7.1. HRSR 11-05-2018
Request for Action
To Item Number
Housing and Redevelopment Authority 7.1
Agenda Section Meeting Date Prepared by
General Business November 5, 2018 Colleen Eddy, Economic Development Specialist
Item Description Reviewed by
HRA Rehabilitation 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
Fifteen projects have been completed to date. One project is in process and one application has been put
on hold. Over $336,579 has been disbursed over the four-year rehabilitation program period. 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 October 9. Three people attended, all of whom seemed
very interested in participating with a scope of work including siding and windows.
Financial Impact
N/A
Attachments
HRA Loan Program Report
October HRA Project and Financial Update
Gadach Mortgage and Repayment Agreement
The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional
service, and community engagement that encourages and inspires prosperity
., central minnesota
• • HOUSING PARTNERSHIP
37 28th Avenue North Suite 102
St. Cloud, MN 56303-4242
Phone: 320.259.0393
Fax: 320.259.9590
- www.cmhp.net
October 29h, 2018
City of Elk River
Attn: Colleen Eddy
13065 Orono Parkway
Elk River, MN 55330
RE: City of Elk River HRA Homeowner Rehabilitation Program
Materials for the November 5h, 2018 HRA Meeting.
Dear Colleen:
Enclosed are the following items for the Elk River HRA meeting on Monday November 5h.
• Monthly program progress report
Thank you,
Ed Z
Program Manager
Enclosure
Cc: file
A MINNESOTA // j Q MN TDD 711
NONPROFIT CORPORATION V ;:.:;:-;- EQUAL OPPORTUNITY EMPLOYER
2018 Elk River HRA Homeowner Rehab Program Monthly Report November 2018
Updated: 10/29/18
Completed Projects
App. DateHome AddressDate Current StatusLoan amountLoan rateLoan Lead Paint Recording Monthly
NameProject #
Approvedterminspect.FeesPayment
Projects Under Construction
App. DateHome AddressDate Current StatusLoan amountLoan rateLoan Lead Paint Recording Monthly
NameProject #
Approvedterminspect.FeesPayment
4/26/2018870 Vernon AveNotice to proceed sent 9/24$25,000.004.00%10$425$46.00$253.11
Jessica & Lynn GadachER-216/1/2018
17
Projects Ready for Construction
App. DateHome AddressDate Current StatusLoan amountLoan rateLoan Lead Paint Recording Monthly
NameProject #
Approvedterminspect.FeesPayment
Projects Bidding/Waiting for Approved Scope
App. DateHome AddressDate Current StatusLoan amountLoan rateLoan Lead Paint Recording Monthly
NameProject #
Approvedterminspect.FeesPayment
5/16/20181837 8th St. NWLea requested to put process on hold $0
Lea RaduenzER-205/17/2018
16
Approved Applications
App. DateHome AddressDate Current StatusLoan amountLoan rateLoan Lead Paint Recording Monthly
NameProject #
Approvedterminspect.FeesPayment
Projects Closed Applications
App. DateHome AddressDate Current StatusLoan amountLoan rateLoan Lead Paint Recording Monthly
NameProject #
Approvedterminspect.FeesPayment
Applications in Process
App. DateHome Address
Name
mailed app. to Jacky Kuykendall 7/24/18816 Jackson Ave NWFour year program allocation
$350,000
Total loan amounts/rehab funds:$336,579
30-Oct-18
Rehab balance:$13,421
BorrowerPrincipalInterestPrinciple$109,971
Cunningham$3,516.12$892.88Interest$14,287
*
Hanson$25,000.00$688.13
Available to loan$137,679
Hicks$3,440.09$1,898.01
Hoops$1,488.21$978.33
*Jungers$24,881.69$472.15
Krieg$1,886.99$560.60
Mahon$3,458.51$156.25
McClellan$1,143.58$124.08
Menning$5,461.56$1,142.16
Olesen$4,195.20$2,304.19
Sandhoefner$2,762.60$815.33
Stimpson$6,044.35$1,264.19
Swenson$4,258.59$2,302.42
*Thompson$22,000.00$307.97
Torfin$433.81$380.15
$109,971.29$14,286.84
$124,258.13
Total principal and interest received to date
.. central m nnesot-
•� HOUSING PARTNERSHIP
September 20'', 2018
City of Elk River
Ann: Colleen Eddy
13065 Orono Parkway
Elk River, MN 55330
37 28th Avenue North Suite 102
SEP r MHSt. Cloud, MN 56303-4242
Phone: 320.259.0393
Fax: 320.259.9590
www.cmhp.net
RE: City of Elk River HRA Homeowner Rehabilitation Program
Materials for the October Is', 2018 HRA Meeting.
Dear Colleen:
Enclosed are the following items for the Elk River HRA meeting on Monday October Is'.
• Monthly program progress report
• Loan documents for the Gadach project located at 870 Vernon Ave. NW
Lea Raduenz has chosen a contractor and we had contracts and loan documents ready to go but
then she requested that we put her application on hold until late October or early November. I'm
hopeful this one will still happen but most likely the work won't get completed until next spring.
Thank you,
4
Ed Zi y
Program Manager
Enclosure
Cc: file
ANINNESUTA �QN.NIDD /!I
NONPROFIT CORPORA! ION EQUAL OPPORTUNITY EMPLOYER
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 Statmtes, §287.04, because the principal amount of ilte mortgage lean 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
I" day October of 2018 (the "Effective Date"), by and between Eileen L. Gadach a single person as Life
Estate Holder and Teresa Gadach Gerald Gadach, Edward W. Gadach, Lynn Gadach, Mary J. Gadach and
Janet Tschida as 'oint tenants, (hereinafter referred to as "Owners") of the property located at 870 Vernon
Ave. -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 Rivnr, (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 May 31", 2018 (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 Twenty -Five Thousand and 00/100 ($25.000.00) 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 4.00% per annum in
installments of principal and interest of $253_11 per month, beginning on January 1", 2019
__ through and including December 1", 2028 (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 HFA 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.
G. 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 tern "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 sante, 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 accred 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,
S-2
(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.
9. This Mortgage shall nm 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.
Owners and Mortgagor:
Eileen L. Gadach Lifp Estate
Teresa
! ¢ to " m4i
Gerra`fdMdach .16ihtlennant
Mary J. Ga ch Joint Tennant
Ja Tschida Soint Tennant
STATE OF MINNESOTA)
)ss.
COUNTY OF (�
The foregoing instrument was acknowledged before me this f_�day of� s rn 20J5, by
Eileen L. Gadach a single person as Life Estate holder, owner and mortgagor.
S-3
*DEBORAH L SWANSON
Notary Publices
Minnota
rsion Ex Z January 31, 2022
STATE OF MINNESOTA)
)ss.
COUNTY OF (,)
Notary Public
The foregoing instrument was acknowledged before me this �wlay of "`�#"'� m%t ✓, 20J$ by
Teresa Gadach, as joint tenant, owner and mortgagor.
OEBORAHLSWANSON
Notary Public
Minnesota
fission Ez s Janus 31, 2022
STATE OF MINNESOTA)
)ss.
COUNTY OF
Notary Public
The foregoing instrument was acknowledged before me thisl,;(-� day of1 o n__ 20_15, by
Gerald Gadach, as joint tenant, owner and mortgagor. — t
Notary Public
STATE OF MINNESOTA)
)ss.
-COUNTY Or ldj� {tet r
The foregoing instrument was acknowledged before me this d day of /1n mY1J^_ , 20ja by
Edward W. Gadach, as joint tenant, owner and mortgagor. i
DEBORAH L SWANSON QZDJL L2���
Notary Public Notary Public
Minnesota
Ex 'res Januerr 31 2022
M!
STATE OF MINNESOTA)
)ss.
COUNTY OF
The foregoing instrument was acknowledged before me this day of_— 20A<5, by
Lynn Gadach, as ioint tenant, owner and mortgagor.
DEBORAH L S SON
IM Notary Public
MNneaota
31 2022
STATE OF MINNESOTA)
)ss.
CoUj 4 I CF (C
'a - �-
The foregoing instrument was acknowledged before me this j day of�_/, 201Z, by
Mary J Gadach, as joint tenant, owner and mortgagor.
Aftk DEBORAH L S blit SON
Notary Pubik
Mumesole
Exores Jawg 31, 2022
STATE OF MINNESOTA)
)ss.
COUNTY OF (8�X,-bLr�
sZ-iX. 0 =e -k1C
Notary Public
The foregoing instrument was acknowledged before me thisa�t day ofa-i. , rn , 20J5, by
Janet Tschida, as joint tenant, owner and mortgagor.
DEBORAH L SWANSON
Notary Public
Minnesota Notary Public
013510"Exft Janus 31, 2022
S-5
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 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-6
Exhibit A
Legal Description of Property
Real Property in Sherburne County, Minnesota, described as follows:
Lot 2, Block 1, Upland Heights, according to the recorded plat thereof, and situated in Sherburne
County, Minnesota.
MN
Exhibit B
Amortization Schedule and Truth in Lending Statement
Loan Amortization Schedule
Enter values Instructions
Loan amount $ 25,000.00 ....
Annual interest rate 4.000% r::,
Loan period in years 10
Start date of loan 1/1/2019
Optional extra payments
Scheduled monthly payment
$ 253.11
Scheduled
number of payments
120
Actual number
of payments
120
Total of early
payments
$
Total interest
$ 5,373.54
Beginning
Scheduled
No.
Payment Date
Balance
Payment
Extra Payment
Total Payment
Principal
Interest
Ending Balance
1
1/1/2019
$
25,000.00
$ 253.11
$ -
$ 253.11
1 169.78
$
83.33
$ 24,83022
2
2/1/2019
$
24,830.22
$ 253.11
$ -
$ 253.11
$ 170.35
$
82.77
$ 24,65c.88
3
3/1/2019
$
24.659.88
$ 253.11
$ -
$ 253.11
$ 17091
$
8220
$ 24.488.96
4
4/l/2019
$
24,488 96
$ 253.11
$ -
$ 253.11
$ 171.48
$
81.63
$ 24.317.48
a
5/1/2019
$
24.317.48
$ 253.11
$ -
$ 253.11
$ 172,05
$
8106
$ 24,14542
6
6/1/2019
$
24.145.42
$ 253.11
$ -
$ 253.11
$ 17263
$
80.48
$ 23,972.80
7
7/1/2019
$
23.972.80
$ 253.11
$ -
$ 253.11
$ 1'3.20
$
7991
$ 23,799.59
8
8/1/2019
$
23,799.59
$ 253.11
$ -
$ 253.11
$ 173.78
$
79.33
$ 23,62581
9
9/1/2019
$
23.625.81
$ 253.11
$ -
$ 253.11
$ 174.36
$
78.75
$ 23,45145
10
10/1/2019
$
23.451.45
$ 253.11
$ -
$ 253.11
$ 17494
$
7817
$ 23,276.51
11
11/1/2019
$
23.276.51
$ 253.11
$ -
$ 253.11
$ 175.52
$
77.59
$ 23 100 99
12
12/1/2019
$
23.100.99
$ 253,11
$ -
$ 253_ 11
$ 176 11
$
7700
$ 2292488
13
1/1/2020
$
22,924.88
$ 25311
$ -
$ 253.11
$ 176 '0
$
7642
$ 22.748.18
14
2/1/2020
$
22.748.18
$ 253.11
$ -
$ 253.11
$ 177.29
$
75.83
$ 22.570.89
15
3/1/2020
$
22570.89
$ 253.11
$ -
$ 253.11
$ 177.88
$
75.24
$ 22,39302
16
4/l/2020
$
22,393.02
$ 253.1 1
$ -
$ 253-1 1
$ 178,47
$
74.64
5 22,214 55
17
5/1/2020
$
22,214.55
$ 253.11
$ -
$ 2253.11
$ 179.06
$
74.05
$ 22.03548
18
6/1/2020
$
22035.48
$ 253.11
$ -
$ 253.11
$ 179.66
$
73.45
$ 21855.82
19
7/1/2020
$
21,855.82
$ 253.11
$ -
$ 253.11
$ 180.26
$
72.85
$ 21.675.56
20
8/l/2020
$
21 67556
$ 253.1 1
$ 253.11
$ 180-86
$
7225
$ 21.494 70
21
9/1/2020
$
21,494.70
$ 253.1!
$ -
$ 253.11
$ 181.46
$
71.65
$ 221.31324
22
10/1/2020
$
21,31324
$ 253.11
$ -
$ 253.11
$ 182.07
$
7104
$ 21131.17
23
11/1/2020
$
21.131.17
$ 253.1 1
$ -
$ 253.1 1
$ 182.68
$
70.44
$ 20,948.49
24
12/1/2020
$
20948.49
$ 253.11
$ -
$ 253.11
$ 183.28
$
69.83
$ 20,765.21
25
1/1,2021
$
20.765.21
$ 253.1 1
$ -
$ 253.1 1
$ 183.90
$
6922
$ 20 581.31
26
2/1/2021
$
20,581.31
$ 253.11
$ -
$ 253.11
$ 184.51
$
68.60
$ 20,396.80
27
3/1/2021
$
20.396.80
$ 253.11
$ -
$ 253.11
$ 185.12
$
6799
$ 20.211.68
28
4/1/2021
$
20.211.68
$ 253.11
$ -
$ 253.11
$ 185.74
$
67.37
$ 2.0,025.94
29
5/1/2021
$
20.025.94
$ 253.11
$ -
$ 253.11
$ 186.36
$
66.75
$ 19,839.58
30
6/1/2021
$
19.839.58
$ 253.11
$ -
$ 253.11
$ 186.98
$
66.13
$ 19.652.60
31
7/1/2021
$
19,652.60
$ 253.11
$ -
$ 253.11
$ 187.60
$
65.51
$ 19.465.00
32
8/1,2021
$
19,465.00
$ 253.11
$ -
$ 253.11
$ 188.23
$
64.88
$ 19.276.77
33
9/1/2021
$
19.2-677
$ 253.11
$ -
$ 253.11
$ 188.86
$
64.26
$ 19.08791
34
10/1/2021
$
19,087.91
$ 253.11
$ -
$ 253.11
$ 189.49
$
63.63
8 18.898.42
35
11/1/2021
$
18.898.42
$ 253.1 1
$ -
$ 253.1 1
$ 190.12
$
6299
$ 18 708.30
36
12/1/2021
$
18,70830
$ 253.11
$ -
$ 253.11
$ 790,75
$
62.36
$ 18,517.55
37
1/1/2022
$
18.517.55
$ 253.11
$ -
$ 253.11
$ 191.39
$
61.73
$ 18.326.17
38
2/1/2022
$
18.326.17
$ 253.11
$ -
$ 253.11
$ 192.03
$
61_09
$ 18.13414
39
3/1/2022
$
18.134.14
$ 253.11
$ -
$ 253.11
$ 192.67
$
60.45
$ 17.94147
40
4/1/2022
$
17.941.47
$ 253.11
$ -
$ 253.11
$ 193.31
$
59.80
$ 17,748.17
41
5/l/2022
$
i 7.748.17
$ 253.1 1
$ -
$ 253.11
$ 193.95
$
59.16
$ 1755421
42
6/l/2022
$
17.554.21
$ 253.11
$ -
$ 253.1 1
$ 194.60
$
58.51
$ 17,359.61
43
7/1/2022
$
17359.61
$ 253.11
$ -
$ 253.11
$ 195.25
$
57.87
$ 1? 164.37
44
8/1/2022
$
17,164.37
$ 2531 1
$ -
$ 253.1 1
$ 19590
$
57.21
$ 16,968.47
45
9/1/2022
$
16968.47
$ 25311
$ -
$ 253.11
$ 196.55
$
56.56
$ - 16771.92
No.
Payment Date
Beginning
Balance
Scheduled
Payment
Extra Payment
Total Payment
Principal
Interest
Ending Balance
253.11
$ -
:I
2_3
197.=
$
5551
$ 163 --
47
11/1/2022
$ i .'Ts -
25311
$ -
S
25311
$ 197B6
$
55,25
$ 1,_ 37,
48
12/1/2022
$ io.S_ �s5
1
253.11
$ -
:
253.11
J,, 198.52
$
5459
49
1/1/2023
$ 16.178.32
$
253.11
$ -
$
253.11
z 199.19
$
5393
$ 15.979.14
50
2/1/2023
$ 159-19 14
$
253.11
$ -
$
253.11
$ 19985
$
53.26
$ 157'929
51
3/1/2023
$ 15.77929
$
253.11
$ -
$
25311
_ 2-'3052
$
52.60
$ ��...-
52
4/1/2023
$ 15.578.77
$
253.11
$ -
$
253.11
e 201.18
$
51.93
$ 15.37759
53
5/1/2023
$ 15.3'7.59
$
253.11
$ -
$
253.11
1 201.85
$
51.26
$ 15.1"74
54
6/1/2023
$ 15.17574
$
253,11
$ -
$
253.1 1
$ 202.53
$
50,59
$
55
7/1/2023
$ 14.973,21
$
253.11
$ -
$
253.11
$ 20320
$
49.91
$ 147-1-,
56
8/1/2023
$ 14,7'0.01
$
253.11
$ -
$
253.11
$ 203.88
$
49.23
$ 1ASa6.!_1
57
9 /1 /2723
$ 14,566.13
$
253.1 1
$ -
$
25111
$ 204 56
$
48.55
$ 14 3c, ;7
58
1011 /2023
$ 14,36157
$
253.1 1
$ -
$
253.11
$ 205 24
$
4787
$ 14156.33
59
1i/1/2023
$ 14156.33
$
253.11
$ -
$
253.11
$ 20593
$
47.19
$ 13957.40
60
12/1/2023
$ 13,950.40
$
253.11
$ -
$
253.11
$ 206.61
.$
46.50
$ 13.743'9
61
1/1/2024
$ 13,743,79
$
253.11
$ -
$
253.11
$ 207.30
$
45,81
$ 1-3,53649
62
-'/1/2024
$ 13,536.49
$
253.11
$ -
$
253.11
$ 207.94
$
45.12
$ 13. 28,50
63
3/1/2024
$ 13.328.50
$
253.11
$ -
$
25311
$ 208.68
$
44.43
$ 13.119.82
64
4/1/2024
$ 13,119.82
$
253.11
$ -
$
253.11
$ 209.38
$
43.73
$ 12910.44
65
5/1 /2024
$ 12.910.44
$
253, 1 1
$ -
$
253.1 1
$ 210.08
$
43.03
$ 12 700,36
66
6/1/2024
$ 12.700.36
$
253.11
$ -
$
253.11
$ 210.78
$
42.33
$ 12.48958
6/
7/ 1/2U24
$ 12,489.58
$
253.1 1
$ -
$
2.53.1 1
$ 21 1.48
$
41 .63
$ 12 278.1 n
68
8/1/2024
$ 12.278.10
$
253.11
$ -
$
253-11
$ 212.19
$
40,93
$ 12,06591
69
9/1/2024
$ 12,06591
$
253.11
$ -
$
253.11
$ 212.89
$
40.22
$ 11 853 'J2
70
10/1/2024
$ 11.853.02
$
253.11
$ -
$
253.11
$ 213.60
.$
39.51
$ 11.639.42
71
11/1/2024
$ 11,639.42
$
253.11
$ -
$
253.11
$ 214.31
$
38.80
$ 11.425.10
72
12/1/2024
$ 1 1,425.10
$
253.1 1
$ -
$
25111
$ 215.03
$
38.08
$ 1 1.210.07
73
1/1/2025
$ 11,210.07
$
253.11
$ -
$
253.11
$ 21575
$
37,37
$ 10994.33
74
2/1/2025
$ 10,99433
$
253.1 1
$ -
$
253.11
$ 216.47
$
36.65
$ 10,777.86
75
3/1/2025
$ 10,777.86
'$
253.11
$ -
$
253.11
$ 217.19
$
35.93
$ 10.560.68
76
4/1/2025
$ 10,560.68
$
253.11
$ -
$
253.11
$ 217.91
$
35.20
$ 10,342.76
77
5/1/2025
$ 10,342.76
$
253.11
$ -
$
253.11
$ 218.64
$
34.48
$ 10.124.13
78
6/1 /2025
$ 10,124.13
$
253.1 1
$ -
$
253.1 1
$ 219.37
$
33.75
$ 9 904.76
79
7/ 1 /2025
$ 9,904.76
$
253.1 1
$ -
$
253.1 1
$ 220.10
$
33.02
$ 9,684.66
80
8/ i /2025
$ 9,684.66
$
253.1 1
$ -
$
253.1 1
$ 220.83
$
32.28
$ 9,463.83
81
9/1/2025
$ 9,463.83
$
253.11
$ -
$
25311
$ 221.57
$
31.55
$ 9.242.27
82
10/1/2025
$ 9,242.27
$
253.11
$ -
$
253.11
$ 222.31
$
30.81
$ 9,01996
83
1 1/112025
$ 9,019.96
$
253.1 1
$ -
$
253.11
$ 223.05
$
30.07
$ 8,796.92
84
2/ 1 /2025
$ 8,796.92
$
253.1 i
$ -
$
253.1 1
$ 22379
$
29.32
$ 8.57313
85
1 / I12026
$ 8573.13
$
253.11
$ -
$
253.1 1
$ 22454
$
28.58
$ 8,348„9
86
2/1/2026
$ 8,348.59
$
253.11
$ -
$
2.53.11
$ 225.28
$
27.83
$ 8.123.31
87
3/1/2026
$ 8,123.31
$
253.11
$ -
$
253.11
$ 226.04
$
27.08
$ 7.897.27
88
4/ 1 /2026
$ 7,89727
$
253.1 1
$ -
$
253.11
$ 226.79
$
26.32
$ 7.670.48
89
5/1/2026
$ 7,670.48
$
253.11
$ -
$
253, 1 1
$ 227.54
$
25.57
$ 7,44294
90
6/1/2026
$ 7,44294
$
253.11
$ -
$
253.11
$ 228.30
$
24.81
$ 7,214.63
91
//1/2026
$ 7,214.63
$
253.11
$ -
$
253.11
$ 229.06
$
24.05
$ 6,985.57
92
8/1/2026
$ 6,985.57
$
253.11
$ -
$
253.11
$ 229.83
$
23.29
$ 6,755.74
93
9/1/2026
$ 6,755.74
$
253.11
$ -
$
253.1 1
$ 23059
$
22.52
$ 6.525.15
94
1011 /2026
$ 6,525.15
$
253.1 1
$ -
$
253.11
$ 231 .36
$
21.75
$ 6293.79
95
1 1/1/2026
$ 6,293.79
$
253,1 1
$ -
$
253.1 1
$ 232.13
$
20.98
$ 6,061.65
96
12/1/2026
$ 6,061.65
$
253.11
$ -
$
25.3.11
$ 232.91
$
20.21
$ 5,82875
97
11112027
$ 5,828.75
$
253.1 1
$ -
$
253.11
$ 233.68
$
19.43
$ 5 595.06
98
2/1/2027
$ 5,595.06
$
253.1 1
$ -
$
253.1 1
$ 234.46
$
18.65
$ 5,360.60
99
3/1/2027
$ 5,360.60
$
253.11
$ -
$
253.11
$ 235.24
$
17.87
$ 5,125-36
100
4/)/2027
$ 5,125.36
$
253.11
$ -
$
253.11
$ 236.03
$
17.08
$ 4,889.33
101
5/1/2027
$ 4,889.33
$
253.11
$ -
$
253.11
$ 236.82
$
16.30
$ 4,65251
102
6/1/2027
$ 4.652.51
$
253.11
$ -
$
253.11
$ 237.60
$
15.51
$ 4,41491
103
71112027
$ 4,414.91
$
253.1 1
$ -
$
253.11
$ 238,40
$
14.72
$ 4,176.51
104
8/1/2027
$ 4,176.51
$
253.11
$ -
$
253.11
$ 239.19
$
13.92
$ 3,937.32
105
9/1/2027
$ 3.937.32
$
2.53.11
$ -
$
253.11
$ 239.99
$
13.12
$ 3,697.33
106
10/1/2027
$ 3,697.33
$
253.11
$ -
$
253,11
$ 240.79
$
12.32
$ 3,456.54
107
1 1/1/2027
$ 3,456.54
$
253.11
$ -
$
253.1 1
$ 241.59
$
11.52
$ 3,214.95
108
121112027
$ 1214.95
$
253.1 1
$ -
$
25-3.1 1
$ 242.40
$
10.72
$ 2972.56
109
1 / 1 /2028
$ 2,972.56
$
253.1 1
$ -
$
253,1 1
$ 24320
$
991
$ 2 729.35
110
'U) /2028
$ 2.729.35
$
253.11
$ -
$
253.11
$ 244.02
$
9.10
$ 2,485.34
No.
Payment Date
Beginning
Balance
Scheduled
Payment
Extra Payment
Total Payment
Principal
Interest Ending Balance
'4�1 til
$
_,dJ i
$ -
_
. iv0�'.c
'ili_12_
lul l_
x,3.11
$ -
6
25S.I.
$ 348_I'
16
^,2,ji
53.17
_
>,33.I1
:0); I
i i I-- ..
>53.II
$
24997
$
1
kq30
$
2531
$ -
'b
.,.,..
$ 25u_5U
I9
11 _
>D3.71
`F
„;.11
$ -
:6
".Sl.I1
51 4;
3 ,...
%52.27
i (t4
Elk River HRA Homeowner Rehabilitation Program
Truth in Lending Statement
4.00% Installment Loan
Borrower(s): Jessica Gadach & Lynn Gadach Project #: ER -21
Project address:
Annual % Rate
870 Vernon Ave. NW
Finance Charge
Elk River, MN 55330
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
4%
$5,373.54
$25,000.00
$30,373.54
Your payment schedule will be:
Number of Payments
Amount of Payments
Due Date
Monthly Starting
$253.11 15' of each month January Pt, 2019
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 $25,000.00
• 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:
Date: /e -
Date: C
Exhibit C
Permitted Encumbrances
None
C-1