7.1. HRSR 03-06-2017 Eclty1� ,.,�� Request for Action
River
To Item Number
Housing and Redevelopment Authority 7.1
Agenda Section Meeting Date Prepared by
General Business March 6, 2017 Amanda Othoudt,EDD
Item Description Reviewed by
HRA Housing Rehabilitation Loan Program Update Cal Portner, City Administrator
Reviewed by
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 four projects in the pipeline. One project is out for bid, the second project is waiting
for bid and scope of work approval, a third project is ready for construction and the fourth project is
waiting on approval of the mortgage and repayment agreement from the HRA.
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.
Nine projects have been completed to date. Over$230,000 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
■ March HRA Rehab Report
■ March HRA Loan Summary
■ Krieg Mortgage and Repayment Agreement
POWERED 6T
AR
12014 Elk River HRA Homeowner Rehab Program Monthly Report March 2017
U dated: 2/24/17
Completed Projects
App. Date Name Project# Home Address Date Current Status Loan amount Loan rate Loan term Lead Paint Recording Monthly
Approved inspect. Fees Payment
08/27/2014 Shawn & Deborah Men nin ER-4 525 8th St. NW 08/27/2014 completed $181657.00 2.25 10 $567 $46 $173.77
08/28/2014 Marlin &Vicky Stimpson ER-5 606 Jefferson Lane NW 02/23/2015 completed $20,650.00 2.25 10 $0 $46 $192.33
08/21/2014 Scott& Cindi Thompson ER-3 1021 4th St. NW 08/27/2014 completed $22,000.00 2.25 10 $915 $46 $204.90
06/19/2014 Chad &Ja me Swenson ER-1 602 Gates Ave. NW 07/14/2014 completed $257000.00 3.25 15 $915 $46 $175.67
03/16/2015 Barbara &Jerome Oleson ER-6 420 Main St. NW 03/18/2015 completed $251000 3.25 15 $915 $46 $171.29
04/09/2015 Samuel &Audrey Mahon ER-9 501 6th St. NW 04/09/2015 completed $51837.00 1.25 5 $915 $46 $100.41
03/26/2015 Jon &Ann Jungers ER-7 928 Main St. NW 03/30/2015 completed $247881.69 3.25 15 $567 $46 $174.84
06/05/2015 Matt& Carol Hicks ER-10 1205 4th St. NW 06/05/2015 completed $25,000.00 3.25 15 $915 $46 $175.67
07/14/2016 1 Erin &Tracy Cunningham ER-11 1420 5th St. NW 07/19/2016 completed $227069.00 2.5 10 1$0.00 $46.00 $208.04
Projects Under Construction
App. Date Name Project# Home Address Date Current Status Loan amount Loan rate Loan term Lead Paint Recording Monthly
Approved inspect. Fees Payment
Projects Ready for Construction
App. Date Name Project# Home Address Date Current Status Loan amount Loan rate Loan term Lead Paint Recording Monthly
Approved inspect. Fees Payment
07/22/2016 William & Denise Hoops ER-12 806 Holt Ave NW 08/01/2016 ready for construction $241645.00 3.5 15 $567.00 $46.00 $176.18
Projects Bidding/Waiting for Approved Scope
App. Date Name Project# Home Address Date Current Status Loan amount Loan rate Loan term Lead Paint Recording Monthly
Approved inspect. Fees Payment
08/15/2016 Larr t& Nancy Krieg ER-14 609 Gates Ave NW 08/19/2016 mort. docs. Sent to HRA 2/23 $16748.00 $596.00
08/22/2016 Scot& Kristen Sandhoefner I ER-15 1703 Jackson Ave NW 09/07/2016 obtaining bids 2/13 1$400.00
Approved Applications
App. Date Name Project# Home Address Date Current Status Loan amount Loan rate Loan term Lead Paint Recording Monthly
Approved inspect. Fees Payment
12/19/2016 Nichol &Andrew Hanson ER-16 319 2ns St. NW 12/20/2016 waiting-scope of work approval 2/23
Projects Closed Applications
App. Date Name Project# Home Address Date Current Status Loan amount Loan rate Loan term Lead Paint Recording Monthly
Approved inspect. Fees Payment
03/27/2015 Kara &Joe Holman ER-8 1028 Main St. NW 03/31/2015 file closed on 2/8/16 $567
08/20/2014 Lisa ConwayER-2 236 Norfolk Ave. NW 08/21/2014 lost contact closed 2/11/15 $567
8/5/16 David & Laura Hartfiel I ER-13 11017 Main St. NW 08/09/2016 Dave asked to cancel his application 9/23/16
Applications in Process
App. Date Name Home Address
TTotal rehab funds below:
$4001000
Total loan amounts/rehab funds: $230,488 ITotall LBP: 1 $8,406
Rehab balance: $161,106
Borrower Loan Amount
Loan
Origination
Date
Maturity
Date
Monthy
Payment
Amount
Current Loan Balance
Cunningham 1420 5th Street NW 22,069.00$ 2/1/2017 1/1/2027 208.04$ Y 21,743.58$
Hicks 1205 4th St NW 25,000.00$ 4/1/2016 3/1/2031 175.67$ N 23,511.19$
Mahon 501 - 6th Street 5,837.00$ 12/1/2015 11/1/2020 100.41$ Y 4,219.96$
Menning 525 - 8th St NW 18,657.00$ 9/1/2015 8/1/2025 173.77$ Y 15,975.05$
Olesen 420 Main St 25,000.00$ 10/1/2015 9/1/2030 171.29$ Y 23,011.10$
Stimpson 606 Jefferson Lane NW 20,650.00$ 9/1/2015 8/1/2025 192.33$ Y 17,681.60$
Swenson 602 Gates Ave NW 25,000.00$ 10/1/2015 9/1/2030 175.67$ Y 23,006.59$
Totals 142,213.00$ 129,149.07$
ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY
REHABILITATION LOAN PROGRAM
Report Dated: March 1, 2017
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
8`^ day of February. 2017 (the "Effective Date"), by and between Larry D. Krieg and Nancy Krieg f/k/a
Nancy Blin, a married couple (the "Owner") the owner of the property located at 609 Gates 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:
1. In accordance with the Elk River Owner -Occupied Housing Rehabilitation Policies and Procedures
(the "Procedures") and the Owner's Application dated August 15s', 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 Loan"), relating to the Property,
in the amount of Sixteen Thousand Seven Hundred Forty -Eight and 00/100 ($16,748.00) 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 2.75% per annum in
installments of principal and interest of $159.79 per month, beginning on July 1s', 2017
through and including June 1"20272027 (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.
6. 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 flues, 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.
8. 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 shall 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.
Owner d Mortgagor:
C
(t/1!I tX
6v -
Nancy
STATE OF MINNESOTA)
)ss.
COUNTY OF (13pA
The foregoing instrument was acknowledged before me this'j / day of 6za - , 20ZZby
Larry D. Krieg and Nancy Krieg fWa Nancy Blin owner and mortgagor. vi
dov�a
Notary Public
Q
DIANE 1A C uENAIL
Notary PUbkDIic
Mmnesota
rassIon
Ex ' Janua 31 2019
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 I 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 laws 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
S-4
Exhibit A
Legal Description of Property
Lot Forty-one (41), Walker's Addition Revised, according to the plat and survey thereof
now on file and of record in the office of the County Recorder, Sherburne County,
(Torrens)
Minnesota.
A-1
Exhibit B
Amortization Schedule and Truth in Lending Statement
Loan Amortization Schedule
Enter values
Instructions
Loan amount
$ 16,748.00
N.oai
nr
I ata
iu v�ars.
Annual interest rate
If
your e,Ir, pavrnenk
vory
enter rv,m
in
fable bel' ,.
2.750%
Loan period in years
10
Start date
of loan
7/1/2017
Optional extra payments
Scheduled monthly payment
$ 159.79
Scheduled
number of payments
120
Actual number
of payments
120
Total of early payments
$ -
Totalinterest
$ 2.427.33
Beginning
Scheduled
No.
Payment Date
Balance
Payment
Extra Payment
Total Payment
Principal
Interest
Ending Balance
1
7/1/2017
$
16,748.00
$ 159.79
$ $
159.79
$
121 41
$
38.38
$
16.626.59
2
8/1/2017
$
16,626.59
$ 159]9
$ - $
15979
$
121.69
$
38.10
$
16.504.89
3
9/1/2017
$
16,504.89
$ 159.79
$- $
159.79
$
12197
$
37.82
$
16.382.92
4
10/1/2017
$
16,3-.2.92
$ 159.79
$ - $
159.79
$
122.25
$
37.54
$
16,260.67
5
11/1/2017
$
16,260.67
$ 159.79
$ - $
159,70
$
122.53
$
3726
$
16.138.14
6
12/1/2017
$
76.138.14
$ 1591
$ - $
159.79
$
122.81
$
36.98
$
16.015.33
7
1/1/2018
$
16,015,33
$ 15979
$ - $
159.79
$
123.09
$
36.70
$
15,892.24
8
2/1/2018
$
15,892.24
$ 15979
$ - $
15979
$
123.37
$
36.42
$
15.768.87
9
3/1/2018
$
15,768.87
$ 159.79
$ - $
159.79
$
123.66
$
36.14
$
1-5,645.21
10
4/1/2018
$
15.645.21
$ 159.79
$ - $
15979
$
123.94
$
35.85
$
15,521.27
11
5/1/2018
$
15,52127
$ 159.79
$ - $
159.79
$
124.22
$
35.57
$
15,397.04
12
6/1/2018
$
15,397.04
$ 159.79
$ - $
159.79
$
124.51
$
35.28
$
15.272.53
13
7/1/2018
$
1.5,272.53
$ 15979
$ - $
159.79
$
124.79
$
35.00
$
15,14774
14
8/1/2018
$
15,147.74
$ 159.79
$ - $
15979
$
125.08
$
34.71
$
15,022.66
15
9/1/2018
$
15.022.66
$ 159.79
$ - $
159.79
$
125.37
$
34.43
$
14,897.29
16
10/l/2018
$
14.897.29
$ 159.79
$ - $
15979
$
125.65
$
34.14
$
14 771.63
17
11/1/2018
$
14.771.63
$ 159.79
$ - $
159.79
$
125.94
$
33.85
$
14,645.69
18
12/1/2018
$
14.645.69
$ 159.79
$ - $
159.79
$
126.23
$
33.56
$
14.519.46
19
1/1/2019
$
14,51946
$ 15979
$ - $
159.79
$
126.52
$
33.27
$
14,392.94
20
2/ I /2019
$
14,392.94
$ 15979
$
15979
$
126.81
$
32.98
$
14,266.13
21
3/1/2019
$
14.266.13
$ 159.79
$ - $
159.79
$
127.10
$
32.69
$
14.139,03
22
4/1/2019
$
14.139.03
$ 159.79
$ - $
159.79
$
127.39
$
3240
$
14.011.64
23
5/1/2019
$
14,011.64
$ 159.79
$ - $
159.79
$
127.68
$
32.11
$
1388395
24
6/1/2019
$
13,883.95
$ 15979
$ - $
159.79
$
12798
$
31.82
$
13,755.97
25
7/1/2019
$
1375597
$ 159.79
$ - $
159.79
$
128.27
$
31.52
$
13,62770
26
8/1/2019
$
13.627.70
$ 159.79
$ - $
15979
$
128.56
$
31 23
$
13,499.14
27
9/112019
$
13.499.14
$ 159.79
$ - $
15979
$
128.86
$
3094
$
13,370.28
28
10/1/2019
$
13370.28
$ 159.79
$ - $
159.79
$
129.15
$
30.64
$
13.241.13
29
11/1/2019
$
13,241.13
$ 159.79
$ - $
159.79
$
129.45
$
30.34
$
13,111.68
30
12/1;2019
$
13.111.68
$ 159.79
$ - $
159.79
$
129.75
$
30.05
$
12.98193
31
1/1,'2020
$
12,981.93
$ 159.79
$ - $
159.79
$
130.04
$
29.75
$
12.851.89
32
2/1/2020
$
12,851.89
$ 159,79
$ - $
159.79
$
130.34
$
29A5
$
12.721.54
33
3/1/2020
$
12,721.54
$ 159.79
$ - $
15979
$
130.64
$
29.15
$
12590.90
34
4/1/2020
$
12,59090
$ 159.79
3 - $
159.79
$
130.94
$
28.85
$
12,459.96
35
5/1/2020
$
12,459.96
$ 159.79
$ - $
159.79
$
131.24
$
28.55
$
12,328.72
36
6/1/2020
$
12,328.72
$ 159.79
$ - $
159.79
$
131.54
$
28.25
$
12,197.18
37
7/1/2020
$
12:197.18
$ 159.79 $
- $
159.79
$
131.84
$
27.95
$
12,065.34
38
8/1/2020
$
12,065.34
$ 159.79 $
- $
159.79
$
132.14
$
27.65
$
11933.19
39
9/11/2020
$
1193319
$ 159.79 $
- $
159.,'9
$
132.45
$
27.35
$
11,800.75
40
10/1/2020
$
11.800.75
$ 159.79 $
- $
159.79
$
132.75
$
27.04
$
11.668.00
41
11/1/2020
$
11.668.00
$ 159.79 $
- $
159.79
$
133.06
$
26.74
$
11.534.94
42
12/1/2020
$
11.534.94
$ 159.79 $
- $
159.79
$
133.36
$
26.43
$
11.401.58
43
1/1/2021
$
11,40158 $
159.79 $
- $
159.79
$
133.67
$
26.13
$
11,267.91
44
2/1/2021
$
11,267.91
$ 159.79 $
- $
159.79
$
13397
$
25.82
$
11,133.94
45
3/1/2021
$
11,13394 $
159.79 $
- $
159.79
$
134.28
$
25.52
$
10,999.66
Beginning
Scheduled
No.
Payment Date
Balance
Payment
Extra Payment
Total Payment
Pdncipal
Interest
Ending Balance
46
4/1/2021
$
10,999.66
$
159.79
$
$ 159.79
$
134.59
$
2521
$
10.86508
47
5,11/2021
$
10,865.08
$
159 79
_ -
$ 159.79
$
134.90
$
24.90
$
10.730.18
48
6/1/2021
$
10.730.18
$
15979
$ -
1 15979
$
135.20
$
2459
$
10,594.98
49
7/1/2021
$
10594.98
$
159.79
$ -
$ 159.79
$
135.51
$
24.28
$
10.459.46
50
8/1/2021
$
10459.46
$
1597°
$ -
$ 159.79
$
135.82
$
23.97
$
10,323.64
51
9/1/2021
$
10,323.64
$
159.79
$ -
$ 159.79
$
136.14
$
23.66
$
10,187.50
52
10/1/2021
$
10.187.50
$
159.79
$ -
$ 159.79
$
136.45
$
23.35
$
10.051.05
53
11/112021
$
10.051.05
$
159.79
$ -
$ 159.79
$
13676
$
23.03
$
9,91 429
54
12/l/2021
$
9-914.29
$
15979
$ -
$ 159.79
$
137.07
$
22.72
$
9.77722
55
1/1/2022
$
9.777.22
$
159.79
$ -
$ 159.79
$
137.39
$
22.41
$
9.63983
56
2/1/2022
$
9.63983
$
15979
.$ -
$ 159.79
$
13770
$
22.09
$
9.502.13
57
3/1/2022
$
9.502.13
$
159.79
$ -
$ 159.79
$
138.02
$
21.78
$
9.364.11
58
4/1/2022
$
9.364.11
$
159.79
$ -
$ 159.79
$
138.33
$
21.46
$
9.225.77
59
5/1/2022
$
9.225.-7
$
159 7Q
$ -
$ 159.79
$
138.65
$
21.14
$
9087.12
60
6/1/2022
$
9.087.12
$
15979
$ -
$ 159.79
$
13897
$
20.82
$
8.948.15
61
7/1/2022
$
8,948.15
$
159.79
$ -
$ 159.79
$
139.29
$
20.51
$
8,808.86
62
8/1/2022
$
8,808.86
$
159.79
$ -
$ 159.79
$
139.61
$
20.19
$
8,669.26
63
9/1/2022
$
8,669.26
$
159,79
$ -
$ 159.79
$
139.93
$
19.87
$
8.529.33
64
10/1/2022
$
8,529.33
$
159.79
$ -
$ 159.79
$
140.25
$
19.55
$
8,389.08
65
11/1/2022
$
8,389.08
$
159.79
$ -
$ 159.79
$
140.57
$
19.22
$
8.248.51
66
12/1/2022
$
8.248.51
$
159.79
$ -
$ 159.79
$
140.89
$
18.90
$
8107.62
67
1/1/2023
$
8,107.62
$
159.79
$ -
$ 159.79
$
141.21
$
18.58
$
7,966.41
68
2/1/2023
$
7,966.41
$
15979
$ -
$ 159.79
$
141.54
$
18.26
$
7,824.87
69
3/1/2023
$
7,824.87
$
159.79
$ -
$ 159.79
$
141.86
$
17.93
$
7.683.00
70
4/1/2023
$
7,683.00
$
159.79
$ -
$ 159.79
$
142.19
$
17.61
$
7,540.82
71
5/1/2023
$
7,540.82
$
159.79
$ -
$ 159.79
$
142.51
$
17.28
$
7,398.30
72
6/1/2023
$
7,398.30
$
159.79
$ -
$ 159.79
$
142.84
$
16.95
$
7,255.46
73
7/1/2023
$
7,255.46
$
159.79
$ -
$ 159.79
$
143.17
$
16.63
$
7,112.30
74
8/1/2023
$
7.112.30
$
159.79
$ -
$ 159.79
$
143.50
$
16.30
$
6.968.80
75
9/1/2023
$
6,968.80
$
159.79
$ -
$ 159.79
$
143.82
$
15.97
$
6.824.98
76
10/1/2023
$
6,824.98
$
159.79
$ -
$ 159.79
$
144.15
$
15.64
$
6,680.82
77
11/1/2023
$
6.680.82
$
159.79
$ -
$ 159.79
$
144.48
$
15.31
$
6,536.34
78
12/1/2023
$
6,536.34
$
159.79
$ -
$ 159.79
$
144.82
$
14.98
$
6.391.52
79
1/1/2024
$
6,391.52
$
159.79
$ -
$ 159.79
$
145.15
$
14.65
$
6,246.38
80
2/1/2024
$
6.246.38
$
15979
$ -
$ 159.79
$
145.48
$
14.31
$
6.100.90
81
3/1/2024
$
6,100.90
$
159.79
$ -
$ 159.79
$
145.81
$
13.98
$
5,955.08
82
4/1/2024
$
5,955.08
$
159.79
$ -
$ 159,79
$
146.15
$
13.65
$
5,808.94
83
5/1/2024
$
5.808.94
$
159.79
$ -
$ 159.79
$
146.48
$
13.31
$
5,662.45
84
6/1/2024
$
5,662.45
$
159 79
$ -
$ 159.79
$
146.82
$
12.98
$
5,515.64
85
7/1/2024
$
5,515.64
$
1597y
$ -
$ 159.79
$
147.15
$
12.64
$
5,368.48
86
8/1/2024
$
5.368.48
$
159.79
$ -
$ 15979
$
147.49
$
12.30
$
5.220.99
87
9/1/2024
$
5.220.99
$
159.79
$ -
$ 159,79
$
147.83
$
11.96
$
5.073.16
88
10/1/2024
$
5,073.16
$
159.79
$ -
$ 159.79
$
148.17
$
11.63
$
4,924.99
89
]I/l/2024
$
4,924.99
$
159-79
$ -
$ 15979
$
148.51
$
1 1 .29
$
4,776.48
90
12/1/2024
$
4.776.48
$
159.79
$ -
$ 159,79
$
148.85
$
10.95
$
4,627.64
91
1/1/2025
$
4.627.64
$
159.79
$ -
$ 159.79
$
149.19
$
10.60
$
4,478.45
92
2/1/2025
$
4.478.45
$
15979
$ -.
$ 159.79
$
149.53
$
10.26
$
4,328.92
93
3/1/2025
$
4,328.92
$
159.79
$ -
$ 159.79
$
149.87
$
9.92
$
4,179.04
94
4/1/2025
$
4,179.04
$
159.79
$ -
$ 159.79
$
150.22
$
9.58
$
4,028.82
95
5/1/2025
$
4,028.82
$
15979
$ -
$ 159.79
$
150.56
$
923
$
3,878.26
96
6/1/2025
$
3,878.26
$
159.79
$ -
$ 159.79
$
150.91
$
8.89
$
3,727.36
97
7/1/2025
$
3,727.36
$
159.79
$ -
$ 159.79
$
151.25
$
8.54
$
3,576.10
98
8/1/2025
$
3,576.10
$
159.79
$ -
$ 159.79
$
151.60
$
8.20
$
3,424.50
99
9/1/2025
$
3,424.50
$
159.79
$ -
$ 159.79
$
151.95
$
7.85
$
3,272.56
100
10/1/2025
$
3,272.56
$
159.79
$ -
$ 159.79
$
15229
$
7.50
$
3,120.26
101
11/1/2025
$
3,120.26
$
159.79
$ -
$ 159.79
$
152.64
$
7.15
$
2,967.62
102
12/1/2025
$
2,967.62
$
159.79
$ -
$ 159.79
$
152.99
$
6.80
$
2,814.62
103
1/1/2026
$
2,814.62
$
159.79
$ -
$ 159.79
$
153.34
$
6.45
$
2,661.28
104
2/1/2026
$
2,661,28
$
159.;9
$ -
$ 159,79
$
153.70
$
6.10
$
2,507.59
105
3/1/2026
$
2,507.59
$
159.79
$ -
$ 159,79
$
154.05
$
5.75
$
2,353.54
106
4/1/2026
$
2,353.54
$
159.79
$ -
$ 159.79
$
154.40
$
5.39
$
2,199.14
107
5/1/2026
$
2,199.14
$
159.79
$ -
$ 159.79
$
154.75
$
5.04
$
2,044.38
108
6/1/2026
$
2,044.38
$
15979
$ -
$ 159.79
$
15511
$
4.69
$
1.889.27
109
7/1/2026
$
1,889.27
$
159.79
$ -
$ 159.79
$
155.46
$
4.33
$
1,733.81
110
8/1/2026
$
1,733.81
$
159.79
$ -
$ 159.79
$
155.82
$
3.97
$
1,577.99
Beginning
Scheduled
No.
Payment Date
Balance
Payment
Extra Payment
Total Payment
Principal
Interest
Ending Balance
ill
9/1/2026
$
1,577.99
$
15>
$ 159.79
$
156.18
$
3.62
1
1,421.81
112
10/1/2026
$
1.421,81
$
1SI,
I
$ 159.79
$
156.54
$
3.26
$
1.265.27
113
11/1/2026
$
1.265.27
$
159.-
-
$ 159.79
$
i56.89
$
2.90
$
1,108.38
1 14
12/l/2026
$
1,108.38
$
159. `
$ 159.79
$
157.25
$
2.54
$
951.12
115
1/1/2027
$
951.12
$
159-.
$
$ 159.79
$
157.61
$
2.18
$
793.51
1 16
2/1/2027
$
793.51
$
159
$ 159.79
$
157.98
$
1.82
$
635.53
117
3/1/2027
$
635.53
$
159..-
9!
$ 159.79
$
158.34
$
1.46
$
477.19
118
4/1/2027
$
477.19
$
15,? ' -
$ -
$ 159.79
$
158.70
$
1.09
$
318.49
119
5/1/2027
$
318.49
$
159
$ 159.79
$
159.06
$
0.73
$
159.43
120
6/1/2027
$
159.43
$
159 _
$ 159.79
$
159.43
$
0.37
$
0.00
Elk River HRA Homeowner Rehabilitation Program
Truth in Lending Statement
2.75% Installment Loan
Borrower(s): Lam & Nancy Krieg Project #: ER -13
Project address:
Annual % Rate
609 Gates Ave. NW Elk River, MN 55330
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 after you have made
(total interest)
your behalf
all payments as scheduled
2.75%
$2.427.33
$16.748.00
$19.175.33
Your payment schedule will be:
Number of Payments
Amount of Payments
Due Date
Monthly Starting
120 $159.79 1" of each month July 1 st 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 $16,748.00
• Construction costs associated with 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:
Borrower:
Y" ' _ Date: lJ' q7
}[ Date: /3 /�
Exhibit C
Permitted Encumbrances
None
C-1