7.1 HRSR 10-02-2017 >14
`‘ ,,
EikRequest for Action
`- River
To Item Number
Housing and Redevelopment Authority 7,1
Agenda Section Meeting Date Prepared by
General Business October 2,2017 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 Loan Program.
2. Approve,by motion, one mortgage and repayment agreement.
Background/Discussion
Currently,there are four projects in the pipeline with one of the projects near completion.
Twelve projects have been completed to date. Over$289,000 will soon be disbursed over the four-year
rehabilitation program period. Monthly installment payments are received per the agreements.
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.
CMHP facilitated an Informational Meeting on September 13th at City Hall. One person attended along
with a homeowner who is currently in the program. Staff submitted an ad which ran in the Star News to
help promote the meeting and the program and it was also promoted on the city's social media sites.
Financial Impact
N/A
Attachments
• September Project/Financial Report
■ October Project/Financial Report
• McClellan Mortgage and Repayment Agreement
L
The Elk River Vision
A welcoming community with revolutionary and,spirited resourcefulness, exceptional
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service, and communityengagement that encourages and inrpirer prnrperity NATU
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12017 Elk River HRA Homeowner Rehab Project and Financial Monthly Report October 2017
Updated:9/25/17
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
Projects Under Construction I
App.Date Name Project# Home Address Date Current Status Loan amount Loan rate Loan term Lead Paint Recording Monthly
Approved inspect. Fees Payment
13 8/15/2016 Larry&Nancy Krieg ER-14 609 Gates Ave NW 8/19/2016 sent documents to recorders office 9/25 $19,665.00 2.75% 10 $596.00 $46.00 $159.79
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
14 4/13/2017 Linda&Daniel McClellan ER-17 810 Jackson Ave NW 4/21/2017 contractor selected 8/28 $6,534.00 _ 2.25% 5 $650.00 $46.00 $115.24
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
115 7/25/2017 Kyle&Jennifer Torfin ER-18 1811 Main St.NW 7/31/2017 scope of work sent for approval 8/29
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
16 8/24/2017 'Dianna Anderson ER-18 430 Rush Ave NW 8/29/2017 sent initial approrval letter 8/29/17
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
Applications in Process
App.Date Name 1 (Home Address I I I I
As of 8/31/17 Four year total rehab funds below: -
Borrower Principal Interest $340,000
Cunningham $819.52 $226.48 Total loan amounts/rehab funds:, $289,939 Total LBP:_ $9,806
Hanson $237.50 $62.50 Rehab balance: $40,255
Hicks $1,989.42 $1,109.27 Additional contribution $50,000
Jungers $24,881.69 $472.15 Principle $64,630
Mahon $2,098.09 $110.93 Interest $6,986
Menning $3,403.75 $766.73
Olesen $2,558.72 $1,481.89 Available to loan $161,871 I
Sandhoefner $181.24 $57.29
Stimpson $3,767.27 $848.65
Swenson $2,692.56 $1,542.45
Thompson $22,000.00 $307.97
$64,629.76 $6,986.31
$71,616.07 Total principle and interest received to date
( ( (
2017 Elk River HRA Homeowner Rehab Program Monthly Report September 2017
Updated:8/30/17
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
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
10 7/22/2016 William&Denise Hoops ER-12 806 Holt Ave NW 8/1/2016 contractor to install re-ordered window 8/30 $24,645.00 3.50% 15 $567.00 $46.00 $176.18
12 8/22/2016 Scot&Kristen Sandhoefner ER-15 703 Jackson Ave NW _9/7/2016 final inspection 8/17 $25,000.00 _2.75% 10 $700.00 $46.00 $238.53
11 8/15/2016 Larry&Nancy Krieg ER-14 609 Gates Ave NW 8/19/2016 construction near completion 8/25 $19,665.00 2.75% 10 $596.00 $46.00 $159.79
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
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
14 4/13/2017 Linda&Daniel McClellan ER-17 810 Jackson Ave NW 4/21/2017 contractor selected 8/28 $650.00
7/25/2017 Kyle&Jennifer Torfin ER-18 1811 Main St.NW 7/31/2017 scope of work sent for approval 8/29
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
8/24/2017 Dianna Anderson ER-18 430 Rush Ave NW 8/29/2017 sent initial approrval letter 8/29/17
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
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 1017 Main St.NW 8/9/2016 Dave asked to cancel his application 9/23/16
Applications in Process
App.Date Name I 'Home Address I I 1 I I
As of 8/31/17
Borrower Principal Interest Four year total rehab funds below:
Cunningham $819.52 $226.48 $340,000
Hanson $237.50 $62.50 Total loan amounts/rehab funds: $283,405 Total LBP: $9,756
Hicks $1,989.42 $1,109.27 Rehab balance $46,839
Jungers $24,881.69 $472.15 Additional contribution $50,000
Mahon $2,098.09 $110.93 Principle $64,629
Menning $3,403.75 $766.73 Interest $6,986
Olesen $2,558.72 $1,481.89
Sandhoefner $181.24 $57.29 Available to loans $168,454
Stimpson $3,767.27 $848.65
Swenson $2,692.56 $1,542.45
Thompson $22,000.00 $307.97
$64,629.76 $6,986.31
$71,616.07 Total principle and interest received to date
Mortgage and Repayment Agreement
(Elk River BRA Owner-Occupied Housing Rehabilitation Program)
g )
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
29th day of March, 2017 (the"Effective Date"), by and between Daniel McClellan and Linda McClellan,
husband and wife,("Owners")the owner of the property located at 810 Jackson Ave.NW, Elk River,MN
55330, and legally described as set forth in the attached Exhibit A (the"Property")and the Housing and
Redevelopment Autljorityice. and for the City of Elk River,(the"HRA"),having its principal office at,I3065
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 April 20th,2017(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 Six Thousand Five Hundred 'rt -four and 00/ i i 6 5 '.00 Doll. .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 2.25%,per annum in installments of principal
and interest of$115.24 per month,beginning on December 15',2017 through
and including November 1st 2022(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 p y 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 mere 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(1)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
5
.
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.
0 er and Mortgagor:
(p.,0
' 4 1
).'1,_, Kik. ki' lir 1
da cClellan
e- _ r ' F 1 ',/e
/ .
6 aniel McClellan
STATE OF MINNESOTA)
)ss•
COUNTY OF(WO i LIM)
The foregoing instrument was acknowledged before me this B dayof 20 1 7
� b� , ,by
Linda McClellan and Daniel McClellan.owner and mortgagor.
or
tas_ . • ejbmi
of• Public
BARBARA
B. DORE RE
{•.T' . COMM. t
6148321
: :: i �� Notary Publtc€)441:-.:',,i,,,, State of Minnesota
\41,;,,t, Kiv Commission
Expires 1/31/2020
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 ,Z0 ,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 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
Real Property in Sherburne County,Minnesota,described as follows:
Lots 28 and 29,Block 1,North Park Addition,according to the recorded plat thereof.
A-1
Loan Amortization Schedule
Enter valves Instructions
,______________
Loan amount 1$ 6.534.001 :'..,..,,t,:.-:-;.,- ,, . ..1 =)v• .15
Annual interest rate 1 2.250%i ;;-Ff..•r.',,,;:-.,1...,/,,,H.• ...!r, ,?:.:,:•;,!.,,,
Loan period in years
Start date of loan i-----1271/i015i1
Optional extra payments -1
1 ---,
Scheduled monthly payment
$ 115.24
Scheduled number of payments 60
r
Actual number of payments 60
Total of early payments $ -
Total interest 1$ 380.54 I
1
Beginning Scheduled
No. Payment Date Balance Payment Extra Payment Total Payment Principal Interest Encfing Balance
......
I i 211/2017 $ 6534.00 $ 115 24 -.S.,:.,-. s. H524 t H 5 24 f.:,-- 102.99 $ 12.25 ..i 6.431.0 i
2 1/1/2018 $ 6,431-01 $ .2 1 f,.24 :-$--1;7-..;- - ''' $ 1 i 5 94 5 103.18 5 I 20 i 6,31/.82
3 2/1/2018 $ 6.32782 5 115.24 ,$.:-,-,.-•,-,!:-..„, , 115.24 $ 103.38 1 11.8/, $ 6.224.45
-.,-..,,,; .... 5
P4/1/2018 $ 6.224.45 $ 115,24 „-$1,:,: ':I-, 1 • 3: :- H 5 24 :S 103.57 i 11,67 1- 6120.38
--. -..„
5 z/1/2018 $ 6 120.88 $ 115.24 : ,--.-,.,,-..;.:.'--.,:,....'...:-':_':-,:: $ -115.24 S 103.77 $ 11.41 5 6 017 1 1
6 5/1/2018 $ o.0171) 5 '1 •- ' '
11.5.24 '' :i-'-'f1":-'-."---7,--.'''' ' i 15.24 5. 103 96 $ 11.25 5 5913.15
, •••.,',1 .,,;‘,.. '..-.'',..•.:-,.' ,
7 6/1//018 5 5.913,15 5 115.z.4 •';$ 4 .., 4)
-,:--•.••'"•;.-: :L.:--: -., M524 $ 104.16 5 1.09 $ 5 808 99
f.; 7/1/9018 $ 5,808-99 $ 115.24 $:-':-..,;:,,i-,:.2..., • , .. ,. 11.5.24 $ 10435 1 10 89 $ 5 704,64
-..:---..v.:. ., .,,,,-..,'-J- ,-
9 8/1/2018 $ .5.704.64 $ 11524 ,14,-, --',:.;::::;::,:t. 4, '15.24 5 104.55 $ 10.70 $ 5,600.10
,. .. ,. _
10 9/1/20)8 $ 5•400,10 5 115.24 ;•'-$.4:-.•"<'?,Z;',.,.:::;:',,::f' $ 11.5.'24 $ 104.74 5 I050 $ 5.495.35
- -'‘•i.;.=--,',-.!'
115.24 -'.'s.t.,,:,--•!",',7-.,-- ..:::•-•--,„ $ 115 24 1 104.94 $ 10.30 .$ 5 390 42
11 10/1P018 $ 5 495.35 $ - --,-i-..,-.-:
12 11/1/2018 $ 5-390-42 $ 1)5.24 .;-.Si': ,..:....:",:: :-,----,',..:-, $ 115 24 5 105 14 5 10.11 i 5.285.28
..- 13 12/1/2018 5 5,285.28 $ 115,24 '-'.4:1---s',-.'j-.';',-=„7--!.::,..•:T.- 5
. ::.:-.-;.-f:;21: ... 11.5 24 $ 105.33 $ 9.91 $ 5179.95
14 1/1/2019 $ 5..17935 $ 115 24 .i-$-;±..;,4.!_,..;.:J---,. , $ 115.24 $ 105.53 5 971 5 5_074.42
,„•,,,,,.,,,.T.2.'-'_,:-...7 --..
15 2/1/2019 $ 5,074.42 $ 115.24 ''S''':,,C.e4.':...:`..;T.1:1: ..I' 115.24 $ 1053 $ 9.51 $ 4.968.69
:q--•.,'-' ---',,\.1. ...,-;.,.-: .:...:7;!..',•,: 1, 9,32 $ 4,862.75
115 24 $ 105.93 5
16 3/1/2019 5 4.968.69 $ 115.24 .-':*1.-.--' .-!• ...- •..-?-
17 4/1/2019 $ 4,862.76 $ 115:24 47.2.ii'..'::-.'-e:'- i4-.:1!--:4C $ 115.24 $ 106.12 $ 9.12 $ 4756.64
IS 5/1/2019 5 4,756.64 $ 115.244,,+:4,,111,,:':-i---.,,',i•'.--:,-,7?- a-,,' ;
115.24 $ 106.32 5 8.92 $ 4 650.32
.e -,=;?..:7,:.: . ,?-.-a, q; 1 I 5 24 $ 106.52 5 8 72 5 4 543 7?
19 6/1/2019 $ 4.650.32 $ 115.24 4.-.t,--.:.,- 4
,-,:.:1t,.;':;k-,,,'-:
20 711/2019 $ 4,543.79 $ 115.24 .'':".k?'''''• ,
-,7---•••'.,,'.,, S 11.5,24 $ 10ó2 $ 8.52 $ 4.437,07
- .,--*V;',-•''•.:- .:.-!' ,-
21 8/1/20 I 9 $ 44107 $ 115.24 ..,2*:,,,,,-.,,f,;;:.:k-A.A'.iy,..4' -!, 1152t 5 106.92 T 8.32 5 4 330 15
22 9/1/2019 5 4,330.15 $ 115.24 ;• 115.2-1 $ 107 12 5 8.12 $ 4.223_02
- . , : ,,,
$:- ,'i.$:' ,:', :;-.'Ir--,,'.•: $
115.24 5 107.32 5 7.92 $ 4,)157Q
23 10/1/1019 5 4,223.02 $ 115.24 ';:qi ,.-::::-:,,,,z.w.,„;. ,
- ,.,,, ....,:..,..1,,,:: ,
11.5.24 $ 107.53 $ 7.72 $ 4.008. 7
24 11/1/2019 $ 4.115.70 5 11...5.24 :-*-4.,',I.,, ,-, ,--: -
95 12.'i/2019 5 4,008 17 $ 115.'4A-,.--67--,•-•,'-;--b<'-.-: $ 115.24 $ 107.73 5 7.52 2 -a 900 45
26 1/1/2020 $ 3.900.45 $ 115 24 ',.:$...-:-!--.---,-,,..-. !----., $ 115 2.4 $ 107.93 i 73) $ 3.792.52
- .... ,,..... ..
27 2/1/2020 $ 3:792.52 $ 11.5.24 $'-'1-7-3 ,.,.- - ,..--: ,, 115.24 5 1083 5 7.11 5 36839
28 3/1/2020 $ 3.684.39 4 15241 S,-- ;
'-' -,•,. .-.7:4,...-. ,.. -i-- 115 24 $ 108 33 $ 6.91 $ 3,576.05
--7:.e.' ---:,.:..1,-.,"--, ."-
29 4/0020 $ 3,576.05 $ 115 -.24 $.,-..:• '-..-',..--,,,;.:.,=. 115.24 5 108.54 5 6.71 $ 346752
30 5/1/2020 5 3.467.52 S
115,24 4.-..,_-'. .•.?., i..-..,:: , 115,24 5 108.74 $ 6.50 $ 3.358 77
31 6/1/2020 $ 3358-77 $ 115.24 4 -,, •,-')_'' 115.24 $ 108.94 $ 6.30 $ 3 249 83
32 711/2020 $ 3.249.83 $ 115.24 '.,i-F;;,:-'7:; 1- 5.'.•:::,,,:;,::- -'' 115.24 1. 109.15 5 6.09 5 3,140.68
33 8/1/2020 5 3.140,68 5 115.24 Ic-:),..--;;.-;:-.:=:.,L'-:.;:::.,-_.- $ 11.5.24 $ 10935 5 5.89 5 303133
34 9/1/2020 $ 3,031.33 $ 115.24 - '-'.-- -‘,,-,,,. , - 5 115.24 $ 109.56 $ 5.65 5 2921 77
35 10/1/2020 $ 2.921,77 5 115.24 -;4'4---:---,-•''.• : -4i'- : t 15.24 5 109 76 $ 548 5 2,812 00
$
36 11/1/2020 $ 2.812 ,-
.00 $ 115.24 4--2,--.,- .----- ..- , • , 115.',4 5 109 97 5 527 5 2702.03
.,
37 12/1/2020 $ 2.70203 .$ 115.24 ,.•,:* :‘....:.:c.„'..-- $ 115.24 $ 110.18 $ 5.07 $ 7,591 86
38 1/1/2021 $ 2.591_86 $ 115.24 :;,•$•i....,, ..:-,-.,,,, .." $ 15241 $ 110.36 $ 4.86 $ 2 481.48
115 24 -$-.._',- I.
. '. , -
39 2/i/2021 $ 2,481 48 5 -,--- -.- - 115.24 $ 110.59 $ 465 1 23'08
40 3/1/2021 $ 2.370.89 $ -
.--- ---'
115.24 41--:: -,-,i, 2
115.24 ..', 110.80 $ 4,, ,.. .;,
-,. . 2.260.09
41 4/1/207i $ 2...260.09 5 i 1524 ..'$ ‘.-':-.-' _,....;* . $ -;15.2-I $ i 11.00 $ 4.24 $ 214908
42 5/1/2021 5 2 149 08 $ 1594 - -- -
i . -:$-. , :- ''' ., $
-..,,,-, , • ..•.,, 1)5 24 $ 11).21 $ 4,03 5 2.03707
1 i
43 6/!J2021 $ 2,037:87 $ 115.24 -1,..,:•:.!, ..- -:,-- - $ 15.7.4 :i i1 42 1 382 $ 1,92645
115.24
•
...
. - ,_ a
44 7/1/2021 $ 1.926.45 $ .., .
,..$-,--,. ,-;„ :. - 1 i...:',.24 1 11 i 63 5 361 $ 131482
;. --;
45 8/10021 5 161482 5 11.524 '$: ' ' .--1,, - - 5 115.2.4 5 1 1.! ..",,,.4 5 340 5 1 70-)98
Beginning Scheduled
_..�� -- ------ _ .�____,
Na. - Payment Date Balance �� Payment Extra Payment Total Payment Principal interest Ending Balance
4 9/1;202-1-1-1 702 9 `! - 115.24
1 r i s ;5. ,, _ 1 y r_1-.- 1j2
T-
^.f I 59003
41 1011/2021 i ;.x90.93 • :11s.24 ,S - w. 15.24 i e '. •-y- ..S....':;
Oar 11/1/2021 $ 1,=17 .c/ 1, i 15 M,.
.24 fit• r :-r ' .15.24 $ ( 2 4? r 77 I. 31'.,6.20
49 2,':/2021 $ 1.366.20 $ 1 i 3`' .!.,,4:-,,..:.:; 5- - 115.24 ti 112.66 'w
1 i
50 :/I/202: $ ';5.x-52 $ 11.5. ,; Y r , , f {, 1 - r n
/jfrG �� I,Lf �� 11-5.24 } ''ry t' 115.24 i /� },(
1 .0. 3 .Y '.. j♦o*;d 66'6 i i 3.:`} $ 2.1 4 $ 1.027.52
52 3/1/2022 $ 1,027..22 $ 11 2 C �,
) '415.24
2 t. '`.� r�S s-r:A'r�•4r.�>- '+� 1 f LJ.l.�t d� t i v..J2 � 4. 1./ .i � ..r`f
3 411/2022 $ a �"R,,a,.,. -,.f„!7:',,,..-
t` - 4 1 `1 ? f ..`..53 .1. 1.71 60168
5-+ 5/1/2022 $ B0`•).r 8 *. 115.24 ::‘-.V.-',--;:.:1'37.:.`::-',.,..=4;-`..::-•r,i `Y I 1 5.2 4 1.. 1 r 3.-14 1.5( •, 580.94
56 7/1/2022 b -�y4 • i [ ws ^` ;.. - -. r
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Elk River HRA Homeowner Rehabilitation Program
Truth in Lending Statement
2.25%Installment Loan
Borrower(s): Daniel&Linda McClellan Project#: ER-17
Project address: 810 Jackson Ave.NW Elk 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 after you have made
(total interest) your behalf all payments as scheduled
2.25% $380.54 $6,534.00 $6.914.54
Your payment schedule will be:
Number of Payments Amount of Payments Due Date Monthly Starting
6Q $115.24 1st of each month December 1st.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$6,534.00
• Construction costs associated with rehabilitation project
The makers,guarantors,endorsers and any other parries 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.
InBorrower: I4p; 9Date:
7;
7,4e
-7-77
Borrower: ` �, U t... /.
Date.
Exhibit B
Amortization Schedule and Truth in Lending Statement
B-1
Exhibit C
Permitted Encumbrances
None
C-1