4.5. HRSR 05-02-2022
Request for Action
To Item Number
Housing and Redevelopment Authority 4.5
Agenda Section Meeting Date Prepared by
Consent May 2, 2022 Brent O’Neil, Economic Development Director
Item Description Reviewed by
Satisfaction of Mortgage – 730 Jackson Avenue NW Cal Portner, City Administrator
Reviewed by
Action Requested
Approve, by motion, the Satisfaction of Mortgage for 730 Jackson Avenue NW.
Background/Discussion
On December 17, 2016, Scot M. and Kristen R. Sandhoefner received a loan from the HRA through the HRA’s
Rehabilitation Loan program for $25,000 to make improvements to the property located at 730 Jackson Avenue
NW.
As of May 25, 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 welcoming community with revolutionary and spirited resourcefulness, exceptional service, and
community engagement that encourages and inspires prosperity
riled in my office this
, day of_SU47embei( .�,Q L_7
Diane Amold
>trerbume Counly Au br/Treasurar
►y
Deputy Auditor reasur rr
Office of the County Recorder
Sherburne County, MN
Doc. No. 844697
Certified, filed, and or recorded on
September 7, 2017 11:26 AM
Michelle Ashe, County Recorder
By SD Deputy
Fees: $46.00
III (IIIIIIIIIIIIIIIIIII IIIII
844697
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
171 day of December, 2016 (the "Effective Date"), by and between Scot M. Sandhoefner and Kristen R.
Sandhoefner, a married couple (the "Owner") the owner of the property located at 730 Jackson 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 Pkwy NW, Elk River, MN 55330.
NOW THEREFORE, in consideration of the Installment Loan described below and for other good and
valuable consideration, the parties do hereby agree as follows:
In accordance with the Elk River Owner -Occupied Housing Rehabilitation Policies and Procedures
(the "Procedures") and the Owner's Application dated August 22°d, 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 -Five Thousand and 00/100 ($25,000.00) Dollars. The Installment Loan
shall be disbursed directly to the contractor performing the work on the Property described in the
Application in accordance with the Procedures. The Owner agrees to repay to the HRA in the
Installment Loan plus interest thereon at the rate of 2.75% per annum in installments of principal
and interest of $238.53 per month, beginning on September 1", 2017 through
and including August 1' 2027 (the "Final Maturity Date") in accordance with the amortization
schedule and the Truth in Lending Statement signed by Owner both attached as Exhibit B. The
Owner may prepay the Installment Loan in whole, together with accrued interest thereon, to the
HRA on any business day.
If the HRA has not received the full amount of any monthly payment by the end of 10 calendar days
after the date it is due, the Owner will pay a late fee to the HRA. The late fee will be 5.000% of the
overdue principal and interest payment. The Owner will pay this late fee promptly but only once on
each late payment.
2. Owner covenants and agrees with the HRA that if the Property is transferred or otherwise conveyed,
voluntarily or involuntarily, either while the Owner is living or by reason of the death of the Owner
prior to the Final Maturity Date, the Installment Loan and all accrued interest thereon shall be
immediately due and payable and shall be repaid in full to the HRA.
S-1
3. As security for Owner's obligation to repay the Installment Loan and accrued interest thereon, and
the cost, including reasonable attorney's fees, of collecting the same, and subject to the terms and
conditions of this Mortgage, Owner hereby grants, and HRA shall and hereby does have, a statutory
mortgage on the Property in accordance with Minnesota Statutes, Section 507.15.
4. The Owner covenants with the HRA the following statutory covenants;
a. To warrant the title to the Property; subject to permitted encumbrances as set forth in
Exhibit C.
b. To pay the indebtedness as herein provided.
c. To pay all taxes.
d. That the Property shall be kept in repair and no waste shall be committed.
e. That the whole of the principal sum shall become due after default, in the payment of any
installment of principal or interest, or of any tax, or in the performance of any other
covenant, at the option of the HRA.
f. To pay principal and interest on prior mortgages.
5. If default be made in any payment or covenant herein, the HRA shall have the statutory power of
sale, and on foreclosure may retain statutory costs and attorney's fees.
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 HRA the same, with interest at the mortgage rate, and
that the same shall become a part of the debt secured by this mortgage in like manner as the principal
sum. The Owner may retain any moneys received by him/her on the policies, but the same shall
apply in part payment of this mortgage.
7. This Mortgage shall terminate and shall be of no further force or effect upon payment in full of the
Installment Loan and accrued interest thereon.
8. The Owner will indemnify, save, and hold harmless the HRA, the City of Elk River, Minnesota,
Central Minnesota Housing Partnership, Inc., their officers, agents, and employees, from and against
any claim, cause of action, damage, liability, loss or expense, including attorney's fees incurred by
the HRA, made by any party in connection with or arising from (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 perform, 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.
Kristen R. Sandhoefner
STATE OF MINNESOTA)
)ss.
COUNTY OF ( )
The foregoing instrument was acknowledged before me this=yAday of %Ueh , 20_a, by
Scot M. Sandhoefner and Kristen R. Sandhoefner, owner and mortgagor.
No Public
RENEE S. MORRIS
WrARY PUBW • MWNE80TA
My Cm A*ft60tJNL31.2M2
�ghecbv�cne>
S-3
Accepted and agreed to by:
HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY
OF ELK RIVER I---/
Lo
Its
Its a4iV-t l�
STATE OF MINNESOTA)
)ss.
COUNTY OF
T foregoing instrument was acknowledged before me,this <3day of , 20 /2, by
o , the //" ci2lt4le'.1 , and Qlhoa,161, the
e? i/er espectively, of the Housing and Redevelopment Authority in and for the City
of Elk River, a body corporate and politic organized and existing under the Constitution and laws of the State
of Minnesota, on behalf of said Authority
Notary Public
THIS INSTRUMENT DRAFTED BY:
DEBORAH KAY HUEBNER
NOTARY PUBLIC - MINNESOTA
1J�1 Cottftiexe EVM JWL 31.2=
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 5, Block 3, Burrell's Addition to the Village of Elk River, according to the plat thereof on file and of
record in the office of the County Recorder, Sherburne County, Minnesota.
A-1
Exhibit B
Amortization Schedule and Truth in Lending Statement
Elk River HRA Homeowner Rehabilitation Program
Truth in Lending Statement
2.75% Installment Loan
Borrower(s): Scot & Kristen Sandhoefner Project #: ER-15
Project address:
730 Jackson Ave. NW Elk River, MN 55330
Annual % Rate
Finance Charge
Amount Financed
Total of Payments
The cost of your credit
Dollar amount the
Amount of credit
Amount you will have
as a yearly rate
credit will cost you
provided to you on
paid after you have made
(total interest)
your behalf
all payments as scheduled
%2.75
$3,623.31
$25,000.00
$28,623.31
Your payment schedule will be:
Number of Payments
Amount of Payments
Due Date
Monthly Starting
120
$238.53
11 of each month
September ISM, 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 $25,000.00
• Construction costs associated with rehabilitation project
The makers, guarantors, endorsers and any other parties to this Note hereby waive presentment, demand, protest and
notice of dishonor and protect and hereby agree that an extension or extensions of the time of payment of this Note
or any installment or part hereof may be made before, at or after maturity by agreement with any one or more of the
parties hereto with out notice to and without releasing the liability of any other party to this Note.
By executing this Note, the undersigned acknowledge receipt of a copy thereof prior to execution.
Borrower: I Date:
Borrower: �"" - Date:
Loan Amortization Schedule
Loan amount
Annual interest rate
Loan period in years
Start date of loan
Ender values
$ 25,000.00
2.750%
10
9/1/2017
Optional extra payments
Scheduled monthly payment
Scheduled number of payments
Actual number of payments
Total of early payments
Totalinterest
$', 238.53
120
120
$ -
$ 3,623.31
Instructions
Must be between 1 ina 3U years.
'( your extra paymi:ar is voiy, enter them in tho fable below.
Beginning Scheduled
No. Payment Date Balance Payment Extra Payment Total Payment Principal
1
9/1/2017
$
25,000.00
$
238.53
2
10/1/2017
$
24,818.76
, $
238,53
3
11/1/2017
$
24,637.11,E
! $
238.53
4
12/ 1/2017
$
24,455,0,
' $
238.53'
5
i / l /2018
$
241272.561
$
238.53
6
2/1 /2018
$
24,089.66
_$
238,53'
7
3/1/2018
$
23,906,34
$
238.53'
8
4/1/2018
$
23,72Z59
$'
"238.53'
9
5/l/2018:,$
23,538,43
$
238.53
10
6/ 112018
'$
23,353,84
$
238.53
11
7/ i /2018
$
23,168.84
$
238.53
12
8/1!/2018
$
22,983.40,
$
238.53
13
9/1/2018
$
22,797.55
$
238.53
14
10/l/2018
$
22,611.26
$'
238.53'
15
1 1 / 1 /2018
$
22,424.55;
$
238.53
16
12/1/2018
$
,
22,237,421 $
238.53
17
1/l/2019
$
22,049.85?
$'
238.53
18
2/ l /2019
$
21,861.85
$
238.53
19
3/1/2019
$
21,673.42;'$
238.53
20
4/ 1 /2019
$'
21,484.571
$
238,53
l 21
5/ 1 /2019
$'
21,295.27 i.
$
238.53;'
22
6/ 1 /2019
$
21,105.55 ;
$
238.53
23
7/l/2019
$
20,915,391
$
238,53;
24
8/1/2019
:$
20,724.79
'$
23&53
25
9/1/2019
$
20,533,76
$
238.53
26
10/1 /2019
$
20,342.29
$
238.53
27
11 / 1 /2019
$
20,150.38 `
_ $
238.53
28
12/1/2019
$
19,958,03'
_$
238.53
29
1/1/2020
$
19,765.24!
$,
_ 238,53
30
211/2020
$
19,572.00`1
$
238.53
31
3/ l /2020
$
19,378.33 1
1
238.53
32
4/ 1 /2020
$
19,184,21 °
-
$;
238.53
33
5/1/2020
$
18,989.65
$
238.53
34
6/ 1 /2020
$
18,794.64
$'
238.53
35
7/l/2020
$
18,599.18
$
238.53>
36
8/1/2020
$
18,403.28
$'
238,53
37
9/1 /2020
$
18,206.92
$
238.53
38
10/1/2020
$
18,010.12 ;
.$
1238.53'
39
11 / 1 /2020
$.
17,81 2.86 i
{$
238.53
40
12/ 1 /2020
$
17,615.16 1
$
238.53
41
1 / 1 /2021
$ ;
17,417.001
$
238.53
42
2/ 1 /2021
$
17,218.38 '
$
238.53
43
3/l/2021
$
17,019.32
$
23&53
44
4/1/2021
$
16,819,79
$
238.53
45
5/ 1 /2021
$'
16,619.81
$
238.53
Interest Ending Balance
$
238.53
$
181.24
- $
57:29
' $
24,818.76
$
238.53
$;
181,65
$
56♦88
$
24,637.11
$;
238.53
$
182.07
$
56.46
$
24,455.05
$
238.53
$'
182,48
$
56.04
$
24,272.56
$'
238.53
$
182.90
$
55.62
$
24,089.66'
$„
238.53
$
183.32
$
55,21
$
23,906.34
$
238.53
$
183.74
$
54.79
$
23,722.59
$
238.53
$
184,16
$ ''
54.36
$
23,538.43
$
238.53
$
184.59
$ ;
53.94
$
23,353.84
$
238.53
$'
185.01
$
53.52
$
23,168.84
$
238,53
$I
185.43
$
53.10
$
22,983.40
$'
238.53
$
185.86
$'
52.67
$
22,797.55
$
238,53
$
186.28
$
52.24
$
22,611,26
$
238.53
$
186.71
$
51,82
$
22,424.55
$
238.53
$
187.14
$
51',39
$
22,237.42
$
238.53
$
187,57
$
50.96
$
22,049.85
$
238,53
$
188.00
$
50.53
$
21,861.85
$',
238,53
$
188.43
$
5010
$
21,673.42
$;
238.53
$
188.86
$
49.67
$
21,484,57
$'
238.53
$
189.29
$
49.24
$
21,295,27
$
238.53
$
189.73
$
48.80
$
21,105.55
$ :
238.53
$
190.16
$
46,37
$
20,915.39
$"
238.53
$
190,60
$
47,93
$
20,724.79
$;
238.53
$
191.03
$
47.49
-$
20,533.76
$'
238.53
$
191,47
$
47.06
$
20,342.29
$,
238.53
$
191,91
$
46.62
$
20,150.38
$'
238.53
$
192.35
$
46.18
$
19,958.03
$
238.53
$
192.79
$
45.74
$
19,765.24
$
238.53
$
19123
$
45.30
$
19,572.00
$
238.53
$
193,68
$
44.85
$
19,378.33
$
238,53
$
194.12
$
44.41
$
19,184.21
$
238.53
$
194.56
$ `
43.96
$
18,989.65
$
238.53
$
195.01
$
43.52
$
18,794,64
$
238.53
$
195.46
$
43.07
$
18,599.18
$
238.53
$
195.90
$
42.62
$
18,403.28
$
238.53
$
196.35
$
42.17
$
18,206.92
$
238.53
;$
196,80
$
41172
$
18,010.12
$
238.53
$ ;
197.25
$
41,27
$
17,812.86
$
238.53
$
197.71
$
40.82
$
17,615.16
$
238.53
$
198.16
$
40.37
$
17,417.00
$
238.53
$
198,61
$
39,91_
$
17,218.38
$
238.53
$ ,
199.07
$
3946
$
17,019.32
$';
238.53
$
199,52
$
39.00
$
16,819,79
$ '
238.53
$
199.98
$ '
38.55
$
16,619.81 -
$
238.53
$_
200':.44
$
38,09
$
16,419.37
Beginning Scheduled
No. Payment Date Balance Payment Extra Payment Total Payment Principal Interest Ending Balance
46 61 /2021 $ 16,419.37 $ 238.53 a�i 'i x "' - $ 238.53 $ 20090 $ 37.63 $ 16,218.47
47 7/1/2021 $ 16,218.47 $ 238.53 "�1 $ 238.53 $ 20136 $ 37,17 $ 16,017,11
48 8/1/2021 $ 16,017,11 $, 238.53 $ 238.53 $ 201.82 $ 36.71 $ 15,815.29
49 9/11/2021 $ 15,615.29 $238.53 :`' $ 238.53 $ 202,28 $ 36,24 $ 15,613.00
50 10/ 1'; 2021 ` $ 15,613.00 $ 238,53 $ 238,53 $ 202.75 $ 35.78 $ 15.410.25
51 11111/2021 $ 1.5,410.25 $ 238.53 1 I $ 238,53 $; 203.21 $ 35.32 $ 15,207.04
52 12/1/2021 $ 15,207.04 $ 238.53 ' "� $ 238,53 $ 203.68 $ 34.85 $ 15003.36
53' 1 / 1/2022 ' $ 15,003.36 $ 238.53 .' $ 238.53 $ 204.14 $ 34.38 $ 14,799.22
54 2/1/2022 $ 14,799.22 $ 238,53 '7.9�� $ 238.53 $ 204.61 $ 33.91 $ 14,594.61
55 3/1/2022 $ 14,594.61 $ 238.53 $ 238.53 $ 205.08 $ 33,45 $ 14,389.52
56 4/1,/2022, $ 14,389.52 $ 238.53 $ 238.53 $, 205,55 $ 32,98 $ 14,183.97
57 5/1/2022 $ 14,183.97' $' 238.53 $ 238.53 $, 206.02 $- 32.50 $ 13,977.95
58 6/ 1 /2022 $ 13,977.95i $ 238.53 , $ 238.53 $ 206.49 $ 32.03 $ 13,771.46
59 7/ 1 /2022 $ 13,771.461 $ 238.53 fl $ 238,53 $ 206.97 $ 31.56 $ 13,564.49
60 8/1/2022 $ 13,564.49� $ 238.53 15: $ 238.53 $ 207.44 $ 31;09 $ 13,357.05
61 9/1 /2022 $ 13,357.05 $ 238 53 t' 1 �� $ 238.53 $ 207.92 $ 30.61 $ 13,149.13
62 0/ 1 /2022 $ 13,149.13 $ 238.53 $ 238.53 $ 208.39 $ 30.13 $ 12,940.73
63 1 1 / 1 /2022 $ 12,940.73 $ 238.53 1 $ 238.53 $ 208.87 $ 29.66 $ 12,731 .86
64 12/1 /2022 $ 12,731 .86 $ 238.53 $ 238.53 $ 209.35 $ 29.18 $ 12,522.51
65 1 / 1 /2023 $ 12,522,51 $ 238.53 ;$ 238.53 $ 209,83 $ 28.70 $ 12,31268
66 2/ 1 /2023 $ 12,312.68 $ 238.53 $ 238.53 $ 210.31 $ 28.22 $ 12,102.37
67 3/ 1 /2023 $ 12,102.37 $ 238.53 ,E � „ $ 238.53 $ 210.79 $ 27.73 $ 1 1,891.53
68 4/ 1 /2023 $ 11,891.58 $ 238.53 P, �1 G$ 238.53 $ 21 1 .28 $ 27,25 $ 11,680.30
69 5/1/2023 $ 11,680.30 $ 238.53 �''�� r"..; $ 238.53 $ 211.76 $ 26.77 $ 11,468.54
70 6/1/2023 $ 11,468.54 $ 238.53 1�, 238.53 $ 212.25 $ 26.28 $ 11,256.30
71 7/ 1 /2023 $ 1 1,256.30 $ 238.53 1� m $ 238.53 $ 212.73 $ 25.80 $ 1 1,043.56
72 8/1 /2023 $ 11,043.56 $ 238.53 ��`1 $ 238.53 $ 213.22 $ 25.31 $ 10,830.34
73 9/ 1 /2023 $ 10,830.34 $ 238.53 $ 238.53 $ 213.71 $ 24.82 $ 10,616.64
74 10/1 /2023 $ 10,616.64 $ 238.53 $ 238.53 $ 214.20 $ 24.33 $ 10,402.44
75 11/1/2023 $ 10,402.44 $ 23853 s- �,; $ 238.53 $ 214.69 $ 23.84 $ 10,187,75
76 12/ 1 /2023 $ 10,187.75 $ 238.53 $ 238.53 $ 215.18 $ 23.35 $ 9,972.57
77 1 /1 /2024 $ 9,972.57 $ 238.53 "a �` $ 238.53 $ 215.67 $ 22.85 $ 9,756.89
78 2/ 1 /2024 $ 9,756.89 $ 238.53 ;�� $ 238.53 $ 216.17 $ 22.36 $ 9,540.73
79 3/1 /2024 $ 9,540.73 $ 238.53 $ 238.53 $ 216.66 $ 21.86 $ 9,324.06
80 4/ 1 /2024 $ 9,324.06 $ 238.53 $ 238.53 $ 217.16 $ 21.37 $ 9,106.90
81 5/ 1 /2024 $ 9,106.90 $ 238.53 $ 238.53 $ 217.66 $ 20.87 $ 8,889.25
82 6/ 1 /2024 $ 8,889.25 $ 238.53 7 _ti $ 238.53 $ 218.16 $ 20.37 $ 8,671 .09
83 7/1 /2024 $ 8,671.09 $ 238.53 $ 238.53 $ 218.66 $ 19.87 $ 8,452.43
84 8/ 1 /2024 $ 8,452.43 $ 238.53 $ 238.53 $ 219.16 $ 19.37 $ 8,233.28
85 9/1/2024 $ 8,233.28 $ 238.53� $ 238.53 $ 219.66 $ 18.87 $ 8,013.62
86 10/1/2024 $ 8,013.62 $ 238.53 R� $ 238.53 $ 220.16 $ 18.36 $ 7,793.45
87 1 1 / 1 /2024 $ 7,793.45 $ 238.53238.53 $ 220.67 $ 17.86 $ 7,572.79
88 12/ 1 /2024 $ 7,572.79 $ 238.53 n$ 238.53 $ 221 .1 7 $ 17.35 $ 7,351.61
89 1 / 1 /2025 $ 7,351.61 $ 238.53 'q1 $ 238.53 $ 221.68 $ 16.85 $ 7,129.93
90 2/1/2025 $ 7,129.93 $ 23853 �����w� $ 238.53 $ 222.19 $ 16.34 $ 6,907.74
91 3/1 /2025 $ 6,907.74 $ 238.53 238.53 $ 222.70 $ 15.83 $ 6,685.05
92 4/1 /2025 $ 6,685.05 $ 238.53 �i 1 r$ 238.53 $ 223.21 $ 15.32 $ 6,461.84
93 5/1 /2025 $ 6,461 .84 $ 238.53 y l $ 238.53 $ 223.72 $ 14.81 $ 6,238.12
94 6/ 1 /2025 $ 6,238.12 $ 238.53 $ 238.53 $ 224.23 $ 14.30 $ 6,013.89
95 7/1 /2025 $ 6,013.89 $ 238.53 z1 $ 238.53 $ 224.75 $ 13.78 $ 5,789.14
96 8/1/2025 $ 5,789.14 $ 238.53 s _ $ 238.53 $ 225.26 $ 13.27 $ 5,563.88
97 9/1/2025 $ 5,563.88 $ 238.53 $ 238.53 $ 225.78 $ 12.75 $ 5,338.10
98 10/1/2025 $ 5,338.10 $ 238.53 '_ $ 238.53 $ 226.29 $ 12.23 $ 5,111.81
99 1 1 / 1 /2025 $ 5,1 1 1.81 $ 238.53 �a $ 238.53 $ 226.81 $ 1 1.71 $ 4,885.00
100 12/1/2025 $ 4,885.00 $ 238.53 $ 238.53 $ 227.33 $ 11.19 $ 4,657.66
101 1 /1 /2026 $ 4,657.66 $ 238.53 - $ 238.53 $ 227.85 $ 10.67 $ 4,42931
102 2/1 /2026 $ 4,429.81 $ 238.53 $ 238.53 $ 228.38 $ 10.15 $ 4,201.43
103 3/1/2026 $ 4,201.43 $ 238.53
�m $ 238.53 $ 228.90 $ 9.63 $ 3,972.54
104 4/ 1 /2026 $ 3,972.54 $ 238.53 $ 238.53 $ 229.42 $ 9.10 $ 3,743.11
105 5/1/2026 $ 3,743.11 $ 238.53 „ $ 238.53 $ 229.95 $ 8.58 $ 3,513.16
106 6/1/2026 $ 3,513.16 $ 238.53 '' $ 238.53 $ 230.48 $ 8.05 $ 3,282.69
107 7/1 /2026 $ 3,282.69 $ 238.53 $ 238.53 $ 231.00 $ 7.52 $ 3,051.68
108 8/ 1 /2026 $ 3,051 .68 $ 238.53 + $ 238.53 $ 231.53 $ 6.99 $ 2,820.15
109 9/1 /2026 $ 2,820.15 $ 238.53 '$ 238.53 $ 232.06 $ 6.46 $ 2,588.08
110 10/1/2026 $ 2,588.08 $ 238.53 $ 238.53 $ 232.60 $ 5.93 $ 2,355.48
Beginning
Scheduled
No.
Payment Date
Balance
Payment Extra Payment
Total Payment
Principal
Interest
Ending Balance
111
11/1/2026
$
2,355.48
$ 238.53 .Eaftg
$
238.53
$ 233.13
$
5.40
$ 2,122.36
1 12
12/ 1 /2026
$
2, i 22.36
$ 238.53 _
k a
$
238.53
$ 233.66
$
4.86
$ 1,888.69
1 13
11112027
$
1,888.69
$ 238 53�
$
238.53
$ 234.20
$
4.33
$ 1,654.49
1 14
2/ 1 /2027
$
1,654,49
$ 238.53 ��� � _
$
238.53
$ 234.74
$
3.79
$ 1,419.76
115
3/1/2027
$
1,419.76
$ 238.53 ,� ���
$
238.53
$ 235.27
$
3.25
$ 1,184.48
1 16
4/1 /2027
$
1,184.48
$ 238.53
$
238.53
$ 235.81
$
2.71
$ 948.67
1 1 7
5/ 1 /2027
$
948.67
$ 238.53 ' ` �
�t
$
238.53
$ 236.35
$
2.17
$ 712.32
118
6/ 1 /2027
$
712.32
$ 238.53 r
$
238.53
$ 236.90
$
1.63
$ 475.42
19
711 12027
$
475.42
$ 238 53
$
238.53
$ 237.44
$
1.09
$ 237.98
120
8/ 1 /2027
$
23798
$ 238.53 '14�r
238.53
$ 237.98
$
a55
$ (0.00)
Exhibit C
Permitted Encumbrances
None
C-1
Form No. 2051-51M—SATISFACTION OF MORTGAGE
By Corporation or Partnership
Satisfaction of Mortgage
(Reserved for recording data)
Date: 4/21/2022
THAT CERTAIN MORTGAGE owned by the undersigned, a political subdivision under the laws of Minnesota, dated
12/17/2016 executed by SCOT M. SANDHOEFNER and KRISTEN R. SANDHOEFNER, 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 9/7/2017 as Document Number 844697, 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
____________________________
By:_________________________________
__________________________________
(Signature)
(Name of authorized signor)
(Title of authority)
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
NOTARIAL STAMP OR SEAL (OR OTHER TITLE OR RANK)
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