4.6. HRSR 11-02-2020 �J
etyof
ElkRequest for Action
River
To Item Number
Housing and Redevelopment Authoritv 4.6
Agenda Section Meeting Date Prepared by
Consent November 2, 2020 Colleen Eddy, Economic Development Specialist
Item Description Reviewed by
Satisfaction of Mortgage—William and Denise Hoops Cal Portner, City Administrator
Reviewed by
Action Requested
Approve,by motion,the Satisfaction of Mortgage for William and Denise Hoops.
Background/Discussion
On July 22, 2016,William and Denise Hoops received a loan from the HRA for $24,645 to make
improvements to the property located at 806 Holt Ave. NW through the HRA's Rehabilitation Loan
program.
As of October 26, 2020, the Mortgage and Repayment Agreement has been fully paid and satisfied.
Financial Impact
N/A
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
■ Mortgage and Repayment Agreement
■ Satisfaction of Mortgage
The Elk River Vision
A Y�elcoming community nvith revolutionary and spirited resourcefulness, exceptional P U W E H E o s r
service, and community engagement that encourages and inspires prosperity ,g /` UR
EXEMPT FROM REGISTRATION TAX.
SHERBURNE COUNTY
AUDITORlTREASURER
. _ C
Office of the County Recorder
Sherburne county, MN
Doc. No. 845195
Certified, filed, and or recorded on
September 18, 2017 3:10 PM
Michelle Ashe, County Recorder
BY LA Deputy
Fees: $46.00
III IIIIIIIIIIIIIIIIIIIIIIIII
845195
Mortgage and Repayment Agreement
(Elk River HRA Owner -Occupied Housing Rehabilitation Program)
This mortgage is exempt from Mortgage Registration fax imposed by Minnesota Statutes, §287.035,
pursuant to Minnesota Statutes, §287.04, because the principal amount of the mortgage loan referred
to herein is made under an affordable housing program and the mortgagee is the Housing and
Redevelopment Authority in and for the City of Elk River, a Minnesota body corporate and politic.
THIS MORTGAGE AND REPAYMENT AGREEMENT (this "Mortgage"), is made and entered into this
17" day of December- 2016 (the "Effective Date"), by and between William D. Hoops and Denise D. Hoops,
a married couple (the "Owner") the owner of the property located at 806 Holt Avenue NW, Elk River, MN
55330 and legally described as set forth in the attached Exhibit A (the "Property") and the Housing and
Redevelopment Authority in and for the City of Elk River. (the "HRA"), having its principal office at 13065
Orono 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 July 22"". 2016 (the "Application"), both of
which are incorporated herein by reference as if fully set forth herein, the HRA has agreed to make
to Owner a Housing Rehabilitation Loan, (the "Installment Loan"), relating to the Property, in the
amount of Twenty -Four Thousand Six Hundred Forty Five and 00/100 ($24,645.00) Dollars The
Installment Loan shall be disbursed directly to the contractor performing the work on the Property
described in the Application in accordance with the Procedures. The Owner agrees to repay to the
HRA in the Installment Loan plus interest thereon at the rate of 3.50% per annum in installments of
principal and interest of $176.18 per month, beginning on October 111. 2017 through
and including September 1"2032 (the "Final Maturity Date") in accordance with the amortization
schedule and the Truth in Lending Statement signed by Owner both attached as Exhibit B. The
Owner may prepay the Installment Loan in whole, together with accrued interest thereon, to the
HRA on any business day.
If the HRA has not received the full amount of any monthly payment by the end of 10 calendar days
after the date it is due, the Owner will pay a late fee to the HRA. The late fee will be 5.000% of the
overdue principal and interest payment. The Owner will pay this late fee promptly but only once on
each late payment.
2. Owner covenants and agrees with the HRA that ifthe Property is transferred or otherwise conveyed,
voluntarily or involuntarily, either while the Owner is living or by reason of the death of the Owner
prior to the Final Maturity Date, the Installment Loan and all accrued interest thereon shall be
immediately due and payable and shall be repaid in full to the HRA.
S-1
3. As security for Owner's obligation to repay the Installment Loan and accrued interest thereon, and
the cost, including reasonable attorney's fees, of collecting the same, and subject to the terms and
conditions of this Mortgage, Owner hereby grants, and HRA shall and hereby does have, a statutory
mortgage on the Property in accordance with Minnesota Statutes, Section 507.15.
4. The Owner covenants with the HRA the following statutory covenants;
a. To warrant the title to the Property; subject to permitted encumbrances as set forth in
Exhibit C.
b. To pay the indebtedness as herein provided.
c. To pay all taxes.
d. That the Property shall be kept in repair and no waste shall be committed.
e. That the whole of the principal sum shall become due after default, in the payment of any
installment of principal or interest, or of any tax, or in the performance of any other
covenant, at the option of the HRA.
f To pay principal and interest on prior mortgages.
5. If default be made in any payment or covenant herein, the HRA shall have the statutory power of
sale, and on foreclosure may retain statutory costs and attorney's fees.
6. For the protection of the HRA, the Owner will, during all the time until the indebtedness secured by
this mortgage is fully paid, maintain all risk property insurance, naming the HRA as an additional
insured, in an amount not less than the full insurable replacement value of the Property. Said
insurance shall be written by a company or companies licensed to do business in Minnesota and
rated Class A -:VII or better by A.M. Best Company. The term "full insurable replacement value"
shall mean the actual replacement cost of the Property (excluding foundation and excavation costs
and costs of underground flues, pipes, drains, and other items customarily omitted from replacement
cost valuation for insurance purposes), without deduction for depreciation. The Owner will assign
and deliver the policies of such insurance to the HRA so and in such manner and form that the HRA
shall at all times, until the full payment of said indebtedness, have and hold the said policies as a
collateral and further security for the payment of said indebtedness, or at the option of the HRA will
make such policies payable in case of loss to the HRA as its interest may appear and will deposit
them with the HRA, and in default of so doing, that the HRA may, but has no obligation to, obtain
such insurance from year to year, or for one or more years at a time, and pay the premiums therefor,
and that the Owner will forthwith repay to the H RA 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.
S. The Owner will indemnify, save, and hold harmless the HRA, the City of Elk River, Minnesota,
Central Minnesota Housing Partnership, Inc., their officers, agents, and employees, from and against
any claim, cause of action, damage, liability, loss or expense, including attorney's fees incurred by
the HRA, made by any party in connection with or arising from (i) the presence, if any, of hazardous
wastes or pollutants on the Property; (ii) any loss or damage to property or any injury to or death of
any person occurring at or about or resulting from any defect in the Property, (iii) the performance
of, or failure to perforin, this Mortgage. Nothing herein shall be deemed a waiver of any statutory
limitations of liability or immunity.
S-2
9. This Mortgage shall run with the aforesaid real estate and shall inure to the benefit of and be binding
upon the parties hereto and their respective heirs, executors, representatives, successors, and assigns.
10. Any forbearance by the HRA in exercising any right or remedy shall not be a waiver of or preclude
the exercise of any right or remedy.
11. This Mortgage shall be governed by the law of the state of Minnesota. In the event that any provision
or clause of this Mortgage conflicts with applicable law, such conflict shall not affect other
provisions of this Mortgage which can be given effect without the conflicting provision. To this
end, the provisions of this Mortgage are declared to be severable.
12. This Agreement may be executed in any number of counterparts, each of which shall constitute one
and the same instrument.
In witness whereof the Owner has duly executed this Rehabilitation Program Mortgage and Repayment
Agreement.
STATE OF MINNESOTA)
)ss.
COUNTY OF (Shubitrn( )
The foregoing instrument was acknowledged before me this 11 day of N(PXrI k , 20J (, by
William D. Hoops and Denise D Hoops owner and mortgagor.
-•� LYDIA IK GEBNARD
Notary Public
Minnesota Not, Public
ommesm., Ex �irc� Janus, • 3t, 20t7
S-3
Accepted and agreed to by:
HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY
OF ELK RIVER
By—
Its ��GiAi7vL U+1"PCil�y
STATE OF MINNESOTA)
)ss.
COUNTY OF (Sht (burnt)
The foregoin instrument was acknowledged before me this �Y day of &G ' 20 1 % by
AN the C and the
av respectively, of the Housing and Redevelopment Auth 'ty in and for the City
of Elk River, a body corporate and politic organized and existing under the Con do and laws of the State
of Minnesota, on behalf of said Authority 14
TINA -- A--- -
RD
NOTARY PUBLIC • MINNESOTA
[0
NT Ww t9w 90N Jtn 3I,2020
THIS INSTRUMENT DRAFTED BY:
Public
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:
Lot Five (5), Block Two (2), North Terrace Addition, Sherburne County, Minnesota
A-1
Exhibit B
Amortization Schedule and Truth in Lending Statement
B-1
Loan Amortization Schedule
Enter values Instructions
Loan amount $ 24,645.00 Masi p-. I'. t,--, I arnl 1u v
Annual interest rate 3.500% It vrnu exire p,:vrnerd,✓civ ,, P, ;i,tha laL+leh n;,✓.
Loan period in years 15
Start date of loan 10/1/2017
Optional extra payments
Scheduled monthly payment
Payment Date
$ 176.18
Scheduled number of payments
180
Actual number of payments
Paha Payment
180
Total of early payments
Principal
$ -
Total interest
$ 7,067.90
No.
Payment Date
Beginning
Balance
Scheduled
Payment
Paha Payment
Total Payment
Principal
Interest
Ending Balance
I
10/1/2017
$
24,645.00
Y
116.18
1
- $
176.18
$
104.30
$
71.88
$
24,54070
2
11/1/2017
$
24,540.70
$
170.18
$
- $
176.18
$
104.61
$
71.58
$
24,436.09
3
12/1/2017
$
24.436.09
$
17618
$
- $
176.18
$
104.91
$
71.27
$
24.331.18
4
1 / 1 /2018
$
24331 18
$
176.18
$
- $
176.18
$
105.22
$
70.97
$
24.225.96
5
2/1/2018
$
24.22596
$
176. 18
$
11
176.18
$
105.52
$
70.66
$
24.120.44
6
3/1/2018
$
24.120.44
$
176.18
$
- $
176.18
$
105.83
$
70.35
$
24.014.61
7
4/1/2018
$
24.014.61
$
1!6 18
$
- $
176.18
$
106.14
$
70-04
$
23,90847
8
5/1/2018
$
23,908.47
$
17618
$
- $
176.18
$
106.45
$
69.73
$
23.802.02
9
6111/2018
$
23.802.02
$
176.18
$
- :$
176.18
$
106.76
$
69.42
$
23,695.26
10
7/1/2018
$
23 695.26
$
176.18
$
- $
176.18
$
107.07
$
69.1 1
$
23.588.19
11
8/1!2018
$
23.588.19
$
176.18
$
- $
176.18
$
IO7,38
$
68.80
$
23,480.80
12
9/l/2018
$
23 480.80
$
176.18
$
- $
176.18
$
107 ?0
$
68-49
$
23.373.11
13
10/1/2018
$
23.373.11
$
176.18
$
- $
176.18
$
108.01
$
68.17
$
23.265.10
14
11/1/2018
$
23.265.10
$
176.18
$
- $
176.18
$
108.33
$
67.86
$
23.156.77
15
12/1/2018
$
23.156.?7
$
176.18
$
- $
176.18
$
108.64
$
67.54
$
23.048.13
16
1/1/2019
$
23.048.13
$
17618
$
$
176.18
$
108.96
$
67,22
$
22,939.17
17
2/l/2019
$
22939.17
$
176.18
$
- $
176.18
$
109.28
$
66.91
$
22,829.89
18
3/1/2019
$
22,82989
$
176.18
$
- $
176.18
$
109.60
$
66,59
$
22,720.30
19
4/1/2019
$
22,720.30
$
176.18
$
- $
176.18
$
10992
$
66.27
$
22,610.38
20
5/1/2019
$
22,610.38
$
17618
$
176.18
$
110.24
$
65,95
$
22.500.14
21
6/1/2019
$
22.500.14
$
17618
$
- $
176.18
$
110.56
$
65.63
$
22,389.59
22
7/1/2019
$
22,389.59
$
176.18
$
- $
176.18
$
110.88
$
65.30
$
22.278.71
23
8/1/2019
$
22.2217871
$
176.18
$
- $
176.18
$
111.20
$
64.98
$
22,167:50
24
9/1/2019
$
22167.50
$
176.18
$
- $
176.18
$
111.53
$
64.66
$
22,055.98
25
10/1/2019
$
22.055.98
$
176.18
$
- $
176.18
$
111.85
$
64.33
$
21.944.12
26
:1/1/2019
$
21,94412
$
176.18
$
- $
176.18
$
112.13
$
64.00
$
21.63144
27
12/1/2019
$
21,83194
$
176.18
$
- $
176.18
$
112.51
$
63.68
$
21.719.44
28
1/1/2020
$
21,719.44
$
176.18
$
- $
176.18
$
11283
$
63.35
$
21,606.60
29
2/1/2020
$
21.606.60
$
176.18
$
- $
176.18
$
113.16
$
63.02
$
21.493.44
30
3/1/2020
$
21,493.44
$
176.18
$
- $
176.18
$
113.49
$
62.59
$
21.379.95
31
4/1/2020
$
21.379.95
$
176.18
$
- $
176.18
$
113.82
$
62.36
$
21,266.12
32
5/1/2020
$
21,266.12
$
176-18
$
- $
176.18
$
114.16
$
6203.
$
21.151.97
33
6;1/2020
$
21,15197
$
176.18
$
- $
176.18
$
114.49
$
61.69
$
21.037.48
34
7/1/2020
$
21.037.48
$
176.18
$
- $
176.18
$
114.82
$
61.36
$
20.922.65
35
8/1/2020
$
20,922.65
$
176.18
$
- $
176-18
$
115.16
$
61.02-
$
20.807.49
36
9/1/2020
$
20,80749
$
176.18
$
- $
176.18
$
115.49
$
60.69
$
20.692.00
37
10/1/2020
$
20,692.00
$
176.18
$
- $
176.18
$
115.83
$
60.35
$
20,576.17
38
11/1/2020
$
20.576.17
$
176.18
$
- $
176.18
$
116.17
$
60.01
$
20,460.00
39
12/1/2020
$
20460,00
$
176.18
$
- $
176.18
$
116.51
$
59.67
$
20.343.49
40
1/1/2021
$
20;343.49
$
176.18
$
$
176.18
$
116.85
$
59.34
$
20.226.64
41
2/1/2021
$
20,226.64
$
176.18
$
- $
176.18
$
117.19
$
58.99
$
20.109.46
42
3/1/2021
$
20.109.46
$
176.18
$
- $
176.18
$
117.53
$
58.65
$
19.991.93
43
4/1/2021
$
19.99193
$
176.18
$
- $
176.18
$
117.87
$
58.31
$
19,5'4.05
44
5/1/2021
$
19,874.05
$
176.18
$
- $
176.18
$
118.22
$
57.97
$
19.755.84
45
6/1/2021
$
19.755.84
$
176.18
$
- $
176.18
$
118.56
$
57.62
$
19.637.27
No.
Payment Date
Beginning
Balance
Scheduled
Payment
Extra Payment
Total Payment
Principal
Interest
Ending Balance
46
7/1/2021
$
19.637.27
$
17,,18
$
- $
176-18
$
118.91
$
57.28
$
19518.37
47
8/1/2021
$
19518.37
$
17612
$
- $
176.18
$
11925
$
5693
$
19,399 11
48
971/2021
$
19,399.11
$
17618
$
- $
176.18
$
119.60
$
56.58
$
19.279.51
49
10/1/2021
$
19,279.51
$
1761
$
- $
176.18
$
119-95
$
5623
$
19 159,56
50
11/1/2021
$
19.159.56
$
176.18
$
- $
176.18
$
120.30
$
55.86
$
19.03926
51
12/1/2021
$
19,03926
$
176.18
$
- $
176.18
$
120.65
$
5553
$
18.918.61
52
1/1/2022
$
18-918,61
$
176-18
$
- $
176.18
$
121.00
$
55.18
$
18.797.60
53
2/1/2022
$
18,797.60
$
176. 13
$
- $
176.18
$
121.36
$
54.83
$
18.67625
54
3/1/2022
$
18,676.25
$
176. )8
1
- $
176.18
$
121.71
$
54.47
18.55454
55
4/1/2022
$
18.554.54
$
176.18
$
- $
176.18
$
122.07
$
54.12
$
18,43247
56
.5/1/2022
$
18,432.47
$
176.18
$
$
176.18
$
122.42
$
53.76
$
18,310.05
57
6/1/2022
$
18,310,05
$
17618
$
- $
176.18
$
122.78
$
53.40
$
18187.27
58
7/1/2022
$
18,187.27
$
176.18
$
- $
176.18
$
123.14
$
53.05
$
18.064.13
59
8/1;2022
$
18,064.13
$
176.18
$
$
176.18
$
123.50
$
52.69
$
17.940.64
60
9/1/2022
$
17940.64
$
176-18
$
-
176.18
$
123-86
$
52.33
$
17.81678
61
10/1/2022
$
17,816.78
$
176.18
$
- $
176.18
$
124.22
$
51.97
$
17,692.57
62
11/1/2022
$
17.692.57
i$
176.18
$
- $
1 76. 18
$
124.58
$
51.60
$
17,567.99
63
12/1/2022
$
17.567.99
$
176.18
$
- $
176.18
$
124.94
$
51.24
$
17.443.04
64
11112023
$
17.443.04
$
1 76.18
$
- $
176.18
$
1 25.31
$
50.88
$
1 7,317,74
65
2/1/2023
$
17,317.74
$
17618
$
- $
176.18
$
125.67
$
50.51
$
17,192.06
66
3/1/2023
$
17.192.06
$
176.!8
$
- $
176.18
$
126.04
$
50.14
$
17,066.02
67
4/1/2023
$
17,066.02
$
176.18
$
- $
176.18
$
126,41
$
49.78
$
16,939.62
68
5/1/2023
$
16,939.62
$
176.18
$
- $
176.18
$
126.78
$
49.41
$
16,812.84
69
6/1/2023
$
16,812.84
$
176. i8
$
- {
176.18
$
127.15
$
49.04
$
16,685.70
70
7/1/2023
$
16,68570
$
176.18
$
- 1
176.18
$
127,52
$
48.67
$
16,558.18
71
8/1/2023
$
16,558.18
$
176.18
$
- $
176.18
$
127.89
$
48.29
$
16,430.29
72
9/1/2023
$
16.430.29
$
176.18
$
- $
176.18
$
128.26
$
47,92
$
16,302.03
73
10/1/2023
$
16,302.03
$
176.18
$
- $
176.18
$
128.64
$
47.55
$
16,173.40
74
11/1/2023
$
16,173.40
$
176.18
$
- $
176.18
$
129.01
$
47.17
$
16,044.39
75
12/1/2023
$
16,044.39
$
176.18
$
- $
176.18
$
129.39
$
46.80
$
15,915.00
76
1/1/2024
$
15,915.00
$
176.18
$
- $
176.18
$
129.76
$
46.42
$
15,785.23
77
2/1/2024
$
15,785.23
$
176.18
$
- $
176.18
$
130.14
$
46.04
$
15,655.09
78
3/1/2024
$
15,655.09
$
176.18
$
- $
176.18
$
130.52
$
45.66
$
15,524.57
79
4/1/2024
$
15,524.57
$
176.18
$
- $
176.18
$
IM90
$
45.28
$
15,393.67
80
5/1/2024
$
15393.67
$
176.18
$
- $
176.18
$
131.28
$
44.90
$
15,262.38
81
6/1/2024
$
15,262.38
$
176.18
$
- $
176.18
$
131.67
$
44.52
$
15,130.71
82
7/1/2024
$
15,130-71
$
176-18
$
- $
176.18
$
132.05
$
44.13
$
14,998,66
83
8/1/2024
$
14,998.66
$
176.18
$
- $
176.18
$
132.44
$
43.75
$
14,866.23
84
9/1/2024
$
14,866.23
$
176.18
$
- $
176.18
$
132.82
$
43.36
$
14.733.40
85
10/1/2024
$
14.733.40
$
176.18
$
- $
176.18
$
133.21
$
42.97
$
14,600.19
86
11/1/2024
$
14,600.19
$
176.18
$
- $
176.18
$
133.60
$
42.58
$
14,466.59
87
12/1/2024
$
14,466.59
$
176.18
$
- $
176.18
$
133.99
$
42.19
$
14,332.61
88
1 / I /2025
$
14,332.61
$
176.18
$
- $
176.18
$
134.38
$
41.80
$
14,198.23
89
2/1/2025
$
14.198.2.3
$
176,18
$
- $
176.18
$
134.77
$
41.41
$
14.063.46
90
3/1/2025
$
14,063.46
$
17618
$
- $
176.18
$
135.16
$
41.02
$
13,928.29
91
4/1/2025
$
13,928.29
$
176.18
$
- $
176.18
$
135.56
$
40.62
$
13,792.73
92
5/1/2025
$
13.792.73
$
176.18
$
- $
176.18
$
135.95
$
40.23
$
13,656.78
93
6/1/2025
$
13,656.78
$
176.18
$
- $
176.18
$
136.35
$
39.83
$
13.520.43
94
7/1/2025
$
13,520.43
$
176.18
$
- $
176.18
$
136.75
$
39.43
$
13,383.68
95
8/1/2025
$
13,383.68
$
176.18
$
- $
176.18
$
137.15
$
39.04
$
13,246.53
96
9/1/2025
$
13,246.53
$
176.18
$
- $
176.18
$
137.55
$
38.64
$
13,108.99
97
10/1/2025
$
13,108.99
$
176.18
$
- $
176.18
$
137.95
$
38.23
$
12,971.04
98
)1/1/2025
$
12,971 .04
$
176.18
$
- $
176.18
$
138.35
$
37.83
$
12,832.69
99
12/1/2025
$
12,832.69
$
176.18
$
- $
176.18
$
138.75
$
37.43
$
12.693.93
100
1/1/2026
$
12,693.93
$
176.18
$
- $
176.18
$
139.16
$
37.02
$
12,554.77
101
2/1/2026
$
12,554.77
$
176.18
$
- $
176.18
$
139.56
$
36.62
$
12,415.21
102
3/1/2026
$
12,415.21
$
176.18
$
- $
176.18
$
139.97
$
36.21
$
12.275.24
103
4/1/2026
$
12,275.24
$
176.18
$
- $
176.18
$
140.38
$
35.80
$
12,134.86
104
5/1/2026
$
12,134.86
$
176.18
$
- $
176.18
$
140.79
$
35.39
$
11,994.07
105
6/1/2026
$
11,994.07
$
176.18
$
- $
176.18
$
141.20
$
34.98
$
11,852.87
106
7/1/2026
$
11,852.87
$
176.18
$
- $
176.18
$
141.61
$
34.57
$
11,711.26
107
8/1/2026
$
11,711.26
$
176.18
$
- $
176.18
$
142.02
$
34.16
$
11,569.23
108
9/1/2026
$
11,569.23
$
176.18
$
- $
176.18
$
142.44
$
33.74
$
11,426.79
109
10/1/2026
$
11,426.79
$
176.18
$
- $
176.18
$
142.85
$
33.33
$
11,283.94
110
1 1/1/2026
$
1 1,283.94
$
176.18
$
- $
176.18
$
143.27
$
32.91
$
1 1,140.67
Beginning
Scheduled
No.
Payment Date
Balance
Payment Extra Payment
Total Payment
Principal
Interest
Ending Balance
ill
12/1/2026
$
11.140.67
$
176.18
$ -
$
176.18
$
143.69
$
32.49
$
10.996.98
1 12
11112027
$
10,996.98
$
1 76. 1 :r
$ -
$
176.18
$
144.11
$
32.07
$
10,852.87
113
2/1/2027
$
10,852.87
$
176,!8
$ -
$
176.18
$
144.53
$
31.65
$
10,708.34
114
3/1/2027
$
10.708.34
$
175.13
$ -
$
176.18
$
144.95
$
31.23
$
10,563.39
115
4/1/2027
$
10,563,39
$
176.18
$ -
$
176.18
$
145.37
$
30.81
$
10.418.02
116
5/1/2027
$
10,418.02
$
176-18
$ -
$
176.18
$
145.80
$
30.39
$
10.272.22
117
6/1/2027
$
10,272.22
$
176.18
$ -
$
176.18
$
146.22
$
29.96
$
10,126.00
118
7/1/2027
$
10,126.00
$
176.18
$ -
$
176.18
$
146.65
$
29.53
$
9,979.35
119
8/1/2027
$
9,979.35
$
17618
$ -
$
176.18
$
147.08
$
29.11
$
9,832.27
120
9/1/2027
$
9,832.27
$
176.;8
$ -
$
176.18
$
147.51
$
28.68
$
9,684.77
121
10/1/2027
$
9,684.77
$
176.18
$ -
$
176.18
$
147.94
$
28.25
$
9,536.83
122
1 1/1/2027
$
9,536.83
$
176.18
$ -
$
176.18
$
148.37
$
27.82
$
9,388.46
123
12/1/2027
$
9,388.46
$
1 76. 18
$ -
$
176.18
$
148.80
$
27.38
$
9,239.66
124
1/1/2028
$
9,239.66
$
1 76.1 F,
$ -
$
176,18
$
149.23
$
26.95
$
9,090.43
125
2/1/2028
$
9,090.43
$
176.18
$ -
$
176.18
$
149.67
$
26.51
$
8,940.76
126
3/1/2028
$
8,94076
$
176.18
$ -
$
176.18
$
150.11
$
26.08
$
8.790.66
127
4/1/2028
$
8,790.66
$
176.18
$ -
$
176.18
$
150.54
$
25.64
$
8,640.1;
128
5/1/2028
$
8,640.11
$
176-18
$ -
$
176,18
$
150.98
$
25.20
$
8,489.13
129
6/1/2028
$
8,489.13
$
176.1±1
$
176.18
$
151-42
$
24.76
$
8,33771
130
7/1/2028
$
8,337,71
$
176.17:
$ -It
1
176.18
$
151.86
$
24.32
$
8,185.84
131
8/1/2028
$
8.185.84
$
176.18
$ -
$
176.18
$
152.31
$
23.88
$
8,033.54
132
9/1/2028
$
8,033.54
$
176 ! 8
$ -
$
176.18
$
152.75
$
23.43
$
7,880.78
133
10/1/2028
$
7,880.78
$
176.18
$ -
$
176.18
$
153.20
$
22.99
$
7,727.59
134
11/1/2028
$
7,727.59
$
176IS$
-
1
176.18
$
153.64
$
22.54
$
7,573.94
135
12/1/2028
$
7,573.94
$
176.18
$ -
$
176.18
$
154.09
$
22..09
$
7,419.85
136
1/1/2029
$
7,419.85
$
176.18
$ -
$
176.18
$
154.54
$
21.64
$
7,265.31
137
2/1/2029
$
7,265.31
$
176.18
$ -
$
176.18
$
154.99
$
21,19
$
7,110.32
138
3/1/2029
$
7,110.32
$
176.18
$
$
176.18
$
155.44
$
20.74
$
6,954.87
139
4/1/2029
$
6,954.87
$
176.18
$ -
$
176.18
$
155.90
$
20.29
$
6,798.97
140
5/1/2029
$
6,798.97
$
176.18
$ -
$
176.18
$
156.35
$
19.83
$
6,642.62
141
6/1/2029
$
6.642.62
$
176.18
$ -
$
176.18
$
156.8;
$
19.37
$
6,485.81
142
7/1/2029
$
6,485.81
$
176.18
$ -
$
176.18
$
157.27
$
18.92
$
6,328.55
143
8/1/2029
$
6.328.55
$
176.13
$ -
$
176.18
$
157.72
$
18.46
$
6,170.82
144
9/1/2029
$
6.170.82
$
176.18
$ -
$
176.18
$
158.18
$
18.00
$
6,012.64
145
10/1/2029
$
6,012.64
$
176.18
$ -
$
176.18
$
158.65
$
17.54
$
5,853.99
146
11/1/2029
$
5,853.99
$
176.18
$ -
$
176.18
$
159.11
$
17,07
$
5,694.88
147
12/1/2029
$
5,694.88
$
176.18
$ -
$
176.18
$
159.57
$
16.61
$
5,535.3;
148
1/1/2030
$
5,535.31
$
176.18
$ -
$
176.18
$
160.04
$
16.14
$
5,375.27
149
2/1/2030
$
5,375.27
$
176.18
$ -
$
176,18
$
160.50
$
15.68
$
5,214.77
150
3/1/2030
$
5,214.77
$
176.18
$ -
$
176.18
$
160.97
$
15.21
$
5,053.79
151
4/1/2030
$
5,053.79
$
176.18
$ -
$
176.18
$
161.44
$
14.74
$
4,892.35
152
5/1/2030
$
4,892.35
$
176.18
$ -
$
176.18
$
161.91
$
14.27
$
4,730.44
153
6/1/2030
$
4,730.44
$
176.18
$ -
$
176.18.
$
162.39
$
13.80
$
4,568.05
154
7/1/2030
$
4,568.05
$
176.18
$ -
$
176.18
$
162.86
$
13.32
$
4,405.19
155
8/1/2030
$
4,405.19
$
176.18
$ -
$
176.18
$
163,33
$
12.85
$
4,241.86
156
9/1/2030
$
4.241.86
$
176.18
$ -
$
176.18
$
16:.81
$
12.37
$
4,078.05
157
10/l/2030
$
4,078.05
$
176.18
$ -
$
176.18
$
164.29
$
11,89
$
3,913.76
158
11/1/2030
$
3,913.76
$
176.18
$ -
$
176.18
$
164.77
$
11.42
$
3,748.99
159
12/1/2030
$
3,748.99
$
176.18
$ -
$
176.18
$
165.25
$
10.93
$
3,583.74
160
1/1/2031
$
3,583.74
$
176.18
$ -
$
176.18
$
165.73
$
10.45
$
3,418.01
161
2/1/2031
$
3,418.01
$
176.18
$ -
$
176.18
$
166.21
$
9.97
$
3,251.80
162
3/1/2031
$
3,251.80
$
176.18
$ -
$
176.18
$
166.70
$
9.48
$
3,085.10
163
4/1/2031
$
3,085.10
$
176.18
$ -
$
176.18
$
167.18
$
9.00
$
2,917.92
164
5/1/203 1
$
2.917.92
$
176.18
$ -
$
176,18
$
167.67
$
8.51
$
2.750.25
165
6/1/2031
$
2,750.25
$
176.18
$ -
$
176.18
$
168.16
$
8.02
$
2,582.08
166
7/1/2031
$
2,582.08
$
176.18
$ -
$
176.18
$
168.65
$
7.53
$
2,413.43
167
8/1/2031
$
2,413.43
$
176.;8
$ -
$
176.18
$
169.14
$
7.04
$
2.24429
168
9/1/2031
$
2,244.29
$
176.18
$ -
$
176.18
$
169.64
$
6.55
$
2,074.65
169
10/1/2031
$
2,074.65
$
176.18
$ -
$
176.18
$
170.13
$
6.05
$
1,904.52
170
11/1/2031
$
1,904.52
$
176.18
$ -
$
176.18
$
170.63
$
5.55
$
1,733.89
171
12/1/2031
$
1,733.89
$
176.18
$ -
$
176.18
$
171.13
$
5.06
$
1,562.77
172
1/1/2032
$
1,562.77
$
176.18
$ -
$
176.18
$
171,62
$
4.56
$
1,391.14
173
2/1/2032
$
1,391.14
$
176.18
$ -
$
176.18
$
172.13
$
4.06
$
1,219.02
174
3/1/2032
$
1,219.02
$
176.18
$ -
$
176.18
$
172.63
$
3.56
$
1,046.39
175
4/1/2032
$
1,046.39
$
176.18
$ -
$
176.18
$
173.13
$
3.05
$
873.26
Beginning
Scheduled
No.
Payment Date
Balance
Payment
Extra Payment
Total Payment
Principal
Interest
Ending Balance
176
5/1/2032
$ 87326
$
170.18
$ -
$ 176.18
$ 173.64
$ 2.55
$ 699.6?
177
6/1/2032
$ 699.62
$
17.,18
$ -
$ 176.18
$ 174.14
$ 2.04
$ 525A8
178
7/1/2032
$ 525.48
$
176.18
$ _
$ 176.18
$ 174.65
$ 1.53
$ 350.83
179
8/1/2032
$ 350.83
$
176.18
$ -
$ 176.18
$ 175.16
$ 1.02
$ 175.67
180
9/1/2032
$ 175,67
$
176.18
$ -
$ 176.18
$ 175.67
$ 0.51
$ 0,00
Elk River HRA Homeowner Rehabilitation Program
Truth in Lending Statement
3.5% Installment Loan
Borrower(s): William & Denise Hoops Project #: ER -12
Project address:
Annual % Rate
806 Holt Ave. NW Elk River MN 55330
Finance Charge Amount Financed
Total of Payments
The cost of your credit
Dollar amount the
Amount of credit
Amount you will have
as a yearly rate
credit will cost you
provided to you on
paid after you have made
(total interest)
your behalf
all payments as scheduled
3.50%
$ 7,067.90
$24,645.00
$31,712.40
Your payment schedule will be:
Number of Payments
Amount of Payments
Due Date
Monthly Starting
$176.18 11' of each month October 1� 2017
Security: You are giving a security interest in the property to improve
Prepayment: If you pay off early, you will not have to pay a penalty
Assumption: Someone buying your property cannot assume the remainder of the repayment agreement on the
original terms
See your contract documents for any additional information about non-payment, default, any required prepayment in
full before the schedule date, and prepaying refunds and penalties.
Itemization of the Amount Financed of $24.645.00
• Construction costs 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: -/ - ` C7
Date: , v' -V
Exhibit C
Permitted Encumbrances
None
C -I
Form No. 2051-51M—SATISFACTION OF MORTGAGE
By Corporation or Partnership
Satisfaction of Mortgage
Date: 10/26/2020
THAT CERTAIN MORTGAGE owned by the undersigned, a political subdivision under the laws of Minnesota, dated
12/17/2016 executed by WILLIAM D. HOOPS and DENISE D. HOOPS, Spouses Married to Each Other as
Mortgagor(s), to the Housing and Redevelopment Authority In and for the City of Elk River, Minnesota, as
Mortgagee to, and filed for record on 9/18/2017 as Document Number 845195, in the Office of the ☒ County Recorder of
Sherburne County, Minnesota, is with the indebtedness thereby secured, fully paid and satisfied.
Housing and Redevelopment Authority In and for the City of Elk River, Minnesota
STATE OF MINNESOTA }
} ss.
COUNTY OF SHERBURNE }
The foregoing instrument was acknowledged before me on _________________, by
________________________, the ____________________ of _______________, a political subdivision under
the laws of Minnesota, on behalf of the city.
_________________________________
Signature of Notarial Officer taking acknowledgement
(Reserved for recording data)
THIS INSTRUMENT WAS DRAFTED BY:
Housing and Redevelopment Authority in and for the City of
Elk River, Minnesota
13065 Orono Parkway,
Elk River, MN 55330
NOTARIAL STAMP OR SEAL (OR OTHER TITLE OR RANK)
____________________________
(Signature)
By:_________________________________
(Name of authorized signor)
__________________________________
(Title of authority)