7.2. HRSR 10-05-2020 Request for Action
Cir•ci
Elk -
River=
To Item Number
Housing and Redevelo ment Authority 7.2
Agenda Section Meeting Date Prepared by
General Business October 5, 2020 Colleen Eddy, Economic Development Specialist
Item Description Reviewed by
Loan Modification for 1205 4th Street NW,Elk Amanda Othoudt,ED Director
River Reviewed by
Cal Portner, City Administrator
Action Requested
Approve,by motion,a resolution approving a Loan Modification for 1205 4"' Street NW,Elk River.
Background/Discussion
At their September 9, 2020, meeting,it was the consensus of the HRA to offer a loan modification to the
borrower at 1205 4th Street NW, Elk River to bring the account current. CEE's legal counsel prepared a loan
modification with the following terms for approval by the HRA. The HRA attorney reviewed the loan
modification and approved the terms.
Provided borrower complies with all terms and conditions contained in the agreement, the HRA will waive any
default of borrower under the loan documents and will forgo acting on any defaults.Although the HRA is not
obligation to do so, as of the effective date,the lender has agreed to modify the terms of the loan as follows:
The HRA agrees to roll the past due principal amount of$2,270.27, the unpaid accrued interest in the amount of
$884.84, and the unpaid late fees in the amount of$166.82 to the end of the current term of the loan. The term of
the loan is extended to September 1, 2033. The adjusted monthly payment to the same amount as established
through the original loan documents to $175.67.
(a) Principal Balance: $ 20,449.37
(b) Accrued and Unpaid Interest: $ 884.84
(c) Accrued Late Fees: $ 166.82
(d) Other Unpaid Fees: $ 0.00
Total: $ 21,501.03
All outstanding principal and interest of the Loan shall be due and payable in full on or before September 1 st,
2033.
Financial Impact
N/A
The Elk River Vision P O N E R E o R Y
A welcoming community avith revolutionary and spirited resourcefulness, exceptional [NAWR
service, and community engagement that encourages and inspires prosperity. Updated.August 2020
Mission/Policy/Goal
The goal of the HRA is to improve existing housing stock by offering incentives or programs to repair and
maintain residential properties.
Attachments
■ Original Mortgage and Payment Agreement
■ Loan Modification
■ Resolution
EXEMPT FROM REGISTUTION TAX
SHER URNE COUNTY
AUbITOR/ T t EASURER
`kn �5�(ll0
Office of the County Recorder
Sherburne County, MN
Doc. No. 818314
Certified, Filed, and/or recorded on
A-105 , 2016 8:35 AM
Mich Ile County Recorder
By `" Deputy
Fees: $46.00
NIINNIIIIIIIIIII
818314
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
27' Day of October. 2015 (the "Effective Date"), by and between Matthew R. Hicks and Carol Marie Hicks,
a married couple, (the "Owner") the owner of the property located at 1205 4" St. 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 Pkwv 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 June 51h, 2015 (the "Application"), both of
which are incorporated herein by reference as j� fully set forth herein, the HRA has agreed to make
to Owner a Housing Rehabilitation Loan, ( e "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 dvectly 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 3.25% per annum in installments of principal and interest of
$175.67 per month, beginning on April 1, 2016 , through and including March 1, 2031
(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.
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.
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 HILA 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 "fiill 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 fiuther force or effect upon payment in fiill 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, ofhazardous
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.
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 ofthe 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.
Owne��ortgagor: ����
tMatthew R. Hicks I/
Carol Marie Hicks
STATE OF MINNESOTA)
)ss.
COUNTY OF C% fb_tN)
The foregoing instrument was acknowledged before me this 29 day of �C�'/ '2015, by
Matthew R. Hicks and Carol Marie Hicks, a married couple.
JENNIFER O. JOHNSON
Notary Public
Minnesota N�Fr—` b� �" `✓
M1ly eanlnl oon Expires Ja Wy 97, 2020Public
r
Accepted and agreed to by:
HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY
STATE OF MINNESOTA)
)ss.
COUNTY OF Ees6�u
The foregoing instrument was acknowledged before me 's dC day of &VW6P , 20%Sby
the to C[/.r— and r 4bW the
�tCf��lP /%iYYrSreY�!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
No Public
DEBORAH KAY HUEBNER
low NOTARY PUBLIC -MINNESOTA
MY GM neon EON Jul. 31.2020
000 madoo-dd—]
THIS INSTRUMENT DRAFTED BY:
Housing and Redevelopment Authority for the City of Elk River
13065 Orono Pkwy NW
Elk River, MN 55330
r .
Exhibit A
Legal Description of property
The North 110 feet of Lot One (1), Block One (1), and the East Half (E '/z) of the North 110 feet of Lot
Two (2), Block One (1), Thomas Addition to the Village of Elk River, Sherburne County, Minnesota.
A_1
Exhibit B
Amortization Schedule and Truth in Lending Statement
How
Elk River HRA Homeowner Rehabilitation Program
Truth in Lending Statement
3.25% Installment Loan
Borrower(s): Matthew & Carol Hicks Project 4: ER -10
Project address: 1205 4'h Street 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
3.25%
$6.620.09
$25,000.00
$31.620.09
Your payment schedule will be:
Number of Payments
Amount of Payments
Due Date
Monthly Starting
180 $175.67 111 of month April 2016
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 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 thi Note, the and acknowledge receipt of a copy thereof prior to execution.
Borrower: Date: '31.3 )' ) ('
Borrower: �� M(%l'.1.0 ;("-,& Date: 3'31 II t(O
Loan Amortization Schedule
Loan amount
Annual interest rate
Loan period in years
Start date of loan
Enter values
$ 25,000.00
Instructions
Must be between I and 30 year,.
It yoor extra payments val,. en ler them In the table below -
3.2509
15
4/1/2016
Optional extra payments
Scheduled
monthly payment
$
175.67
Scheduled
number of payments
180
Actual number
of payments
180
Total of early
payments
$ -
Total interest
$
6,620.09
Beginning
Scheduled
No.
Payment Date
Balance
Payment
Extra
Payment
Total Payment
Principal
Interest
Ending Balance
1
4/1/2016
$
25,D00.00
$
17567
$
- $
275.67
$ 10796
$
67.71
$ 24,892.04
2
5/1/2016
$
24,892.04
$
17567
$
- $
175.67
$ 108.25
$
67.42
$ 24,7B3.79
3
6/1/2016
$
24.783.79
$
175.6'
$
- $
175.67
$ 108.54
$
67.12
$ 24.675.25
4
7/1/2016
$
24.675.25
$
175.6'
1
- $
175.67
$ 108,84
$
66.83
$ 24,566.41
5
8/1/2016
$
24.566.41
$
175.67
$
- $
175.67
$ 109.13
$
66.53
$ 24457.27
6
9/1/2016
$
24,457.27
$
175.67
$
- $
175.67
$ 109.43
$
66.24
$ 24.347.85
7
10/1/2016
$
24.347,85
$
175.67
$
- $
175.67
$ 109.73
$
65.94
$ 24.23812
8
11/112016
$
24.238.12
$
175-67
$
- $
175.67
$ 110.02
$
65.64
$ 24.128.10
9
12/1/2016
$
24128.10
$
17.56'
$
- $
175.67
$ 11032
$
65.35
$ 24.01718
10
1!1/2017
$
24.017.78
$
175.67
;;
- $
175.67
$ 110.62
$
65.05
$ 23,907.16
11
2/1/2017
$
23.907.16
$
175.57
$
- $
175.67
$ 110.92
$
64.75
$ 23.79624
12
3/1/2017
$
23.796.24
$
175.67
$
- $
175.67
$ 111,22
$
6445
$ 23.685.02
13
4/1/2017
$
23-685.02
$
17-5-67
$
- $
175.67
$ 11152
$
64.15
$ 23,573.50
14
5/ 1 /2017
$
23573.50
$
175.67
$
- $
175.67
$ 1 1 1.82
$
63.84
$ 23.461.68
15
6/1/2017
$
23.461.68
$
175.67
$
- $
175.67
$ 11 2- 13
$
63.54
$ 23,349.55
16
7/1/2017
$
23,349.55
$
175.67
$
- $
175.67
$ 112.43
$
63.24
$ 23.237.12
17
8/1/2017
$
23.237.12
$
17.5.67
$
- $
175.67
$ 112-73
$
6293
$ 23.124.39
18
9/1/2017
$
23,124.39
$
175.67
$
- $
175.67
$ 113.04
$
62.63
$ 23.011.35
19
10/1/2017
$
23.011.35
$
175.67
$
175.67
$ 113.34
$
62.32
$ 22,898.01
20
11/1/2017
$
22.898.01
$
175.67
$
175.67
$ 113.65
$
62.02
$ 22,784.36
21
12/1/2017
$
22784 36
$
175.57
$
- $
175.67
$ 113.96
$
61.71
$ 22,670.40
22
1/1/2018
$
22.670.40
$
175.67
$
- $
17567
$ 11427
$
61.40
$ 22.556.13
23
2/1/2018
$
22.556.13
$
175.67
$
- $
175.6'
$ 114.58
$
61.09
$ 22.441.55
24
3/1/2018
$
22.441.55
$
175.61
$
- $
175.67
$ 114.89
$
60.78
$ 22,326.66
25
4/1/2018
$
22,326.66
$
175.67
$
- $
175.67
$ 11.5.20
$
6047
$ 22.211.46
26
5/1/2018
$
22211.46
$
175,7
$
- $
175.67
$ 115.51
$
60,16
$ 22,09595
27
6/1/2018
$
22,095.95
$
1756'
1
- $
175.67
$ 115.82
$
59.84
$ 27,980.13
28
7/1/2018
$
21.980.13
$
175.67
$
- $
175.67
$ 116.14
$
59.53
$ 21,86399
29
8/1/2018
$
21,86399
$
175.67
5
- $
175.67
$ 116.45
$
59.21
$ 21,747.54
30
9/1/2018
$
21.747.54
$
175.6'
$
- $
175.67
$ 116.77
$
58.90
$ 21,630.77
31
10/1/2018
$
21,630.77
$
175.6'
$
- $
175.67
$ 11708
$
58.58
$ 21,513.69
32
11/1/2018
$
21,513.69
$
175.67
$
- $
175.67
$ 117.40
$
58.27
$ 21,396.29
33
12/1/2018
$
21,396.29
$
175.67
$
- $
175.67
$ 117.72
$
5795
$ 21.278.57
34
1/1/2019
$
21,278.57
$
175.67
$
- $
175.67
$ 118.04
$
57.63
$ 21,160.53
35
2/1/2019
$
21.160.53
$
175.67
$
- $
175.67
$ 118.36
$
57-31
$ 21.042.17
36
3/112019
$
21,042.17
$
175.67
$
- $
175.67
$ 118.68
$
56.99
$ 20.92349
37
4/1/2019
$
20.923,49
$
175.6'
$
- $
175.67
$ 119.00
$
56.67
$ 20804.49
38
5/1/2019
$
20.804.49
$
17567
$
- $
175.67
$ 119.32
$
56.35
$ 20,68.5.17
39
6/1/2019
$
20,685.17
$
175.67
$
- $
175.67
$ 119.64
$
5602
$ 20,565.53
40
7/1/2019
$
20,565.53
$
175-67
$
- $
175-67
$ 11997
$
5570
$ 20.445.56
41
8/1/2019
$
20,445.56
$
175.67
$
- $
175.67
$ 120.29
$
55.37
$ 20,325.27
42
9/1/2019
$
20.325.27
$
175.67
$
- $
175.67
$ 120.62
$
55.05
$ 20.204-65
43
10/1/2019
$
20,204.65
$
175.67
$
- $
175.67
$ 120.95
$
54.72
$ 20.083.70
44
11/1/2019
$
20.083.70
$
175.67
$
- $
175.67
$ 121.27
$
54.39
$ 19.96243
45
12/1/2019
$
19.962.43
$
175.67
$
- $
175.67
$ 121.60
$
54.06
$ 19.84082
Beginning
Scheduled
No.
Payment Date
Balance
Payment
Extra Payment
Total Payment
Principal
Interest
Ending Balance
46
1/1/2020
$
19.840,82
$
175.67
$ -
$
175.67
$
12193
$
5374
$
19,718.89
41
2/1,2020
$
19,718.89
$
!7567
$ -
$
175.67
$
122.26
$
53.41
$
19.596.63
48
3/1/2020
$
19,596.63
$
!7567
$ -
$
175.67
$
122.59
$
53,07
$
19.47404
49
4/1/2020
$
19.474.04
$
1/5.67
$ -
$
175.67
$
12293
$
52.74
$
19.351.11
50
5/1/2020
$
19351.11
$
17567
$
175.67
$
123.26
$
52.41
$
19.227.85
51
6/1/2020
$
19.227.85
$
175.07
$ -
$
175.67
$
123.59
$
52.08
$
19,104.26
52
7/1/2020
$
19.104.26
$
175.67
$ -
$
175.67
$
123.93
$
51.74
$
18,980.34
53
8/1/2020
$
18.980.34
$
!7567
$ -
$
175.67
$
124.26
$
51.41
$
18,856.07
54
9/1/2020
$
18,856.07
$
175.67
$ -
$
175.67
$
124.60
$
51.07
$
18,731.47
55
10/1/2020
$
18.731.47
$
175.67
$ -
$
175.67
$
124.94
$
50.73
$
18.606.54
56
11/1/2020
$
18.606.54
$
175.67
$ -
$
175,67
$
125.27
$
50.39
$
18,481.26
57
12/1/2020
$
18,481.26
$
175.67
3 -
$
175.67
$
125.61
$
50.05
$
18.355.65
58
1/1/2021
$
18.355.65
$
175.67
$ -
$
175.67
$
125.95
$
49.71
$
18.229.70
59
2/1/2021
$
18.229.70
$
175.67
$ -
$
175.67
$
126.30
$
49.37
$
18:103.40
60
3/1/2021
$
18,103.40
$
175.6'
$ -
$
175.67
$
126.64
$
4903
$
17,976.76
61
4/1/2021
$
17,976.76
$
175.67
$ -
$
175.67
$
126.98
$
48.69
$
17,849.78
62
5/1/2021
$
17,849.78
$
175.67
$ -
$
175.67
$
127.32
$
48.34
$
17,722.46
63
6/1/2021
$
17,722.46
$
175.67
$ -
$
175.67
$
127.67
$
48.00
$
17,594.79
64
7/1/2021
$
17,594.79
$
175.67
$ -
$
175.67
$
128.01
$
47.65
$
17,466.78
65
8/1/2021
$
17,466.78
$
175.67
$ -
$
175.67
$
128.36
$
47.31
$
17,338.42
66
9/1/2021
$
17,338.42
$
175.67
$ -
$
175.67
$
128.71
$
46.96
$
17,209.71
67
10/1/2021
$
17,209.71
$
175.6
$ -
$
175.67
$
129.06
$
46.61
$
17,080.65
68
11/1/2021
$
17,080.65
$
175.67
$ -
$
175.67
$
129.41
$
46.26
$
16,951.24
69
12/1/2021
$
16,951.24
$
175.61
$ -
$
175.67
$
129.76
$
45.91
$
16,821.48
70
1/1/2022
$
16,821.48
$
175-6'
$ -
$
175.67
$
130-11
$
45.56
$
16,691.37
71
2/1/2022
$
16,691.37
$
175.67
$ -
$
175.67
$
130.46
$
45.21
$
16,560.91
72
3/1/2022
$
16,560.91
$
175.67
$ -
$
175.67
$
130.81
$
44.85
$
16,430.10
73
4/1/2022
$
16,430.10
$
175.67
$ -
$
175.67
$
131.17
$
44.50
$
16,298.93
74
5/1/2022
$
16,298.93
$
175.67
$ -
$
175.67
$
131,52
$
44.14
$
16,167.41
75
6/1/2022
$
16,167.41
$
175.61
$ -
$
175.67
$
131.88
$
43.79
$
16,035.52
76
7/1/2022
$
16,035.52
$
175.67
$ -
$
175.67
$
132.24
$
43.43
$
15,903.29
77
8/1/2022
$
15,903.29
$
175,67
$ -
$
175.67
$
132.60
$
43.07
$
15,770.69
78
9/1/2022
$
15,770.69
$
175.67
$ - _
$
175.67
$
132.95
$
42.71
$
15,637.74
79
10/1/2022
$
15,637.74
$
175.67
$ -
$
175.67
$
133.31
$
42.35
$
15,504.42
80
11/1/2022
$
15,504.42
$
175.67
$ -
$
175.67
$
133.68
$
41.99
$
15,370.75
81
12/1/2022
$
15,370.75
$
175.67
$ -
$
175.67
$
134.04
$
41.63
$
15,236.71
82
1/1/2023
$
15,236.71
$
175,67
$ -
$
175,67
$
134.40
$
41.27
$
15,102.31
83
2/1/2023
$
15,102.31
$
175.67
$ -
$
175.67
$
134.77
$
40.90
$
14,967.54
84
3/1/2023
$
14,967.54
$
175.67
$ -
$
175.67
$
135.13
$
40.54
$
14.832.41
85
4/1/2023
$
14,832.41
$
175.6.'
$ -
$
175.67
$
135.50
$
40.17
$
14,696.92
86
5/1/2023
$
14.696.92
$
175.67
$ -
$
175.67
$
135.86
$
3930
$
14,561.05
87
6/1/2023
$
14,561.05
$
175.67
$ -
$
175.67
$
136.23
$
39.44
$
14.424.82
88
7/1/2023
$
14,424,82
$
175.67
$ -
$
175.67
$
136.60
$
39.07
$
14,288.22
89
8/1/2023
$
14,288.22
$
175.67
$ -
$
175.67
$
136-97
$
3870
$
14,151.25
90
9/1/2023
$
14.151.25
$
175.67
$ -
$
175.67
$
137.34
$
38.33
$
14,013.91
91
10/1/2023
$
14,013.91
$
175.67
$ -
$
175.67
$
137.71
$
37.95
$
13,876.20
92
11/1/2023
$
13,876.20
$
175.67
$ -
$
175.67
$
138.09
$
37.58
$
13,738.11
93
12/1/2023
$
13,738.11
$
175.67
$ -
$
175.67
$
138.46
$
37.21
$
13,599,65
94
1/1/2024
$
13,599.65
$
175.67
$ -
$
175.67
$
138.83
$
36.83
$
13,460.82
95
2/1/2024
$
13,460.82
$
175.67
$ -
$
175.67
$
139.21
$
36.46
$
13,321.61
96
3/1/2024
$
13,321.61
$
175.67
$ -
$
175.67
$
139.59
$
36.08
$
13,182.02
97
4/1/2024
$
13,182.02
$
175.67
$
$
175.67
$
139.97
$
35.70
$
13,042.05
98
5/1/2024
$
13,042.05
$
175.67
$ -
$
175.67
$
140.34
$
35.32
$
12,901.71
99
6/1/2024
$
12,901,71
$
175.67
$ -
$
175.67
$
140.73
$
34,94
$
12,760.98
100
7/1/2024
$
12,760.98
$
175.67
$ -
$
175.67
$
14 1.1 1
$
34.56
$
12,619.88
101
8/1/2024
$
12,619.88
$
175.67
$ -
$
175.67
$
141.49
$
34.18
$
12,478.39
102
9/1/2024
$
12,478.39
$
175.67
$ -
$
175.67
$
141.87
$
33.80
$
12,336.52
103
10/1/2024
$
12,336.52
$
175.67
$ -
$
175.67
$
142.26
$
33.41
$
12,194.26
104
11/1/2024
$
12,194.26
$
175,67
$ -
$
175.67
$
142.64
$
33.03
$
12.051.62
105
12/1/2024
$
12,051.62
$
175.67
$ -
$
175.67
$
143.03
$
32.64
$
11,908.59
106
1/1/2025
$
11,908.59
$
175.67
$ -
$
175.67
$
143.41
$
32.25
$
11,765,18
107
2/1/2025
$
11,765.18
$
175.67
$ -
$
175.67
$
143.80
$
31.86
$
11,621.37
108
3/1/2025
$
11,621.37
$
175.67
$ -
$
175-67
$
144.19
$
31.47
$
11,477.18
109
4/1/2025
$
11,477.18
$
175.67
$ -
$
175.67
$
144.58
$
31.08
$
11,332.60
110
5/1/2025
$
11,332.60
$
175.67
$ -
$
175.67
$
144.97
$
30.69
$
11,187.62
Beginning
Scheduled
No.
Payment Dale
Balance
Payment
Extra Payment
Total Payment
Principal
Interest
Ending Balance
111
16/1/2025
$
11 187.62
$
175.67
$ -
$
175.67
$
145.37
$
30.30
$
11,042.26
1 1-
7/1/2025
$
1 1,042,26
$
175.67
$ -
$
175.67
$
145.76
$
29.91
$
10,896.50
113
8/1/2025
$
10,896.50
$
175.67
$ -
$
175.67
$
146.16
$
29.51
$
10,750.34
114
9/1/2025
$
10,750.34
$
175.67
$ -
$
175.67
$
146.55
$
29.12
$
10.603.79
115
10/1/2025
$
10,603.79
$
175.67
$ -
$
175.67
$
146.95
$
28.72
$
10,456.84
116
11/1/2025
$
10,456.84
$
175.67
$ -
$
175.67
$
147.35
$
28.32
$
10,309.49
117
12/1/2025
$
10,309.49
$
175.67
$ -
$
175.67
$
147.75
$
27.92
$
10,161.75
1 18
1/1/2026
$
10.161.75
$
175.67
$ -
$
175.67
$
148.15
$
2Z52
$
10,013.60
119
2/1/2026
$
10,013,60
$
17567
$ -
$
175.67
$
148.55
$
27.12
$
9,865.05
120
3/1/2026
$
9,865.05
$
175.67
$ -
$
175.67
$
148.95
$
2672
$
9,716.10
121
4/1/2026
$
9,716.10
$
175.67
$ -
$
175.67
$
149.35
$
26.31
$
9,566.75
122
5/1/2026
$
9,566.75
$
175.67
$ -
$
175.67
$
149.76
$
25.91
$
9,416.99
123
6/1/2026
$
9,416-99
$
175.67
$ -
$
175-67
$
150.16
$
25.50
$
9,266.83
124
7/1/2026
$
9,266.83
$
1 75.67
$ -
$
175.67
$
150.57
$
25.10
$
9,1 16.26
125
8/1/2026
$
9,1 16.26
$
175.67.
$ -
$
175.67
$
150.98
$
24.69
$
8,965.28
126
9/1/2026
$
8.96528
$
175.67
$ -
$
175.67
$
151.39
$
24.28
$
8,813.90
127
10/1/2026
$
8,813.90
$
175.67
$ -
$
175.67
$
151.80
$
23.87
$
8,662.10
128
11/1/2026
$
8,662.10
$
175.67
$ -
$
175.67
$
152.21
$
23.46
$
8,509.90
129
12/1/2026
$
8.50990
$
175.67
$ -
$
175.67
$
152.62
$
23.05
$
8,357.28
130
11112027
$
8,357.28
$
175.67
$ -
$
175,67
$
153.03
$
22.63
$
8,204.24
131
2/1/2027
$
8,204.24
$
175.67
$ -
$
175.67
$
153.45
$
22.22
$
8,050.80
132
3/1/2027
$
8,050.80
$
175.67
$ -
$
175.67
$
153.86
$
21.80
$
7,896.93
133
4/1/2027
$
7,896.93
$
175.67
$ -
$
175.67
$
154.28
$
21.39
$
7,742.65
134
5/1/2027
$
7.742.65
$
175.67
$ -
$
175.67
$
154.70
$
20.97
$
7.587.96
135
6/1/2027
$
7.58796
$
175.6-
$ -
$
175.67
$
155.12
$
20.55
$
7,432.84
136
7/1/2027
$
7,432.84
$
175.67
$ -
$
175.67
$
155.54
$
20.13
$
7,277.30
137
8/1/2027
$
7,277.30
$
115,67
$ -
$
175.67
$
155.96
$
19.71
$
7,121.34
138
9/1/2027
$
7,121 .34
$
175.67
$ -
$
175.67
$
156.38
$
19.29
$
6.964.96
139
10/1/2027
$
6,964.96
$
175.67
$ -
$
175.67
$
15680
$
18.86
$
6.808.16
140
11/1/2027
$
6,808.16
$
175.67
$ -
$
175.67
$
157.23
$
18.44
$
6,650.93
141
12/1/2027
$
6,650.93
$
175.67
$ -
$
175.67
$
157.65
$
18.01
$
6,493.28
142
1/1/2028
$
6,493.28
$
175.67
$ -
$
175.67
$
158.08
$
17.59
$
6.335.20
143
2/1/2028
$
6,335.20
$
175.67
$ -
$
175.67
$
158.51
$
17.16
$
6,176.69
144
3/1/2028
$
6,176.69
$
175.6.'
$ -
$
175.67
$
158.94
$
16.73
$
6,01 7.75
145
4/1/2028
$
6,017.75
$
175.67
$ -
$
175.67
$
159.37
$
16.30
$
5,858.38
146
5/1/2028
$
5,858.38
$
175.67
$ -
$
175.67
$
159.80
$
15.87
$
5,698.58
147
6/1/2028
$
5,698.58
$
175.67
$ -
$
175.67
$
160.23
$
15.43
$
5,538.34
148
7/1/2028
$
5,538.34
$
175.67
$ -
$
175.67
$
160.67
$
15.00
$
5.377.68
149
8/1/2028
$
5,377.68
$
175-67
$ -
$
175.67
$
161.10
$
14.56
$
5,216.57
150
9/1/2028
$
5,216.57
$
175.61
$ -
$
175.67
$
161.54
$
1 4. 13
$
5,055.04
151
10/1/2028
$
5.055.04
$
175.67
$
$
175.67
$
161.98
$
13.69
$
4,893.06
152
11/1/2028
$
4,893.06
$
175.67
$ -
$
175,67
$
162.42
$
13.25
$
4,730.64
153
12/1/2028
$
4,730.64
$
175.67
$ -
$
175.67
$
162.86
$
12.81
$
4,567.79
154
1/1/2029
$
4,567.79
$
175.67
$ -
$
175.67
$
163.30
$
12.37
$
4,404.49
155
2/1/2029
$
4,404.49
$
175,61
$ -
$
175.67
$
163.74
$
11.93
$
4,240.75
156
3/1/2029
$
4,240.75
$
1,56:
$ -
$
175.67
$
164.18
$
11.49
$
4,076.57
157
4/1/2029
$
4,076.57
$
175.67
$ -
$
175.67
$
164.63
$
11.04
$
3,911.95
158
5/1/2029
$
3,911.95
$
175.67
$ -
$
175.67
$
165.07
$
10.59
$
3,746.87
159
6/1/2029
$
3,746.87
$
175.67
$ -
$
175.67
$
165.52
$
10.15
$
3,581.35
160
7/1/2029
$
3,581.35
$
175.67
$
$
175.67
$
165.97
$
9.70
$
3,415.39
161
8/1/2029
$
3.415.39
$
175.67
$ -
$
175.67
$
166.42
$
9.25
$
3,248.97
162
9/1/2029
$
3,248.97
$
175 67
$ -
$
175.67
$
166.87
$
8.80
$
3,082.10
163
10/1/2029
$
3.082.10
$
175.67
$ -
$
175.67
$
167.32
$
8.35
$
2,914.78
164
11/1/2029
$
2,914.78
$
175.67
$ -
$
175.67
$
167.77
$
7.89
$
2,747.01
165
12/1/2029
$
2,747.01
$
175.67
$ -
$
175.67
$
168.23
$
7.44
$
2,578.78
166
1/1/2030
$
2,578.78
$
175.67
$ -
$
175.67
$
168.68
$
6.98
$
2,410.10
167
2/1/2030
$
2,410.10
$
175.67
$ -
$
175.67
$
169.14
$
6.53
$
2,240.96
168
3/1/2030
$
2,240.96
$
175.67
$ -
$
175.67
$
169.60
$
6.07
$
2,071.36
169
4/1/2030
$
2,071.36
$
175-67
$ -
$
175.67
$
170.06
$
5.61
$
1,901.30
170
5/1/2030
$
1,901.30
$
175.67
$ -
$
175.67
$
170.52
$
5.15
$
1,730.79
171
6/1/2030
$
1,730.79
$
175.67
$ -
$
175.67
$
170.98
$
4.69
$
1,559.81
172
7/1/2030
$
1,559.81
$
175.67
$ -
$
175.67
$
171.44
$
422
$
1,388.36
173
8/1/2030
$
1,388.36
$
175.67
$ -
$
175.67
$
171.91
$
3.76
$
1,216.46
174
9/1/2030
$
1,21646
$
175.67
$ -
$
175.67
$
172.37
$
3.29
$
1,044.08
175
10/1/2030
$
1,044.08
$
175.67
$ -
$
175.67
$
172.84
$
283
$
871.24
Beginning
Scheduled
No.
Payment Dale
Balance
Payment
Extra Payment
Total Payment
Principal
Interest
Ending Balance
1!6
111/1/2030
$ 871.24
$
175.67
$ -
$ 175.67
$ 173.31
$ 2.36
$ 697.94
1 -
12/1/2030
$ 697.94
$
175.67
$ -
$ 175.67
$ 173.78
$ 1.89
$ 524.16
178
1 / 1 /2031
$ 524.16
$
175.67
$ -
$ 175.67
$ 174.25
$ 1.42
$ 349.91
179
2/1/2031
$ 349.91
$
175.67
$ -
$ 175.67
$ 174.72
$ 0.95
$ 175.19
180
3/1/2031
$ 175.19
$
175.67
$ -
$ 175.67
$ 175.19
$ 0.47
$ (0.00)
Exhibit C
Permitted Encumbrances
C_i
AMENDMENT TO MORTGAGE AND
REPAYMENT AGREEMENT
THIS AMENDMENT TO MORTGAGE AND REPAYMENT AGREEMENT(this"Agreement")is
made and entered into this 5th day of October, 2020(the "Effective Date")by and between MATTHEW
R. HICKS and CAROL MARIE HICKS, Spouses Married to Each other(`Borrower") and The
Housing and Redevelopment Authority in and for the City of Elk River("Lender").
RECITALS
A. Lender made a loan to Borrower identified as Servicing Loan No. 19-015207(the "Loan");and
B. In connection with the Loan,Borrower executed that certain Mortgage and Repayment
Agreement in favor of Lender,dated as of October 27,2015 recorded with the Sherburne
County Recorder on April 5,2016, as Document No. 818314 (the "Mortgage")(the Mortgage,
together with all other documents, instruments and agreements delivered in connection with the
Loan, are referred to herein as the "Loan Documents")on the property legally described in
Exhibit A attached hereto (the "Mortgaged Property"). ; and
C. Borrower has requested that Lender forbear from exercising any of its rights and remedies under
the Loan Documents and applicable law in respect of certain actual or anticipated events of
default under the Loan Documents, and Lender has agreed to so forbear upon the terms and
subject to the conditions set forth in this Agreement;and
D. Borrower and Lender acknowledge and agree that this Agreement has been negotiated in good
faith.
E. THIS IS A MORTGAGE AMENDMENT, AS DEFINED IN MINNESTOTA STATUTES
SECTION 287.01, SUBDIVISION 2, AND AS SUCH IT DOES NOT SECURE A NEW
OR AN INCREASED AMOUNT OF DEBT.
NOW, THEREFORE,in consideration of the foregoing and the mutual promises and covenants
contained herein, and for other good and valuable consideration,the receipt and sufficiency of which are
hereby acknowledged,Borrower and Lender hereby agree as follow:
AGREEMENT
1. General Acknowledgment. Borrower acknowledges and agrees to the following:
(a) Borrower hereby acknowledges the accuracy of the representations set forth in the above
recitals and that it has defaulted under the original terms of the Mortgage and
Repayment Agreement;
(b) Neither this Agreement nor any other agreement entered into in connection herewith or
Amendment to Mortgage - I -
pursuant to the terms hereof shall be deemed or construed to be a compromise, satisfaction,
reinstatement, accord and satisfaction,novation or release of any of the Loan Documents,or
any rights or obligations thereunder, or a waiver by Lender of any of its rights under the Loan
Documents or at law or in equity;
(c) Neither this Agreement nor any other agreement executed in connection herewith pursuant to
the terms hereof,nor any actions taken pursuant to this Agreement or such other agreement
shall be deemed to cure any event of default which may exist under the Loan Documents, or
to be a waiver by Lender of any event of default under the Loan Documents,or of any rights
or remedies in connection therewith or with respect hereto, evidencing the parties' intention
that Borrower's obligations under the Loan Documents shall remain in full force and effect;
(d) Any and all liens, security interests,rights and remedies granted to Lender for its benefit
under the Loan Documents are hereby renewed, confirmed and continued, subject to any and
all senior liens, security interests,rights and remedies;and
(e) Borrower reaffirms the validity,binding effect and enforceability of each of the Loan
Documents, as modified by the provisions of this Agreement, and acknowledge that
Borrower is liable to Lender for the full amount of the principal and interest evidenced by
the Loan Documents(as modified hereby),without offset, deduction, claim,counterclaim,
defense or recoupment of any kind.
2. Confirmation of Indebtedness.Borrower confirms and acknowledges that as of
2020,Borrower is indebted and obligated to Lender under the Mortgage and Repayment
Agreement in the following amounts:
(a) Principal Balance: $20,449.37; and
(b) Accrued and Unpaid Interest: $884.84; and
(c) Accrued Late Fees: $ 166.82; and
(d) Other Unpaid Fees: $0.00
Total: $21.501.03
3. Forbearance and Loan Modification. Provided that Borrower complies with all terms and
conditions contained in this Agreement,Lender hereby waives any defaults of Borrower
under the Loan Documents and will forbear from taking action with respect to any such
defaults that occurred prior to the Effective Date.Although Lender is under no obligation to
do so, as of the Effective Date Lender has agreed to modify the terms of the Loan as follows:
Effective Date: ;First Payment Due Date under this Agreement: 10/01/2020.
Lender Agrees to roll the Past Due Principal Amount of$2,270.27,the Unpaid Accrued Interest in
the amount of$ 884.84, and the Unpaid Late Fees in the amount of$166.82 to the end of the current
term of the Loan, and extend the term to 9/1/2033, and adjust the monthly payment to the same
amount as established in the Mortgage and Repayment Agreement$175.67.
All outstanding principal and interest of the Loan shall be due and payable in full on or before
,20—.No further modifications or forbearances concerning the Loan will be
inferred or implied by this Agreement.
Amendment to Mortgage - 2 -
4. Conditions to Lender's Forbearance. Lender's willingness to forbear as provided in this
Agreement is conditioned on the following:
(a) The execution of this Agreement by Borrower;
(b) Borrower making all required payments to Lender as and when due pursuant to the terms
of Section 3 above;
(c) Borrower agreeing to make all of the monthly payments to the Servicer through Automatic
Payments in a date no later than the 10"'of each month.
(d) Borrower satisfying all of its obligations under the Loan Documents,including the
payment in full of all outstanding principal and interest owed pursuant to the Mortgage and
Repayment Agreement as of the date specified in Section 3 above; and
(e) Borrower complying with all requirements of the Loan Documents to the extent
not inconsistent with this Agreement.
5. Representations and Warranties. All representations and warranties contained in this Agreement,
including but not limited to the recitals herein, and in any and all of the other Loan Documents,
are true and correct as of the Effective Date, and all such representations and warranties shall
survive the execution of this Agreement. The Loan Documents represent unconditional, absolute,
valid, and enforceable obligations against Borrower. To the best of its knowledge,Borrower has
no claims or defenses against Lender or any other person or entity which would or might affect
(i)the enforceability of any provisions of any Loan Documents or(ii)the collectability of sums
advanced by Lender in connection with Borrower's obligations under the Loan Documents.
Borrower understands and acknowledges that Lender is entering into this Agreement in reliance
upon, and in partial consideration for,this acknowledgment and representation, and agrees that
such reliance is reasonable and appropriate.
6. Default. An Agreement Default("Agreement Default") shall exist under this Agreement if any
one or more of the following events shall have occurred after the Effective Date, and which
remain uncured past any applicable cure period:
(a) Any breach or default in performance by Borrower, of any of the agreements,payments,
terms, conditions, covenants,warranties,or representations set forth in this Agreement,which
remains uncured more than thirty (30)days after Lender provides written notice thereof,
(b) Borrower's failure to make any payments specified in Section 3 above.
(c) The occurrence of any default under the Mortgage and Repayment Agreement as modified
by this Agreement occurring after the Effective Date and not otherwise waived pursuant to
this Agreement.
7. Remedies in Event of Default. Immediately upon the occurrence of an Agreement Default which
remains uncured past any applicable cure period, and notwithstanding anything to the contrary
set forth herein, Lender shall have all rights and remedies set forth herein and in the Loan
Documents.
8. Incorporation of Other Documents. The Loan Documents and all other agreements, documents
Amendment to Mortgage - 3 -
and writings between Borrower and Lender are expressly reaffirmed and incorporated herein by
this reference, and shall remain in full force and effect and continue to govern and control the
relationship between the parties hereto except to the extent they are inconsistent with, amended
or superseded by this Agreement. To the extent of any inconsistency, amendment or superseding
provision,this Agreement shall govern and control.
9. Notices. All notices or demands hereunder to parties hereto shall be sufficient if made in writing
and sent to the parties at their respective addresses set forth below:
If to Lender: Center for Energy and
Environment Attn: Loan Servicing
Department 212 31d Avenue North,
Suite 560
Minneapolis,MN 55401
If to Borrower: Matthew R. Hicks and Carol M.
Hicks 1205 4th Street NW
Elk River,MN 55330
10. Amendments. This Agreement may not be amended or modified except in a writing signed by
Lender and Borrower.
11. Indulgence;Modifications. No delay or failure of Lender to exercise any right,power or
privilege hereunder shall affect such right,power or privilege,nor shall any single or partial
exercise thereof preclude any further exercise thereof,nor the exercise of any other right,power
or privilege. The rights of Lender hereunder are cumulative and are not exclusive of any rights or
remedies which Lender would otherwise have except as modified herein.No amendment,
modification, supplement,termination,consent or waiver of or to any provision of this
Agreement or the Loan Documents,nor any consent or departure therefrom, shall in any event be
effective unless the same shall be in writing and signed by or on behalf ofLender.
12. Governing Law. This Agreement is made in the state of Minnesota and the validity of this
Agreement, and any documents incorporated herein or executed in connection herewith,
including the Loan Documents, and the construction,interpretation and enforcement thereof, and
the rights of the parties thereto shall be determined under, governed by and construed in
accordance with the laws of the state of Minnesota.
13. Counterparts. This Agreement may be executed in counterparts and each counterpart,when so
executed and delivered, shall be deemed to be an original and all counterparts,taken together,
shall constitute one and the same agreement.
14. Entire Agreement. This Agreement, and any agreements, documents and instruments executed
and delivered pursuant hereto or in connection herewith, or incorporated herein by reference,
contains the entire agreement of the parties hereto and no party shall be bound by anything not
expressed in writing.
15. Severability. If any part,term or provision of this Agreement is held by a court of competent
jurisdiction to be illegal,unenforceable or in conflict with any law of the state of Minnesota,
federal law or any other applicable law,the validity and enforceability of the remaining portions
Amendment to Mortgage - 4 -
or provisions of this Agreement shall not be affected thereby.
16. Further Assurances. Borrower agrees to execute such other and further documents and
instruments as Lender may request to implement the provisions of this Agreement and to perfect
and protect any liens or security interests created by the Loan Documents.
[space intentionally left blank- signature page follows]
Amendment to Mortgage - 5 -
IN WITNESS WHEREOF,the parties have caused this Amendment to Mortgage and Repayment
Agreement to be executed as of the date first written above.
Matthew R. Hicks
Carol M. Hicks
STATE OF MINNESOTA )
)ss.
COUNTY OF( )
The foregoing instrument was acknowledged before me this day of 120___,by
Matthew R. Hicks and Carol M. Hicks,married to each other.
Notary Public
Amendment to Mortgage - 6 -
Accepted and agreed to by:
HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY OF ELK
RIVER
By
Its Chair
By
Its Executive Director
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
Amendment to Mortgage - 7 -
EXHIBIT A
LEGAL DESCRIPTION
The North 110 feet of Lot One(1),Block One(1), and the East Half(E '/z)of the North 110 feet of Lot
Two(2),Block One(1),Thomas Addition to the Village of Elk River, Sherburne County, Minnesota .
Amendment to Mortgage - 8 -
HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF ELK RIVER
RESOLUTION NO. 20-05
RESOLUTION APPROVING AMENDMENT OF LOAN TERMS
FOR A LOAN FROM THE AUTHORITY TO MATTHEW AND
CAROL HICKS AND TAKING OTHER ACTIONS WITH
RESPECT THERETO
WHEREAS, the Housing and Redevelopment Authority in and for the City of Elk River (the
"Authority")operates and administers its Owner-Occupied Housing Rehabilitation Program (the "Program")
whereby the Authority makes loans to qualified property owners to assist in the rehabilitation of owner-
occupied single-family homes; and
WHEREAS,Matthew R.Hicks and Carol Marie Hicks,a married couple (together,the `Borrower'
requested that the Authority assist in the rehabilitation of their property located at 1205 e Street NW in the
City of Elk River,Minnesota(the"City"); and
WHEREAS, pursuant to a Mortgage and Repayment Agreement between the Authority and the
Borrower(the "Original Mortgage"), dated October 27, 2015, the Authority agreed to loan to the Borrower
the maximum principal amount of$25,000(the"Loan")in accordance with the Program; and
WHEREAS,the Borrower has defaulted under the Original Mortgage by failing to make all required
monthly payments; and
WHEREAS, the Borrower has requested a modification to the terms of the Loan and the
Authority has prepared an Amendment to Mortgage and Repayment Agreement (the "Amendment")
amending the terms of the Original Mortgage whereby the Authority agrees not to exercise its remedies
under the Original Mortgage for actions that occurred prior to the date of execution of the Amendment
and the parties agree to extend the maturity date of the Loan and to add any unpaid principal, late fees,
and accrued interest on the Loan to the total principal amount outstanding on the Loan; and
WHEREAS, in accordance with the Amendment, the principal amount of the Loan shall increase
to reflect unpaid principal, accrued interest and late fees, but the monthly payment amount and interest
rate on the Loan shall remain the same.
NOW, THEREFORE, BE IT RESOLVED BY the Board of Commissioners (the `Board") of the
Housing and Redevelopment Authority in and for the City of Elk River(the "Authority") as follows:
I. Authority Board Approval. The Board hereby approves the Amendment and the
extension of the maturity date of the Loan. The Loan shall continue to be secured by the Original
Mortgage, as modified by the Amendment.
2. Amendment. The Chair and Executive Director of the Board are hereby authorized and
directed to execute and deliver the Amendment on behalf of the Authority and to perform the obligations
thereunder. All of the provisions of the Amendment,when executed and delivered as authorized herein,shall
be deemed to be a part of this resolution as fully and to the same extent as if incorporated verbatim herein and
shall be in full force and effect from the date of execution and delivery thereof. The Amendment shall be
substantially in the form now on file with the Authority, subject to alterations and modifications that do not
materially change the substance thereof, or as the Chair and Executive Director, in their discretion, shall
524870v1 GAF PN160-22
determine, and the execution thereof by the Chair and Executive Director shall be conclusive evidence of
such determination. .
3. Execution of Documents. The Chair and Executive Director of the Authority are hereby
authorized to execute any documents deemed necessary to carry out the intentions of this resolution, on
behalf of the Authority and to carry out, on behalf of the Authority, the Authority's obligations
thereunder.
Approved by the Board of Commissioners of the Housing and Redevelopment Authority in and
for the City of Elk River this 5t'day of October,2020.
Chair
ATTEST:
Executive Director
524870v1 GAF PN160-22 2