7.1. HRSR 01-03-2017City of
Elk -
River
Request for Action
To
Item Number
Housing and Redevelopment Authority
7.1
Agenda Section
Meeting Date
Prepared by
General BusinessJanuary
3, 2017
Colleen Eddy, Economic Development Specialist
Item Description
Reviewed by
HRA Housing Rehabilitation Loan Program Update
Amanda Othoudt, EDD
Reviewed by
Cal Portner, City Administrator
Action Requested
1. Receive information on the HRA Housing Rehabilitation Program.
2. Approve, by motion, one mortgage and repayment agreement.
Background/Discussion
Currently, there are five projects in the pipeline. One project is out for bid, one project is waiting for
results of the lead paint inspection, a third project is in the initial stage, and the fourth project is waiting
on approval of the mortgage and repayment agreement from the HRA and the fifth project is under
construction.
The mortgage and repayment agreement being requested for approval tonight is a binding agreement
between the homeowner and CMHP. Once the project is complete, the HRA will receive an executable
mortgage and repayment agreement, which will include truth in lending agreements and the amortization
schedule and any additional required documents.
Eight projects have been completed to date. Over $213,740 has been or soon will be disbursed over the
three-year rehabilitation program period. Monthly installment payments are received per the agreements.
Financial Impact
N/A
Attachments
■ January HRA Rehab Report
■ HRA Loan Summary
■ Hoops Mortgage and Repayment Agreement
P a w E n E o A Y
INIA UREJ
12014 Elk River HRA Homeowner Rehab Program Monthly Report January 2017
Updated: 11/29/16
Completed Projects
App. Date Name
Project #
Home Address
Date
Approved
Current Status
Loan amount
Loan rate Loan term
Lead Paint
inspect.
Recording
Fees
Monthly
Payment
8/27/2014 Shawn & Deborah Menning
ER -4
525 8th St. NW
8/27/2014
completed
$18,657.00
2.25 10
$567
$46
$173.77
8/28/2014 Marlin & Vicky Stimpson
ER -5
606 Jefferson Lane NW
2/23/2015
completed
$20,650.00
2.25 10
$0
$46
$192.33
8/21/2014 Scott & Cindi Thompson
ER -3
1021 4th St. NW
8/27/2014
completed
$22,000.00
2.25 10
$915
$46
$204.90
6/19/2014 Chad & Jayme Swenson
ER -1
602 Gates Ave. NW
7/14/2014
completed
$25,000.00
3.25 15
$915
$46
$175.67
3/16/2015 Barbara & Jerome Oleson
ER -6
420 Main St. NW
3/18/2015
completed
$25,000
3.25 15
$915
$46
$171.29
4/9/2015 Samuel & Audrey Mahon
ER -9
501 6th St. NW
4/9/2015
completed
$5,837.00
1.25 5
$915
$46
$100.41
3/26/2015 Jon & Ann Jungers
ER -7
928 Main St. NW
3/30/2015
completed
$24,881.69
3.25 15
$567
$46
$174.84
6/5/2015 Matt & Carol Hicks
ER -10
1205 4th St. NW
6/5/2015
completed
$25,000.00
3.25 15
$915
$46
$175.67
Projects Under Construction
App. Date Name
Project #
Home Address
Date
Approved
Current Status
Loan amount
Loan rate Loan term
Lead Paint
inspect.
Recording
Fees
Monthly
Payment
7/14/2016 Erin & Tracy Cunningham
ER -11
1420 5thSt. NW
7/19/2016
under construction
$22,069.00
2.5 10
$46
$208.04
Projects Ready for Construction
App. Date
Name
Project #
Home Address
Date
Approved
Current Status
Loan amount
Loan rate
Loan term
Lead Paint
inspect.
Recording
Fees
Monthly
Payment
Projects Bidding/Waiting
for Approved Scope
App. Date
Name
Project #
Home Address
Date
Approved
Current Status
Loan amount
Loan rate
Loan term
Lead Paint
inspect.
Recording
Fees
Monthly
Payment
7/22/2016
William & Denise Hoops
ER12
806 Holt Ave NW
8/1/2016
mortgage to HRA for approval
12/21
$24,645.00
3.5
15
$567.00
$46
$176.18
8/15/2016
Larry & Nancy Krieg
609 Gates Ave NW
8/19/2016
bid packets mailed to
contractors
$596.00
8/22/2016
Scot & Kristen Sandhoefner
703 Jackson Ave NW
9/7/2016
waiting for results of lead
paint insp.
Approved Applications
App. Date Name
Project #
Home Address
Date
Approved
Current Status
Loan amount
Loan rate Loan term
Lead Paint
inspect.
Recording
Fees
Monthly
Payment
12/19/2016 Nichol & Andrew Hanson
ER -16
319 2nd Street NW
12/20/2016
sent initial approval letter 12/21
Projects Closed Applications
App. Date Name
Project #
Home Address
Date
Approved
Current Status
Loan amount
Loan rate Loan term
Lead Paint
inspect.
Recording
Fees
Monthly
Payment
3/27/2015 Kara & Joe Holman
ER -8
1028 Main St. NW
3/31/2015
file closed on 2/8/16
$567
8/20/2014 Lisa Conway
ER -2
236 Norfolk Ave. NW
8/21/2014
lost contact closed 2/11/15
$567
8/5/16 David & Laura Hartfiel
ER -13
11017 Main St. NW
8/9/2016
I
Dave asked to cancel his
application 9/23/16
Three year total rehab funds
below:
$255,000
Total loan amounts/rehab
funds: $213,740 Total LBP: $8006
Rehab balance: $33,254
ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY
REHABILITATION HOME LOANS
Current
Current
Loan
Interest
Monthly
Borrower
Amount
Rate
Payment
Current
Total Paid
1205 4th St NW
$2500.00
3.25%
$ 175.67
Y
$1,429.67
928 Main Street
$2401.69
3.25%
$ 174.84
Y
$24,304.80
501 - 6th Street
$5,837.00
1.25%
$ 100.41
Y
$1,405.73
525 - 8th St NW
$1057.00
2.25%
$ 173.77
Y
$2,780.31
420 Main St
$2500.00
3.25%
$ 171.29
Y
$2,459.37
606 Jefferson Lane NW
$20,650.00
2.25%
$ 192.33
Y
$3,077.27
602 Gates Ave NW
$2500.00
3.25%
$ 175.67
Y
$2,635.04
11021 - 4th St NW
$22,000.00
2.25%
$ 204.90
Y
$21,027.58
Mortgage and Repayment Agreement
(Elk River HRA Owner -Occupied Housing Rehabilitation Program)
This mortgage is exempt from Mortgage Registration Tax imposed by Minnesota Statutes, §287.035,
pursuant to Minnesota Statutes, §287.04, because the principal amount of the mortgage loan referred
to herein is made under an affordable housing program and the mortgagee is the Housing and
Redevelopment Authority in and for the City of Elk River, a Minnesota body corporate and politic.
THIS MORTGAGE AND REPAYMENT AGREEMENT (this "Mortgage"), is made and entered into this
17' day of December, 2016 (the "Effective Date"), by and between William D. Hoops and Denise D. Hoop,
a married couple (the "Owner") the owner of the property located at 806 Holt Avenue NW, Elk River, MN
55330, and legally described as set forth in the attached Exhibit A (the "Property") and the Housing and
Redevelopment Authority in and for the City of Elk River, (the "HRA"), having its principal office at 13065
Orono Pkwy NW, Elk River, MN 55330.
NOW THEREFORE, in consideration of the Installment Loan described below and for other good and
valuable consideration, the parties do hereby agree as follows:
In accordance with the Elk River Owner -Occupied Housing Rehabilitation Policies and Procedures
(the "Procedures") and the Owner's Application dated July 220d. 2016 (the "Application"), both of
which are incorporated herein by reference as if fully set forth herein, the HRA has agreed to make
to Owner a Housing Rehabilitation Loan, (the "Installment Load'), relating to the Property, in the
amount of Twenty -Four Thousand Six Hundred Forty Five and 00/100 ($24,645.00) Dollars. The
Installment Loan shall be disbursed directly to the contractor performing the work on the Property
described in the Application in accordance with the Procedures. The Owner agrees to repay to the
HRA in the Installment Loan plus interest thereon at the rate of 3.50% per annum in installments of
principal and interest of S 176.18 per month, beginning on June 111, 2017 through
and including May 1" 2032 (the "Final Maturity Date") in accordance with the amortization
schedule and the Truth in Lending Statement signed by Owner both attached as Exhibit B. The
Owner may prepay the Installment Loan in whole, together with accrued interest thereon, to the
HRA on any business day.
If the: HRA has not received the full amount of any monthly payment by the end of 10 calendar days
after the date it is due, the Owner will pay a late fee to the HRA. The late fee will be 5.000% of the
overdue principal and interest payment. The Owner will pay this late fee promptly but only once on
each late payment.
2. Owner covenants and agrees with the HRA that if the Property is transferred or otherwise conveyed,
voluntarily or involuntarily, either while the Owner is living or by reason of the death of the Owner
prior to the Final Maturity Date, the Installment Loan and all accrued interest thereon shall be
immediately due and payable and shall be repaid in full to the HRA.
S-1
3. As security for Owner's obligation to repay the Installment Loan and accrued interest thereon, and
the cost, including reasonable attorney's fees, of collecting the same, and subject to the terms and
conditions of this Mortgage, Owner hereby grants, and HRA shall and hereby does have, a statutory
mortgage on the Property in accordance with Minnesota Statutes, Section 507.15.
4. The Owner covenants with the HRA the following statutory covenants;
a. To warrant the title to the Property; subject to permitted encumbrances as set forth in
Exhibit C.
b. To pay the indebtedness as herein provided.
c. To pay all taxes.
d. That the Property shall be kept in repair and no waste shall be committed.
e. That the whole of the principal sum shall become due after default, in the payment of any
installment of principal or interest, or of any tax, or in the performance of any other
covenant, at the option of the HRA.
f. To pay principal and interest on prior mortgages.
5. If default be made in any payment or covenant herein, the HRA shall have the statutory power of
sale, and on foreclosure may retain statutory costs and attorney's fees.
For the protection of the HRA, the Owner will, during all the time until the indebtedness secured by
this mortgage is fully paid, maintain all risk property insurance, naming the HRA as an additional
insured, in an amount not less than the full insurable replacement value of the Property. Said
insurance shall be written by a company or companies licensed to do business in Minnesota and
rated Class A -.VII or better by A.M. Best Company. The term "full insurable replacement value"
shall mean the actual replacement cost of the Property (excluding foundation and excavation costs
and costs of underground hues, pipes, drains, and other items customarily omitted from replacement
cost valuation for insurance purposes), without deduction for depreciation. The Owner will assign
and deliver the policies of such insurance to the HRA so and in such manner and form that the HRA
shall at all times, until the full payment of said indebtedness, have and hold the said policies as a
collateral and further security for the payment of said indebtedness, or at the option of the HRA will
make such policies payable in case of loss to the HRA as its interest may appear and will deposit
them with the HRA, and in default of so doing, that the HRA may, but has no obligation to, obtain
such insurance from year to year, or for one or more years at a time, and pay the premiums therefor,
and that the Owner will forthwith repay to the HRA the same, with interest at the mortgage rate, and
that the same shall become a part of the debt secured by this mortgage in like manner as the principal
sum. The Owner may retain any moneys received by him/her on the policies, but the same shall
apply in part payment of this mortgage.
7. This Mortgage shall terminate and shall be of no further force or effect upon payment in full of the
Installment Loan and accrued interest thereon.
The Owner will indemnify, save, and hold harmless the HRA, the City of Elk River, Minnesota,
Central Minnesota Housing Partnership, Inc., their officers, agents, and employees, from and against
any claim, cause of action, damage, liability, loss or expense, including attorney's fees incurred by
the HRA, made by any party in connection with or arising from (i) the presence, if any, of hazardous
wastes or pollutants on the Property; (ii) any loss or damage to property or any injury to or death of
any person occurring at or about or resulting from any defect in the Property, (iii) the performance
of, or failure to perform, this Mortgage. Nothing herein shall be deemed a waiver of any statutory
limitations of liability or immunity,
S-2
9. This Mortgage steal I run with the aforesaid 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.
10. Any forbearance by the HRA in exercising any right or remedy shall not be a waiver of or preclude
the exercise of any right or remedy.
11. This Mortgage shall be governed by the law of the state of Minnesota. In the event that any provision
or clause of this Mortgage conflicts with applicable law, such conflict shall not affect other
provisions of this Mortgage which can be given effect without the conflicting provision. To this
end, the provisions of this Mortgage are declared to be severable.
12. This Agreement may be executed in any number of counterparts, each of which shall constitute one
and the same instrument.
In witness whereof the Owner has duly executed this Rehabilitation Program Mortgage and Repayment
Agreement.
Own fer and ortgagor:
W . 11 .
Wil S
Denise D.
STATE OF MINNESOTA)
)ss.
COUNTY OF �Shftbr}
The foregoing instrument was acknowledged before me this 11 day of N(ernbet 201, by
William D. I -loops and Denise_ D. Hoops, owner and mortgagor.
w:.4. LYDIA K GEBHARD
Notary Public
Minnesota 4NotPublic
ommLMion Ex 'res Janua 31, 2017
S-3
Accepted and agreed to by:
HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY
OF ELK RIVER
By
Its
By
Its
STATE OF MINNESOTA)
)ss.
COUNTY OF )
The foregoing instrument was acknowledged before me this day of , 20_, by
the , and , the
respectively, of the Housing and Redevelopment Authority in and for the City
of Elk River, a body corporate and politic organized and existing under the Constitution and Iaws of the State
of Minnesota, on behalf of said Authority
Notary Public
THIS INSTRUMENT DRAFTED BY;
Housing and Redevelopment Authority for the City of Elk River
13065 Orono Pkwy NW
Elk River, MN 55330
►`'
Exhibit A
Legal Description of Property
Real Property in Sherburne County, Minnesota, described as follows:
Lot Five (5), Block Two (2), North Terrace Addition, Sherburne County, Minnesota
A-1
Exhibit B
Amortization Schedule and Truth in Lending Statement
Is
Loan Amortization Schedule
Enter values
Instructions
Loan amount
$
24,645.00
Annual interest rale
3.500%
Loan period
in years
15
Start date of
loan
6/1/2017
Optional extra payments
Scheduled monthly payment
$
176.18
Scheduled number
of payments
180
Actual number of payments
180
Total of early
payments
$
-
Total interest
$
7,067.90
Beginning
Scheduled
No.
Payment Date
Balance
Payment
Extra Payment
Total Payment
Principal
Interest
Ending Balance
1
6/l/2017
$
24,64.5.00
$
$
$
71.38
$
2
7/1/-2017
$
24,540.70
$
$
1/6.18$
104.1
$
'1.58
.$
24.436.a0.
3
8/1/20 1 '
$
^4,436.09
$
a
176.18
$
704,91
$
71.27
$
24.331 18
4
9/1/2017
$
24.331.18
$
176;:
$
176.18
$
10522
$
70.97
$
24225.96
5
10/ 1 /201.7
$
-24225.96
$
176 _
$
176.16
$
105.52
$
70 66
1,
24 120.44
5
1 1 /1 /2017
$
24,120.44
$
176.18
3
176.18
$
105.83
$
7035
$
24,014.61
7
12,11/2017
$
24 014.61
$
176.18 $
>
176.18
$
106.14
$
1'0.04
$
23,908 47
8
1/l/2018
$
^3 908,47
$
176.18 :S
$
176.18
$
105 45
$
69 73
$
23,802.02
9
2/112018
$
2380202
$
176 18 $
$
176.18
$
106,76
$
69.42
$
23.695 26
10
3/l/2018
$
23,695.26
$
176. ? 9 w
3
176.18
$
107 07
$
69 11
$
23,588.19
1 1
4/1120 1 P
$
23,588.19
$
176.18 S
$
176.15
$
107.38
$
68.80
$
23.480.87
12
5/1/2018
$
23.480.80
$
176.18 $
- $
17618
$
10770
$
68.49
$
233-13.11
13
6/1/2078
$
23-373,11
$
176.18 S
$
176.18
$
108.01
$
68.17
$
23.26510
14
7/1/2018
$
23,265.10
$
176.18 $
$
176.18
$
10833
$
6786
$
23,156.77
15
8/1 /2018
$
23,1.56,77
$
176.18 $
$
176 18
$
108.64
$
67,54
$
23.048 13
16
9/l/2018
$
23,048.13
$
176.18 $
$
176.18
$
10896
$
67.22
$
2'2 939.17
17
10/l./2018
$
22.939.17
$
176.18 $
?
176.18
$
109.2.8
65.91
$
2282989
78
11 / 1 /2018
$
22,829.89
$
176.18 T
`?i
176.18
$
109.60
$
66.59
$
22.720.30
19
12/ 1/2018
$
22.720 340
$
176.18 $
:[
176.18
$
109.92
$
66.27
$
22-610.38
20
1 / 1!2019
$
22.610.38
$
176.18
$
176.18
$
11024
$
55.95
$
22,500.14
21
2/l/2019
$
22.500-14
$
176.18 $
S
176.18
$
110.56
$
65 63
$
22.389.59
22
3/l/2019
$
22,389.59
$
176.18 $
$
176.18
$
110.88
$
6-530
$
22278.77
23
4/1/2019
$
22,278.71
$
176.18 $
5
176.18
$
111.20
$
64.98
$
22,167.50
24
511 /2019
$
22.167.50
$
7 76.18 $
$
176.18
$
1 1 1.53
$
64.66
$
22 055.98
25
6/l/2019
$
22,0.55.98
$
176 18 $
$
T76.18
$
111.8,5
$
64.33
$
21,944 12
26
7/1/2019
$
21.94412
$
176.18 $
$
176.18
$
112.18
$
64.00
$
21,831.94
27
8/l/2019
$
2T.831.94
$
176.18 $
- $
176.18
$
112.51
$
63.68
$
21, 719.44
28
9/1/2019
$
21,719.44
$
176.18 $
$
176 18
$
112.83
$
e13 35
$
21.606.60
29
10/ 1 /2019
$
21 .6001.60
-$
176.18 $
$
176.18
$
313.16
$
6302
$
21,493.44
30
II/l/2019
$
21.493.44
$
1 76.18 5
$
176.18
$
113.49
$
6269
$
21,379.95
31
12/1/2019
$
21,3799;
$
176.18 $
$
176.18
$
113.82
$
62.36
$
21,266.12
32
1/1/2020
$
21.266.12
$
176.1' 8 $
$
176.18
$
114.16
$
62.03
$
21,151.97
33
2/l/2020
$
21,151.97
$
176.18 $
$
176.18
$
114.49
$
61 69
$
21,037.48
34
3/112020
$
21,037.48
$
176.18 b
$
176.18
$
114.82
$
61.36
$
20,922.65
35
4/l/2020
$
20,922 65
$
176.18 $
$
176.18
$
115.16
$
61.02
$
20.807.49
36
5/1/2020
$
20.807.49
$
176.18 1
$
176.18
$
115.49
$
60.69
$
20.692.00
37
6/1/2020
$
20,692.00
$
176.18 $
$
176.18
$
115,83
$
60.35
$
20,576.17
38
7/112020
$
20.576.17
$
176.18 $
$
176.18
$
1 i 6.17
$
60.01
$
20,460.00
39
8/l/2020
$
20-460.00
$
176.18 $
$
176.18
$
116.51
$
5967
$
20,343.49
40
9/1/2020
$
20,343.49
$
176.18 $
$
176.18
$
116.85
$
59.34
$
20,226.64
41
10/1/2020
$
20.226 64
$
176.18 $
$
176.18
$
117.19
$
58.99
$
20:109.46
42
7 1/] /2020
$
20.109.46
$
176.18 Y
$
176.18
$
1 17.53
$
58.65
$
19.991.93
43
12/1/2020
$
19.99193
$
176.18 $
$
176.18
$
117.87
$
5831
$
19874.05
44
1/1,2021
$
19.874.05
$
176.18 $
$
176,18
$
118,22
$
57.97
$
19755.84
45
2/1/202T
$
19.755.84
$
176,18 $
$
176.18
$
118.56
1
57.62
$
19-637.27
No.
Payment Date
Beginning
Balance
Scheduled
Payment
Extra Payment
Total Payment
Principal
Interest
Ending Balance
46
3,1j2021
$
19537.27
$
1'r�'�;
$
'$
176.18
$
11`3"9l
$
57.28
!951;x.37
47
a/1/2021
$
19.518.37
$
!7�,,,,
c
1
776-18
,
i19.25
$
56.93
$
19399I1
48
5/1/2021
$
10399,11
$
176 11-?
...
*
176.18
$
1-1960
$
56 58
$
19 2-9, 51
49
6/1/2021
$
19 279.51
$
176 1 `
$
176.18
$
119.95
$
56 23
$
19 159 56
50
7/1 /2021
$
19 159.56
$
176.1
?
176.18
$
12030
$
x5.863
$
19.039.26
51
8/ 1 /2021
$
1903926
$
176.1 -
v
$
176.18
$
120.65
$
55.53
$
18,918 61
52
9/1/2021
$
18.918.61
$
176.1?
$
176-18
$
121.00
$
55-18
$
18"797.60
53
10/1!2021
$
18.79760
S
176.1
11
176.18
$
12.36
$
54.83
$
19.676,25
54
1 111!2021
$
18.6?6.25
$
176,1 �'
:a
$
176.18
$
121.71
$
54.47
$
18.554.54
55
12i 1; 2021
$
18.554.54
.'$
176 IP
$
176.18
$
122.07
$
54 12
$
18.432.47
56
111!2022
$
18,432.47
$
176 1,L+
S
$
176.18
$
122.42
$
53.76
$
18,310.05
57
2/1/2022
$
13.310.05
$
176. I r=
1,
v
176.18
$
122.78
$
53-40
$
18„ 187,27
58
3/1.12022
$
18,187,27
$
176 1,-1
$
176.18
$
123.14
$
53,05
$
18.064" 13
59
4/1/20-22
$
18,064 13
$
176.1 a
*.
1b
176.18
$
123.501
$
52 69
$
17.940.64
60
5/1!2022
$
17940.64
$
176 7
:
115.18
$
123.86
$
52.33
$
17.316.78
61
6/1/2022
$
17,816.78
$
176.11
$
176.18
$
124.22
$
51.97
$
17,692.57
62
7/1/2022
$
17,692.57
$
176.1 .
$
r
176.18
$
124.58
$
51,60
$
17,567,99
63
8/1/2022
$
17 567.99
$
176.1 `
$
1 76.1 8
$
124.94
$
51.24
$
1 7 443.04
64
9/1/2022
$
17,443.04
$
176.1;
$
i '6,18
$
125.31
$
50.88
$
17.317.74
65
10/1/2022
$
17,317.74
$
176.1 '
$
176.18
$
125.67
$
50.51
$17.192.06
66
1 1 / 1 /2022
$
1 7,192.06
$
176.
$
1 76.18
$
126.04
$
50.14
$
17.066.02
67
12/1/2022
$
17"066.02
$
17 6.1
$
175.18
$
126.41
$
49.78
$
16,939.62
68
1/ I /2023
$
1 6,939.62
$
176.11
$
1
? 76.18
$
126.78
$
49.41
$
16.812.84
69
2/1/2023
$
16,812.84
$
176.1
1;7,.18
$
127,15
$
49,04
$
16,685.70
70
3/1/2023
$
16,685.70
$
176.1,
176.18
$
127.52
$
48.67
$
16,558-18
71
4/ 1 /2023
$
16,558.18
$
176. 1
0
1/6.18
$
127.89
$
48.29
$
16,430.29
72
5/1/2023
$
16,430.29
$
176.!:-
}
1 76.18
$
128.26
$
47.92
$
16,302.03
73
6/1/2023
$
16,302.03
$
176. I -
$
176.18
$
128.64
$
47.55
$
16,17.3.40
74
7/1/2023
$
16,1 73.40
$
1 76.11
$
$
1 76.18
$
129.0!
$
47.17
$
16,044.39
75
8/1/2023
$
16,044.39
$
176.1;=
$
t
176.18
$
129.39
$
46.80
$
15.915.00
76
9/1/2023
$
15,915.00
$
176. l Y.
$
?
176.18
$
129.76
$
46.42
$
15,785.23
77
10/1/2023
$
15,785.23
$
176.15
$
1/6.18
$
130.14
$
46.04
$
15,655.09
78
1 1/1/2023
$
15,655.09
$
176. 1;~,
$
- {,
1 76. ! 8
$
130.52
$
45.66
$
15,524.57
79
12/1/2023
$
15.524.57
$
1 76. I8
$
y
1 76.18
$
130,90
$
45.28
$
15.393.67
80
1/1/2024
$
15,393.67
$
1 76.18
$
5
1 76,18
$
131.28
$
44.90
$
15,262.38
81
2/1/2024
$
1.5,262.38
$
1 76.1 r1
$
$
176.18
$
131.67
$
44.52
$
15,1.30.71
82
3/1/2024
$
15,130.71
$
176,1 6
$
$
176.18
$
132.05
$
44.13
$
14,998.66
83
4/1/2024
$
14.998.66
$
176.1;8
$
$
176.18
$
132,44
$
43.75
$
14,866.23
84
5/1/2024
$
14,866.23
$
1 76.1 r:
$
$
176.18
$
132.82
$
43.36
$
14, 733.40
85
6/1/2024
$
14,733.40
$
176,18
$
$
176.18
$
13321
$
42.97
$
14,600.19
86
7/1/2024
$
14.600.19
$
176.1 £s
$
$
176.18
$
133.60
$
42.58
$
14,466.59
87
8/7/2024
$
14,466.59
$
176.1"3
$
$
176.18
$
133.99
$
42,19
$
14,332,61
88
9/1/2024
$
14,332.61
$
176. i 6
$
$
1 7;1,18
$
134.38
$
41.80
$
1 4,198,23
89
10/ 1 /2024
$
1 4,198.23
$
176.1:3
$
$
176.18
$
134,7'
$
41.41
$
14,06146
90
11/1/2024
$
14,063.46
$
176.18
$
$
176.18
$
135.16
$
41.02
$
13,928.29
91
12/1/2024
$
13,928.29
$
176. 18
$
1
176.18
$
135.56
$
40.62
$
13, 792.73
92
1/1/2025
$
13,792.73
$
1 76.1 8
$
$
176.18
$
135.95
$
40,23
$
13,656,78
93
2/1f2025
$
13,656.78
$
170.18
$
$
176.18
$
136.35
$
39.83
$
13,520.43
94
3/1/2025
$
1.3,520.43
$
1 76.18
$
$
176.18
$
136.75
$
39.43
$
13.383.68
95
411 /2025
$
13,383.68
$
176.18
$
$
176.18
$
137,15
$
39"04
$
13,246.53
96
5/1/2025
$
13,246.53
$
176.18
$
- $176.18
$
137.55
$
38.64
$
13,108.99
91
6/1/2025
$
13,108.99
$
! 76.18
$
$
176.18
$
137,95
$
38.23
$
12,971 .04
98
7/1/20Z5
$
1 2.971.04
$
176.18
$
$
176. f 8
$
138"35
$
37.83
$
12,832.69
99
8/1/2025
$
12.832.69
$
176.18
$
- $
176.18
$
138.75
$
37.43
$
12,693,93
100
9/1/2025
$
12,693,93
$
176.18
$
$
176.18
$
139.16
$
37.02
$
12,554.77
101
10/1/2025
$
12,554.77
$
176,18
$
$
176.18
$
139.56
$
36.62
$
12,415.21
102
1 1/112025
$
12,415.21
$
1 76.18
$
$
176.18
$
139,97
$
36.21
$
12,275.24
103
12/ 1 /2025
$
12,275.24
$
176.18
$
$
1 76.18
$
140.38
$
35.80
$
12,134.86
104
1/1/2026
$
12,134.86
$
176.18
$
$
176.18
$
140.79
$
3539
$
1 1,994.07
105
2/1/2026
$
11,994.07
$
176.18
$
$
176.18
$
141.20
$
34.98
$
1 1,852.87
k06
3/1/2026
$
1 1,852.87
$
776J8
$
$
176.18
$
141 61
$
34.57
$
1 1 ,71 1.26
107
4/1/2026
$
1 111 1.26
$
176.18
$
$
176,18
$
142,02
$
34.16
$
1 1,569.23
108
5/1/2026
$
11,569,23
$
176.18
$
$
176.18
$
142.44
$
33.74
$
11,426.79
109
6/1/2026
$
11,426.79
$
176.18
$
$
176.18
$
142.85
$
33.33
$
16,283.94
110
7/1/2026
$
11,283.94
$
176.18
$
r.
176.18
$
143.27
$
32.91
$
11,140.67
Beginning
Scheduled
No.
Payment Date
Balance
Payment
Extra Payment
Total Payment
Principal
Interest
Ending Balance
1 j2026
j
10,9 9 6.98
$
176-
176. 1
1 -,14.1 1
$
32 l) 7
1 8 .3 21. 8
0/1/2026
$
10,852.87
$
176
176.t8
144.53
3 1.6 5
1 J7,703.34
1 14
1 1/1/2026
$
10,708.34
$
176
176.18
$
14495
31.23
10.563.39
15
I'2! 1 /2026
0,563,39
$
176.
176.13
145.37
$
30.81
10,418.02
1 16
1/1/2027
$
10,418.02
176.1-
176.18
$
145.80
$
30.39
$
10 2722.22
1 17
2/1(2027
$
10,272.22
$
176.'
1 7h. 8
46.22
$
29 96
1,0,126-i)0
I18
3/112027
2 6.00
$
176
176.1a
146.65
$
29.53
$
4,979.35
119
4/1/2027
$
9.979.35
$
176.1
176.18
$
147.08
29.11
$
9,832.27
120
51112027
$
9,832.2/
$
176, i
I
176.18
147 51
$
28.68
9,634 77
121
6/1 i2027
$
9,684.77
$
176.1
176.18
147,94
$
28.25
9.536.33
P 22
71112027
$
9,536.83
176, 1',
176.18
148.37
$
27.32
9388.46
123
81112027
$
9,388,46
176.1,-.
176.18
$
148-80
$
27.38
$
9.239.66
124
9/1/2027
$
9,239.66
$
1 76. 1
176.18
$
149.23
$
26.95
$
9,090.43
125
10/ 1; 2017
$
9090,43
176 1.,
$
176.13
$
149.67
$
26.51
$
3,940.76
126
1 P /1 /2027
$
8,940.76
$
176. 1 ,3
$
I,
176.18
$
150.1 1
$
26.08
$
8,790.66
127
12/1/2027
$
8,790.66
$
176. i 8
176.18
$
150.54
$
25.64
$
8,640.11
28
1/112028
$
8,640.11
$
176.1;;
$
176.18
$
150.98
25.20
$
8,489,13
129
2/1 /2028
$
8,489.1`3
1 76.1 _;
$
76.18
151.42
24.76
8:33:'.71
130
3/1/2028
$
8,337.71
1 76.1
$ -
f,
176.18
$
151.86
2432
$
8.185.84
131
4/1/2028
$
8,185,84
$
176 113
$
i,
176.18
$
052.31
23.88
$
8,033,54
132
5/1/2029
$
8,033.54
$
176.18
$
il
176.18
$
152.75
$
23,43
$
7,880.78
133
6/l/2028
$
7,880.78
$
176.18
176.18
$
153.20
$
22.99
$
7.727.59
134
7/1/2028
$
7,727.59
$
176.18
176.18
$
153.64
$
22.54
1.573.94
135
8/l/2028
$
7,5/3.94
$
176.18
$
176.18
$
154.09
$
22.09
17.4 19.85
136
9/1/2028
$
7,419,85
$
176.18
fi
176.18
154.54
$
21.64
$
7,265.31
137
10/1/2028
$
7,265.31
$
176.1
$
$
176.18
154.99
$
21.19
$
7 9 1032
138
1 1/1/2028
7,1 10.32
$
176-1
176.18
$
155,44
$
20.74
$
6,954.87
139
12/1/2028
6,954.87
$
176.1
76,18
$
155.90
$
20.29
$
6,798.97
140
1 / 112029
$
6,798.97
$
176 ].�'
176418
$
156.35
$
19.83
$
6,642.62
141
2/1 /2029
$
6,642.62
$
1 76.1 1
$
$
1/76.18
$
156.81
$
19.37
$
6,48531
142
3/1/2029
$
6,485.81
$
176.18
$
Z
176.18
$
157.27
$
18.92
6,328.55
143
4/1/2029
$
6,328.55
$
176.19,
$
176,18
$
57.72
$
18.46
6,170.82
144
5/1/2029
$
6,170,82
$
176.1
$
176.18
$
15& 18
13.00
$
6,012.64
14.5
6/1/2029
$
6,012.64
176.1
$
176.18
$
158.65
17.54
$
5,853,99
146
7/1/2029
$
5,853.99
E 76.18
$
176.18
$
159.1 1
$
17.07
$
5,694.88
147
8/1/2029
$
5,694.88
$
176.18
$
176,18
$
159.57
$
16.61
$
5,535.31
148
9/1/2029
$
5,535.31
$
176,18
$
$
176,18
$
160,014
$
16.14
$
5,375.21
149
10/1/2029
$
5,375.27
$
176.18
$
$
176.18
$
160.50
$
15.68
$
5,214.77
150
1 1/1/2029
$
5,214.77
$
176.18
$
$
176.18
$
160.97
$
15.21
$
5,053.79
151
12/ 1 /2029
$
5,053.79
$
176.18
$
$
176.18
$
161.44
$
14.74
$
4,892.35
152
1/1/2030
$
4,892,35
$
176.18
$
176J8
$
1 61.91
$
14.27
4,730.44
153
2/1/2030
$
4,730.44
176.18
T
176.18
$
162.39
13.80
4,568,05
154
3/1/2030
$
4,568.05
176.18
$
$
176.18
$
162,86
1132
$
4,405.19
155
4/1/2030
$
4,405.19
$
176.19
$
b
176.18
163.33
12.85
$
4,241.86
156
5/1/2030
4,241.86
$
176.18
$
176.18
163.81
$
12.37
$
4,078.05
157
6/1/203C
4,078.05
$
1/6.18
$
$
176.18
$
164.29
$
1 1.89
$
3,913.76
158
71112030
$
3,913,76
$
176,18
$
a176,18
$
164.77
$
11.42
$
3,748.99
159
8/1/2030
$
3,748.99
$
176.18
$ -
i
176.18
$
165.25
$
10.93
$
3,583.74
160
9/l/2030
$
3,583.74
$
176.18
$
$
176.18
$
f 65.73
$
10.45
$
3.418.01
161
10/ 1 /2030
$
3,418.01
$
1/6.18
$
$
176.18
$
166.21
$
9.97
3,251,80
162
11/1/2030
$
3,251.80
$76.
1 1 a
$
$
176.18
$
166.70
$
9.48
3,085.10
163
12/1/2030
$
3,085. 10
176.18
$
176.18
$
167.18
$
9.00
$
2,917.92
164
1/1/2031
$
2,917.92
176.18
$
176.18
$
16/.67
$
8,51
$
2,750.25
165
2/1/2031
$
2,750.25
$
176.18
$
176.18
$
16816
$
3,02
$
2,58208
166
3/1/2031
$
2,582.08
$
176.18
$
176.18
$
168.65
$
7.53
$
2,413.43
167
4/1/2031
$
2,413.43
$
176.18
$
$
176.18
$
169.14
$
7.04
$
2244.29
168
5/1/2031
$
2,244.29
$
176. 18
$
$
176.18
$
169.64
$
6.55
$
2,074.65
169
6/1/2031
$
2,074.65
$
176.18
$
$
176.18
$
170.13
$
6.05
$
1,904.52
170
71112031
$
1,904,52
$
176-18
$
176,18
$
170.63
$
5.55
1.733.89
171
8/1/2031
$
1,733.89
$
176.18
176.18
$
171.13
$
5.06
1,562.77
172
911 /2031
$
1,562.77
$
176.18
$
176.; 8
$
171.62
$
4.56
$
1,391.14
173
101112031
$
1,391.14
$
176.18
$
176.18
$
172,13
4.06
$
1,219.02
174
11/1/2031
$
1,219,02
$
176,18
$
176.18
$
172.63
3.56
$
1,046.39
175
12/l/2031
$
1,046.39
$
1 76.1 8
$
$
176.18
$
173.13
3.05
$
8173.26
Beginning
Scheduled
No. Payment Pate Balance
Payment Extra Payment
Total Payment
Principal Interest Ending Balance
- --
E '6 1_
17 a S
X11 71 1 /2i1 5z
-
176.
Elk River HRA Homeowner Rehabilitation Program
Truth in Lending Statement
3.5% Installment Loan
Borrower(s): William & Denise Hoops Project #. ER -12
Project address: 806 Holt Ave. NW Elle River, MN 55330
Annual % Rate Finance Charge Amount Financed Total of Payments
The cost of your credit Dollar amount the Amount of credit Amount you will have
as a yearly rate credit will cost you provided to you on paid ager you have made
(total interest) your behalf all payments as scheduled
3.50% $ 7,067.90 $24,645.00 $31,712.40
Your payment schedule will be:
Number of Payments Amount of Payments Due Date Monthly Starting
180 $176..1.8 1" of each month .lune 1$1, 2017
Security: You are giving a security interest in the property to improve
Prepayment: If you pay off early, you will not have to pay a penalty
Assumption: Someone buying your property cannot assume the remainder of the repayment agreement on the
original terms
See your contract documents for any additional information about non-payment, default, any required prepayment in
full before the schedule date, and prepaying refunds and penalties.
Itemization of the Amount Financed of $24,645.00
= Construction costs associatedwith rehabilitation project
The makers, guarantors, endorsers and any other parties to this Note hereby waive presentment, demand, protest and
notice of dishonor and protect and hereby agree that an extension or extensions of the time of payment of this Note
or any installment or part hereof may be made before, at or after maturity by agreement with any one or more of the
parties hereto with out notice to and without releasing the liability of any other party to this Note.
By executing this Note, the undersigned acknowledge receipt of a copy thereof prior to execution.
Borrower: 1- Date:
Borrower: Date:
Exhibit C
Permitted Encumbrances
None
C-1