS DRAFTED BY Gray Plant Mooty Attn: Wade Anderson, Attorney 500 IDS Center, 80 South Eighth Street Minneapolis, MN 55402 -3795 RETURN TO: City of Elk River Attrr Ecommnic Development Division 13055 Orono Parkway Elk River, MN 55330 This instrument is exempt from registration tax under Section 287.05 of Minnesota Statutes. GP.2645147 u3 EXHIBIT "A" LEGAL DESCRIPTION Unit 20, Trout Brook Condominium, CIC No. 12, Sherburne County, Minnesota, Abstract Property SATISFACTION OF REPAYMENT AGREEMENT DATE: THAT CERTAIN GRANT AGREEMENT owned by the undersigned, dated the 21th day of May, _ 2010, executed by Troy A. Bondy and Deana M. Bondy, husband and wife, as Mortgagor, to City of Elk River, as Mortgagee and filed for record the 20th day of September, 2010, as Document Number 719348, in the Office of the County Recorder of Sherburne County, Minnesota, is, with the indebtedness thereby secured, fully paid and satisfied. City of Elk River By: Its: STATE OF MINNESOTA ) ss COUNTY OF 1 The foregoing instrument was acknowledged before me this day of , 20 By, Elk River. NOTARIAL STAMP OR SEAL (OR OTHER TITLE OR RANK) THIS INSTRUMENT WAS DRAFTED BY: City of Elk River 13065 Orono Parkway Elk River, MN 55330 the Notary Public of the City of TAX STATEMENTS FOR THE REAL PROPERTY DESCRIBED IN THIS INSTRUMENT SHOULD BE SENT TO: Unaffected SATISFACTION OF REPAYMENT AGREEMENT DATE: THAT CERTAIN GRANT AGREEMENT owned by the undersigned, dated the 19th day of March, _ 2010, executed by Mark E. Ranstrom, a single person and Jessica L. Wicklund, a single person, as Mortgagor, to City of Elk River, as Mortgagee and filed for record the 29th day of March, 2010, as Document Number 710349, in the Office of the County Recorder of Sherburne County, Minnesota, is, with the indebtedness thereby secured, fully paid and satisfied. City of Elk River By: Its: STATE OF MINNESOTA ) ss COUNTY OF 1 The foregoing instrument was acknowledged before me this day of , 20 By, Elk River. NOTARIAL STAMP OR SEAL (OR OTHER TITLE OR RANK) THIS INSTRUMENT WAS DRAFTED BY: City of Elk River 13065 Orono Parkway Elk River, MN 55330 the Notary Public of the City of TAX STATEMENTS FOR THE REAL PROPERTY DESCRIBED IN THIS INSTRUMENT SHOULD BE SENT TO: Unaffected SATISFACTION OF REPAYMENT AGREEMENT DATE: THAT CERTAIN GRANT AGREEMENT owned by the undersigned, dated the 28th day of January, _ 2010, executed by Shirley M. Whiting, a single person, as Mortgagor, to City of Elk River, as Mortgagee and filed for record the 22th day of February, 2010, as Document Number 708722, in the Office of the County Recorder of Sherburne County, Minnesota, is, with the indebtedness thereby secured, fully paid and satisfied. City of Elk River By: Its: STATE OF MINNESOTA ) ss COUNTY OF ) The foregoing instrument was acknowledged before me this By, , the Elk River. NOTARIAL STAMP OR SEAL (OR OTHER TITLE OR RANK) THIS INSTRUMENT WAS DRAFTED BY: City of Elk River 13065 Orono Parkway Elk River, MN 55330 Notary Public day of , 20 of the City of TAX STATEMENTS FOR THE REAL PROPERTY DESCRIBED IN THIS INSTRUMENT SHOULD BE SENT TO: Unaffected SATISFACTION OF REPAYMENT AGREEMENT DATE: THAT CERTAIN GRANT AGREEMENT owned by the undersigned, dated the 14th day of October, _ 2009, executed by Christina L. Beaudry, a single person, as Mortgagor, to City of Elk River, as Mortgagee and filed for record the 20th day of October, 20099 as Document Number 702313, in the Office of the County Recorder of Sherburne County, Minnesota, is, with the indebtedness thereby secured, fully paid and satisfied. City of Elk River By: Its: STATE OF MINNESOTA ) ss COUNTY OF ) The foregoing instrument was acknowledged before me this By, , the Elk River. NOTARIAL STAMP OR SEAL (OR OTHER TITLE OR RANK) THIS INSTRUMENT WAS DRAFTED BY: City of Elk River 13065 Orono Parkway Elk River, MN 55330 Notary Public day of , 20 of the City of TAX STATEMENTS FOR THE REAL PROPERTY DESCRIBED IN THIS INSTRUMENT SHOULD BE SENT TO: Unaffected SATISFACTION OF REPAYMENT AGREEMENT DATE: THAT CERTAIN GRANT AGREEMENT owned by the undersigned, dated the 11th day of August _ 2009, executed by Kathleen M. Byrnes, a single person, as Mortgagor, to City of Elk River, as Mortgagee and filed for record the 20th day of Au ust, 2009, as Document Number 698920, in the Office of the County Recorder of Sherburne County, Minnesota, is, with the indebtedness thereby secured, fully paid and satisfied. City of Elk River By: Its: STATE OF MINNESOTA ) ss COUNTY OF ) The foregoing instrument was acknowledged before me this By, , the Elk River. NOTARIAL STAMP OR SEAL (OR OTHER TITLE OR RANK) THIS INSTRUMENT WAS DRAFTED BY: City of Elk River 13065 Orono Parkway Elk River, MN 55330 Notary Public day of , 20 of the City of TAX STATEMENTS FOR THE REAL PROPERTY DESCRIBED IN THIS INSTRUMENT SHOULD BE SENT TO: Unaffected SATISFACTION OF REPAYMENT AGREEMENT DATE: THAT CERTAIN GRANT AGREEMENT owned by the undersigned, dated the 31th day of July, _ 2009, executed by Daniel B. Ellefson, a single person, as Mortgagor, to City of Elk River, as Mortgagee and filed for record the 11th day of Au ust, 2009, as Document Number 698380, in the Office of the County Recorder of Sherburne County, Minnesota, is, with the indebtedness thereby secured, fully paid and satisfied. City of Elk River By: Its: STATE OF MINNESOTA ) ss COUNTY OF ) The foregoing instrument was acknowledged before me this By, , the Elk River. NOTARIAL STAMP OR SEAL (OR OTHER TITLE OR RANK) THIS INSTRUMENT WAS DRAFTED BY: City of Elk River 13065 Orono Parkway Elk River, MN 55330 Notary Public day of , 20 of the City of TAX STATEMENTS FOR THE REAL PROPERTY DESCRIBED IN THIS INSTRUMENT SHOULD BE SENT TO: Unaffected