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4.5. HRSR 07-06-2021 �J etyof Request for Action Elk River To Item Number Housing and Redevelopment Authoritv 4.5 Agenda Section Meeting Date Prepared by Consent July 6, 2021 Colleen Eddy, Economic Development Specialist Item Description Reviewed by Satisfaction of Mortgage—Hicks Brent O'Neil, Economic Development Director Reviewed by Cal Portner, City Administrator Action Requested Approve,by motion,the Satisfaction of Mortgage for Matthew and Carol Hicks. Background/Discussion On October 27, 2015,Matthew and Carol Hicks received a loan from the HRA through the HRA's Rehabilitation Loan program for $25,000 to make improvements to the property located at 1205 4"' Street NW. As of May 28, 2021, 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 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 Form No.2051-51M—SATISFACTION OF MORTGAGE By Corporation or Partnership Satisfaction of Mortgage (Reserved for recording data) Date: 5/28/2021 THAT CERTAIN MORTGAGE owned by the undersigned, a political subdivision under the laws of Minnesota, dated 10/27/2015 executed by Matthew R Hicks and Carol Marie Hicks, 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 4/5/2016 as Document Number 818314, in the Office of the ❑X County Recorder ❑ Registrar of Titles 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 By: Larry Toth Chair,Housing and Redevelopment Authority (Name of authorized signor) (Title of authority) (Signature) STATE OF MINNESOTA } } ss. COUNTY OF SHERBURNE} The foregoing instrument was acknowledged before me on 7/6/2021, by Larry Toth, the Chair of the Housing and Redevelopment Authority In and for the City of Elk River, a political subdivision under the laws of Minnesota, on behalf of the city. Signature of Notarial Officer taking acknowledgement THIS INSTRUMENT WAS DRAFTED BY: NOTARIAL STAMP OR SEAL(OR OTHER TITLE OR RANK) Housing and Redevelopment Authority in and for the City of Elk River,Minnesota 13065 Orono Parkway Elk River,MN 55330 763-635-1032