6.1. HRSR 04-03-2023
Request for Action
To Item Number
Housing and Redevelopment Authority 6.1
Agenda Section Meeting Date Prepared by
General Business April 3, 2023 Joshua Mollan, Economic Development Specialist
Item Description Reviewed by
Housing Rehabilitation Loan Program Update Brent O’Neil, Economic Development Director
Reviewed by
Cal Portner, City Administrator
Action Requested
Receive updates on the Housing Rehabilitation Loan Program and review the current loan documents.
Background/Discussion
The Minnesota Center for Energy and Environment (CEE) reports that all accounts are current and the HRA’s
portfolio is performing as expected with no delinquencies or late payments. We have continued to receive inquiries
since the recent utility mailing; however, there have been no new loans issued and $150,000 remains available for
new loan disbursements.
CEE currently has multiple agreements and disclosure documents necessary to be completed prior to loan
disbursement. There has been at least one recent case where the amount of paperwork was the stated reason an
applicant did not follow through with the loan. We intend to review these documents with the HRA at a work
session in May.
Financial Impact
N/A
Mission/Policy/Goal
Improve existing housing stock by offering incentives or programs to repair and maintain residential properties.
Attachments
CEE Monthly Loan Activity Report
CEE Monthly Loan Activity Summary
CEE Loan Documents Combined
The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional
service, and community engagement that encourages and inspires prosperity.
Updated: January 2023
CITY OF ELK RIVER
OPERATIONAL RESULTS
FEBRUARY 2023
Data set: March 1st, 2023
LOAN SERVICING DEPARTMENT
CEE SERVICING
REPORT TYPE:INVOICE REPORT
DATA SET DATE:3/1/2023
REPORTING PERIOD:Feb-23
INVESTOR:CITY OF ELK RIVER
212 3rd Avenue North, Suite 560
Minneapolis, MN 55401
REPORTING MONTH: FEBRUARY 2023 Ph.: 612.455.7805
POOL Total Count of
Loans New Loans Added Loans Transferred for
Serviving
Count of Active
Delinquent
Accounts
Total Amount
Collected During
the Month
Principal Collected
During the Month
Interest Collected
During the Month
New Loan On-
boarding Fee @
$20/Account
Loan Transfer On-
Boarding Fee @
$20/Account
Monthly Servicing
@ $6/Account
Delinquent Loan
Management @
$3/Account
Total Monthly
Fees
Netted Amount to
Transfer to
Investor
Row Labels Count of LOAN #Sum of NEW LN INDEXSum of TRNX INDEX Sum of DELINQ INDEXSum of PMNT AMOUNTSum of PRN COLLECTEDSum of INT COLLECTED
HRA REHAB 5 0 0 0 $905.22 $757.09 $148.13 $0.00 $0.00 $30.00 $0.00 $30.00 $875.22
Grand Total 5 0 0 0 $905.22 $757.09 $148.13 $0.00 $0.00 $30.00 $0.00 $30.00 $875.22
ACCOUNT DETAIL FOR INVOICING
PORTFOLIO POOL LOAN #PROPERTY CONTRACT DATE LOAN AMOUNT PMNT DATE PMNT AMOUNT PRN COLLECTED INT COLLECTED TRNX INDEX NEW LN INDEX DELINQ INDEX
ELK RIVER RESIDENTIAL HRA REHAB 19-015215 606 JEFFERSON LN NW 8/3/2015 $20,650.00 2/10/2023 $192.33 $182.00 $10.33 0 0 0
ELK RIVER RESIDENTIAL HRA REHAB 19-015204 1420 5TH ST NW 1/25/2017 $22,069.00 2/20/2023 $208.04 $188.00 $20.04 0 0 0
ELK RIVER RESIDENTIAL HRA REHAB 19-015209 609 GATES AVE NW 9/22/2017 $19,665.00 2/10/2023 $187.63 $164.86 $22.77 0 0 0
ELK RIVER RESIDENTIAL HRA REHAB 19-015217 1811 MAIN ST 5/4/2018 $21,640.00 2/10/2023 $162.79 $103.79 $59.00 0 0 0
ELK RIVER RESIDENTIAL HRA REHAB 19-016564 403 3RD ST NW 7/15/2019 $15,252.22 2/15/2023 $154.43 $118.44 $35.99 0 0 0
$905.22 $757.09 $148.13
CEE SERVICING
REPORT TYPE:AGING DELINQUENCY REPORT
DATA SET DATE:3/1/2023
REPORTING PERIOD:Feb-23
INVESTOR:CITY OF ELK RIVER
AGING DELINQUENCY DETAIL PER ACCOUNT AS OF 2/28/2023
LOAN #BORROWER ADDRESS CONTRACT UNPD PRN BAL DPD TOTAL DUE 1 TO 15 DPD 15+ DPD 30+ DPD 60+ DPD 90+ DPD UNPD LATE FEES STATUS LAST PMNT DATE LAST PMNT AMNT
19-015215 606 JEFFERSON LN NW 8/3/2015 $5,406.21 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CURRENT 2/10/2023 $192.33
19-015204 1420 5TH ST NW 1/25/2017 $9,251.26 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CURRENT 2/20/2023 $208.04
19-015209 609 GATES AVE NW 9/22/2017 $9,585.00 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CURRENT 2/10/2023 $187.63
19-015217 1811 MAIN ST 5/4/2018 $16,238.94 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CURRENT 2/10/2023 $162.79
19-016564 403 3RD ST NW 7/15/2019 $10,476.17 0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 CURRENT 2/15/2023 $154.43
$50,957.58 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 905.22$
Loan #Loan AmountContractMaturityDelinquencyRateJan PymtFeb PymtBalance
19-015215$ 20,650.008/3/20158/1/2025N/A2.25%$ 192.33$ 192.33$ 5,406.21
19-015204$ 22,069.001/25/20171/1/2027N/A2.50%$ 208.04$ 208.04$ 9,251.26
19-015209$ 19,665.009/22/20179/1/2027N/A2.75%$ 187.63$ 187.63$ 9,585.00
19-015217$ 21,640.005/4/20185/1/2033N/A4.25%$ 162.79$ 162.79$ 16,238.94
19-016564$ 15,252.227/15/20197/15/2029N/A4.00%$ 154.43$ 154.43$ 10,476.17
Total$ 99,276.22$ 905.22$ 905.22$ 50,957.58
CEE Monthly Loan Activity Summary
4/3/23 6.1 at2
(hereinafter designated as Mortgagor) to the Housing and Redevelopment Authority in and for the City of Elk
River, Minnesota, a public body corporate and politic, whose main office if located at 13065 Orono Parkway, in the
City of Elk River, County of Sherburne, State of Minnesota (hereinafter designated as Mortgagee).
THIS MORTGAGE,made this day of , , by
residing at
This Mortgage is given in consideration of and as security for the payment of
WITNESSETH:That said Mortgagor hereby mortgages and conveys to said Mortgagee the following
described real property at
the Mortgagor to make home improvements on the Property The Loan Funds are evidenced by a Note (the "Note")
to the order of the Mortgagee of even date herewith, a copy of which is attached hereto as Schedule 1 and
incorporated herein by reference. The Loan Funds shall be repaid according to the terms of the Note of the same
date, provided that the final payment of principal and interest on the Note shall be due and payable on
Dollars ($ ) (the "Loan Funds"), receipt of which is hereby acknowledged and which is made to enable
a. To warrant title to the Property.
Mortgagor makes and includes in this Mortgage the Statutory Covenants and other provisions set forth in
Minnesota Statutes, Section 507.15, including without limitation:
b. To pay all other mortgages, liens, charges or encumbrances against the Property as and when they
become due.
c. To pay the indebtedness of the Note as herein provided.
d. To pay all real estate taxes on the Property.
CEE / Elk_River_Mortgage / 01-19
(the "Property"), legally described as:
, according to the recorded plat thereof, and situate in Sherburne County, Minnesota.
Mortgage
e. To keep the Property in repair and to commit no waste upon the Property.
f. To keep any buildings on the Property insured against loss by fire and other hazards for at least the
sum of the full insurable value of the Property for the protection for the Mortgagee.
If the Mortgagor herein shall pay the Mortgagee, its successors and assigns, the sum of
dollars ($ )
CEE / Elk_River_Mortgage / 01-19
when it becomes due according to the terms of the above-mentioned Note, then this Mortgage shall be null and
void, otherwise to remain in full force and effect. But if default shall be made in payment of said sum when due or
in any of the covenants or agreements continued herein, then the Mortgagee may declare immediately due and
payable the entire unpaid principal balance together with interest thereon, and the Mortgagee, its successors or
assigns, are hereby authorized and empowered to foreclose this Mortgage by action or advertisement, pursuant to
the statutes of the State of Minnesota in such case made and provided, power being expressly granted to sell the
Property at public auction and convey the same to the purchaser in fee simple and, out of the proceeds arising from
such sale, to pay the principal of the Note with accrued interest, together with all legal costs and charges of such
foreclosure and the maximum attorney's fees permitted by law.
Mortgagee prior to acceleration shall mail notice to Mortgagor specifying: (1) the event of default; (2) the action
required to cure such event; (3) the date, not less than thirty (30) days from the date the notice is mailed to
Mortgagor, by which date such default must be cured; and (4) that failure to cure such default on or before the date
specified in the notice may result in acceleration of the sums secured by this Mortgage and sale of the Property.
The notice shall further inform Mortgagor of the right to reinstate after acceleration and the right to bring a court
action to assert the nonexistence of a default or any other defense of Mortgagor to acceleration and sale. If the
default is not cured on or before the date specified in the notice, Mortgagee at Mortgagee's option, may declare all
of the sums secured by this Mortgage to be immediately due and payable without further demand and may invoke
the power of sale hereby granted and any other remedy permitted by applicable law.
Notwithstanding Mortgagee's acceleration of the sums secured by this Mortgage, Mortgagor shall have the right to
have any proceedings begun by Mortgagee to enforce this Mortgage discontinued at any time prior to the earlier of
(i) sale of the Property pursuant to the power of sale contained in this Mortgage or (ii) a judgment enforcing this
Mortgage, if: (a) Mortgagor pays Mortgagee all sums constituting the default actually existing under this Mortgage
and the Note at the commencement of foreclosure proceedings under this Mortgage; (b) Mortgagor cures all
breaches of any other covenants or agreements of Mortgagor contained in this Mortgage; (c) Mortgagor pays all
reasonable expenses incurred by Mortgagee in enforcing the covenants and agreements of Mortgagor contained in
this Mortgage and in enforcing Mortgagee's remedies as provided herein, including, but not limited to, reasonable
attorney's fees, and (d) Mortgagor takes such action as Mortgagee may reasonably require to assure that the lien of
this Mortgage, Mortgagee's interest in the Property and Mortgagor's obligation to pay the sums secured by this
Mortgage shall continue unimpaired. Upon such payment and cure by Mortgagor, this Mortgage and the
obligations secured hereby shall remain in full force and effect as if no acceleration had occurred.
The Mortgagor will indemnify, save, and hold harmless the Housing Redevelopment Authority (HRA) in and for
the City of Elk River, Minnesota, and the City of Elk River, Minnesota, 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. The indemnity
provisions of this Section shall survive the foreclosure or other termination of this Mortgage.
MORTGAGOR HEREBY: EXPRESSLY CONSENTS TO THE FORECLOSURE AND SALE OF THE
MORTGAGED PROPERTY BY ACTION PURSUANT TO MINNESOTA STATUTES CHAPTER 581 OR, AT
OPTION OF MORTGAGEE, BY ADVERTISEMENT PURSUANT TO MINNESOTA STATUTES CHAPTER
580, WHICH PROVIDES FOR SALE AFTER SERVICE OF NOTICE THEREOF UPON THE OCCUPANT OF
THE MORTGAGED PROPERTY AND PUBLICATION OF SAID NOTICE FOR SIX WEEKS IN THE
COUNTY IN MINNESOTA WHERE THE MORTGAGED PROPERTY IS SITUATED AND ACKNOWLEDGES
THAT SERVICE NEED NOT BE MADE UPON MORTGAGOR PERSONALLY UNLESS MORTGAGOR IS
AN OCCUPANT AND THAT NO HEARING OF ANY TYPE IS REQUIRED IN CONNECTION WITH THE
SALE AND EXCEPT AS MAY BE PROVIDED IN SAID STATUTES, EXPRESSLY WAIVES ANY AND ALL
RIGHT TO PRIOR NOTICE OF SALE OF THE MORTGAGED PROPERTY.
CEE / Elk_River_Mortgage / 01-19
This Mortgage and said Note shall be construed according to the laws of the State of Minnesota.
IN WITNESS WHEREOF,the Mortgagor has caused this Mortgage to be duly executed as of the day
and year first above written.
MORTGAGOR:
STATE OF MINNESOTA )
) ss.
)COUNTY OF SHERBURNE
The foregoing instrument was acknowledged before me this day of ,
, by
Notary Public
This Mortgage and Note are being serviced by:
THIS DOCUMENT DRAFTED BY:
By,
By,
13065 Orono Parkway
Elk River, MN 55330
Housing and Redevelopment Authority
in and for the City of Elk River, Minnesota
Center for Energy and Environment
212 3rd Avenue North, Suite 560
Minneapolis, MN 55401
Loan Originator Company Name Loan Originator Individual Name
Loan Originator Company NMLSR ID Loan Originator Individual NMLSR ID
(as name appears on NMLSR)
(if applicable)
TIL and NMLSR ID
CEE / Elk_River_Mortgage / 01-19
Promissory Note
Creditor:
13065 Orono Parkway
Elk River, MN 55330
Date:
Borrower(s):
The undersigned Borrower(s) (referred to herein as "Borrower"), jointly and severally if more than one, promise(s)
to pay to the order of the Creditor named above (referred to herein as "Creditor") at the address listed above or
whatever location Creditor may specify, the sum of
$, plus interest on the unpaid balance at an
annual rate of
loan has been paid in full.
. Interest will begin to accrue as of the date of this note and continues to accrue until the
Security This note IS secured by a Mortgage on my residence at:
IS NOT secured by other collateral or property.
If secured, the Legal description of the property securing this Note is:
Repayment Borrower agrees to repay this Promissory Note in monthly installments of $Principal
and Interest at a rate of , beginning on and on the same date each
month until the loan maturity date of or until the loan is otherwise paid in
full, whichever occurs first.
Prepayment Borrower may prepay this loan in part or in whole, at any time prior to the maturity date, without
penalty. If a partial payment (also known as a principal reduction payment) is made at any time, it
does not change the regularly scheduled monthly payments required or any other terms required
under this Promissory Note.
Assumption Anyone buying or acquiring an interest in the property secured by this Promissory Note may NOT
assume the remaining debt.
Initial(s)Page 1 of 3
An itemization of amount financed is available upon request.
Housing and Redevelopment Authority
CEE / Elk_River_Revolving_Note / 01-19
X
in and for the City of Elk River, Minnesota
Initial(s)Page 2 of 3
Promises I make the following promises:
Additional Terms
Interest on my loan will be calculated using the 'simple interest' method. This means that the
actual interest I will pay will depend on my unpaid balance at the end of each day. Interest may
also be referred to as finance charge.
* The property to be improved is my principal residence.
The terms "I" and "my" refer to all and any Borrowers, individually and together, who execute this Promissory
* I will use my loan only for the eligible items listed on the project bids that I submitted.
* My residence does not have more than units.
* My residence is permanently attached to the land by way of a foundation and is taxed as real
property.
* I do not intend to use more than 49% of my residence for business purposes.
*
Simple Interest
I understand that the Housing and Redevelopment Authority in and for the City of Elk River,
Minnesota, will rely on these promises and that I could be guilty of fraud if these promises are not
true.
If I pay ahead of the regular scheduled due date(s), the finance charge may be less than estimated.
If my payments are late, my finance charge may be higher. You will adjust my last payment
accordingly, but you may excuse any additional finance charge due to late payments.
I understand that the simple interest method of calculating interest may not always give the same
results as the method used in making the Truth in Lending disclosures. Therefore, the actual
amount I pay may not be exactly as disclosed.
Your Rights if I Default
I will be in default if:
* I do not make a payment when it is due, or in the full amount due.
* Someone tries by legal proceedings to get money or property I have on deposit with you.
* I use my residence for unlawful purposes.
* I made misstatements on my loan application or knowingly provided false information or
documentation.
* An event of default occurs under any mortgage covering my property.
* I do not keep property insurance in place and in effect that covers the loss of the residence, in
whole or in part.
* I transfer any or all interest in my property without paying my loan in full.
* I do not live up to any promise I have made under this Promissory Note, or
* You believe in good faith that I may not be able or willing to pay you as promised.
Additional Terms
If I am in default, you may require immediate payment of the unpaid balance of this Promissory
Note, including the interest I owe. You do not have to give me advance notice.
If there is a mortgage, you may also foreclose and sell my residence and use the money from the
sale of the property to pay my loan. You may also exercise any other legal rights you may have.
However, even if I am in default, you do not have to require immediate payment. You may delay
enforcing any of your rights without losing them.
I am the owner of the property referenced herein.
CEE / Elk_River_Revolving_Note / 01-19
Page 3 of 3
Bankruptcy If anybody starts a case under the U.S. Bankruptcy code which names anyone who signs this
Promissory Note as a debtor, the unpaid balance of this Note, including any interest I owe, will
immediately become due and payable.
Legal and Collection Costs
I must pay any reasonable attorney's fees, legal expenses, and costs of collection that result from
my default (unless prohibited by law).
Governing Law
The law(s) of Minnesota govern this Promissory Note.
Attestation:
I have received, read and understand all terms and conditions of this Promissory Note and agree to all its terms.
Loan Originator Company Name Loan Originator Individual Name
Loan Originator Company NMLSR ID Loan Originator Individual NMLSR ID
(as name appears on NMLSR)
(if applicable)
TIL and NMLSR ID
CEE / Elk_River_Revolving_Note / 01-19
ESCROW AND DISBURSING AGREEMENT
THIS AGREEMENT, is made and entered into this day of , by and
between
WHEREAS, the Authority has funded a loan or grant for the purpose of acquiring or improving
Borrower's property located on the following described tract of real estate in County,
Minnesota:
which loan is in the original principal sum of $
having its office at
(the "Authority"), Center for Energy and Environment having its offices at 212 3rd Avenue North, Suite 560,
Minneapolis, Minnesota 55401 (the "Agent") and
with an address of
(the "Borrower").
WITNESSETH
, and is dated
WHEREAS, said Loan was funded pursuant to the
NOW, THEREFORE, it is hereby agreed among the parties hereto as follows:
, (the "Loan"); and
1.
(the "Program"), whereby the proceeds of the Loan/Grant are to be expended for the acquisition of or permanent
repairs and improvements to the Borrower's property, as described above; and
WHEREAS, the Agent and the Authority have contracted for the Agent to disburse the Loan in accordance
with the terms of the Program; and
WHEREAS, the Borrower and the Authority desire that the proceeds of the Loan be placed into a
non-interest bearing account for disbursement to a contractor, so as to be assured that the Loan funds will be
devoted to the purposes provided in the Program.
2. The Agent shall review the contract(s) entered into between the Borrower and the contractor(s), to be assured
that the contract(s) provide(s), as a minimum, the following:
The Borrower shall and hereby does deposit the proceeds of the Loan with the Agent, the receipt and
sufficiency of which are hereby acknowledged by Agent, to be placed into an account to be held in a
non-interest bearing account by Agent for disbursement in the manner hereinafter provided.
a)
b) That the construction to be performed shall be authorized under the requirementsof the Program and shall
meet or exceed the plans and specifications for such work as agreed to between the Borrower and
contractor(s).
That the total contract sum shall not exceed $for all materials supplied and services
performed, of which total the amount funded by the Loan shall not exceed $
CEE / Escrow_Disbursing_Agreement / 9-12
CEE / Escrow_Disbursing_Agreement / 9-12
3.Where a City permit is not required, Agent shall inspect the site prior to final disbursement of funds to the
contractor(s) to insure that the improvements are constructed in accordance with any plans and specification
agreed to between the Borrower and contractor(s), that good workmanship has been used, and that the
construction is for the improvements permitted by the terms and conditions of the Program and according to
the contract.
d)
e) That the Borrower approve all draw requests.
That the contractor(s) deliver lien waivers and a final invoice to Agent for each required draw of the
contract amount.
f) That the Agent shall release funds in the form of a check made payable directly to the Borrower and/or
contractor(s).
4.Upon completion of the above requirements to the satisfaction of the Agent, in addition to the duties and
responsibilities of the Agent, the Agent shall:
a) Disburse the proceeds of the Loan in accordance with the terms hereof.
b) Require the Borrower to execute a Completion Certificate.
5.The Agent shall receive compensation for its services hereunder only in the manner specifically provided in
the Contract between the Agent and the Authority.
6.The parties hereby agree that upon the discharge of the duties undertaken herein by the Agent in accordance
with the provisions as set forth, the Agent shall have no further liability to the Borrower arising from this
Disbursing/Escrow Agreement.
7.This Disbursing/Escrow Agreement is not assignable without the prior written consent of the Authority.
8.This Disbursing/Escrow Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective heirs, executors, administrators, successors and assigns. This Escrow Agreement shall be
governed by the laws of the State of Minnesota.
INWITNESS WHEREOF, the parties hereto have executed this Agreement the day and year first above written.
BORROWER:
c) That construction shall be completed within days after commencement, provided that all
construction must be completed within days of the date of the note or participation agreementsecured
by the mortgage (as applicable).
Closing Disclosure
Closing Information
Date Issued
Closing Date
Disbursement Date
Settlement Agent
File #
Property
Estimated Prop. Value $0
This form is a statement of final loan terms and closing costs. Compare this
document with your Loan Estimate.
Transaction Information
Borrower
Seller
Lender
Loan Information
Loan Term
Purpose
Product
Loan Type
Loan ID#
MIC #
Home Equity Loan
Conventional FHA
VA
x
Loan Terms Can this amount increase after closing?
Does the loan have these features?
Loan Amount
Interest Rate
Prepayment Penalty
Balloon Payment
Monthly Principal & Interest
See Projected Payments Below for your
Estimated Total Monthly Payment
$0
0%
$0.00
NO
NO
NO
NO
NO
Projected Payments
Payment Calculation
Principal & Interest
Mortgage Insurance
Estimated Escrow
Amount Can Increase Over Time
Estimated Total
Monthly Payment
Estimated Taxes, Insurance
& Assessments
Amount Can Increase Over Time
See page 4 for details
$0.00
a month
This estimate includes In escrow?
Property Taxes
Homeowner's Insurance
Other:
See Escrow Account on page 4 for details. You must pay for other property
costs separately.
Costs at Closing
Closing Costs
Cash to Close
$0.00
$0.00
Includes $0.00 in Loan Costs + $0.00 in Other Costs - $0.00
in Lender Credits. See page 2 for details.
Includes Closing Costs. See Calculating Cash to Close on page 3 for details.
CLOSING DISCLOSURE (PowerLender.com - 1775.739) PAGE 1 OF 6 • LOAN ID #
Closing Cost Details
Loan Costs Borrower-Paid
At Closing Before Closing
Seller-Paid
At Closing Before Closing
Paid By
Others
A. Origination Charges
01
02
03
04
05
06
07
08
B. Services Borrower Did Not Shop For
01
02
03
04
05
06
07
08
09
10
C. Services Borrower Did Shop For
01
02
03
04
05
06
07
08
D. TOTAL LOAN COSTS (Borrower-Paid)
Other Costs
E. Taxes and Other Government Fees
01
02
F. Prepaids
01
02
03
04
05
G. Initial Escrow Payment at Closing
01
02
03
04
05
06
07
08
H. Other
01
02
03
04
05
06
07
08
I. TOTAL OTHER COSTS (Borrower-Paid)
J. TOTAL CLOSING COSTS (Borrower-Paid)
CLOSING DISCLOSURE (PowerLender.com - 1775.739) PAGE 2 OF 6 • LOAN ID #
Closing Cost Details
Other Costs Borrower-Paid
At Closing Before Closing
Seller-Paid
At Closing Before Closing
Paid By
Others
E. Taxes and Other Government Fees
01
02
F. Prepaids
01
02
03
04
05
G. Initial Escrow Payment at Closing
01
02
03
04
05
06
07
08
H. Other
01
02
03
04
05
06
07
08
I. TOTAL OTHER COSTS (Borrower-Paid)
J. TOTAL CLOSING COSTS (Borrower-Paid)
CLOSING DISCLOSURE (PowerLender.com - 1775.739) PAGE 2 OF 6 • LOAN ID #
Calculating Cash to Close Use this table to see what has changed from your Loan Estimate.
Loan Estimate Final Did this change?
Total Closing Costs (J) $0 $0 NO
Closing Costs Paid Before Closing $0 $0 NO
Closing Costs Financed
(Paid from your Loan Amount)$0 $0 NO
Down Payment/Funds from Borrower $0 $0 NO
Deposit $0 $0 NO
Funds for Borrower $0 $0 NO
Seller Credits $0 $0 NO
Adjustments and Other Credits $0 $0 NO
Cash to Close $0.00 $0.00
Summaries of Transactions Use this table to see a summary of your transaction.
BORROWER'S TRANSACTION
K. Due from Borrower at Closing $0.00
01
02
03
04
Adjustments
05
06
07
Adjustments for Items Paid by Seller In Advance
08
09
10
11
12
13
14
15
L. Paid Already by or on Behalf of Borrower at Closing $0.00
01
02
03
04
05
Other Credits
06
07
08
Adjustments
09
10
11
12
Adjustments for Items Unpaid by Seller
13
14
15
16
17
18
CALCULATION
Total Due from Borrower at Closing (K)
Total Paid Already by or on Behalf of Borrower at Closing (L)
$0.00
$0.00
Cash to Close From To Borrower $0.00
SELLER'S TRANSACTION
M. Due to Seller at Closing
01 Sale Price of Property
02 Sale Price of Any Personal Property Included in Sale
03
04
05
06
07
08
Adjustments for Items Paid by Seller In Advance
09 City/Town Taxes to
10 County Taxes to
11 Assessments to
12
13
14
15
16
N. Due from Seller at Closing
01 Excess Deposit
02 Closing Costs Paid at Closing (J)
03 Existing Loan(s) Assumed or Taken Subject To
04 Payoff of First Mortgage Loan
05 Payoff of Second Mortgage Loan
06
07
08 Seller Credit
09
10
11
12
13
14
Adjustments for Items Unpaid by Seller
15 City/Town Taxes to
16 County Taxes to
17 Assessments to
18
19
20
CALCULATION
Total Due to Seller at Closing (M)
Total Due from Seller at Closing (N)
Cash From To Seller
CLOSING DISCLOSURE (PowerLender.com - 1775.739) PAGE 3 OF 6 • LOAN ID #
Additional Information About This Loan
Loan Disclosures
Assumption
If you sell or transfer this property to another person, your lender
will allow, under certain conditions, this person to assume this
loan on the original terms.
will not allow assumption of this loan on the original terms.x
Demand Feature
Your loan
has a demand feature, which permits your lender to require early
repayment of the loan. You should review your note for details.
does not have a demand feature.x
Late Payment
If your payment is more than 0 days late, your lender will charge a
late fee of 0% of the .
Negative Amortization (Increase in Loan Amount)
Under your loan terms, you
are scheduled to make monthly payments that do not pay all of
the interest due that month. As a result, your loan amount will
increase (negatively amortize), and your loan amount will likely
become larger than your original loan amount. Increases in your
loan amount lower the equity you have in this property.
may have monthly payments that do not pay all of the interest
due that month. If you do, your loan amount will increase
(negatively amortize), and, as a result, your loan amount may
become larger than your original loan amount. Increases in your
loan amount lower the equity you have in this property.
do not have a negative amortization feature.x
Partial Payments
Your lender
may accept payments that are less than the full amount due
(partial payments) and apply them to your loan.
may hold them in a separate account until you pay the rest of the
payment, and then apply the full payment to your loan.
does not accept any partial payments.x
If this loan is sold, your new lender may have a different policy.
Security Interest
You are granting a security interest in
You may lose this property if you do not make your payments or
satisfy other obligations for this loan.
Escrow Account
For now, your loan
will have an escrow account (also called an "impound" or "trust"
account) to pay the property costs listed below. Without an escrow
account, you would pay them directly, possibly in one or two large
payments a year. Your lender may be liable for penalties and interest
for failing to make a payment.
Escrow
Escrowed
Property Costs
over Year 1
Estimated total amount over year 1 for
your escrowed property costs:
Non-Escrowed
Property Costs
over Year 1
Estimated total amount over year 1 for
your non-escrowed property costs:
You may have other property costs.
Initial Escrow
Payment
A cushion for the escrow account you
pay at closing. See section G on page 2.
Monthly Escrow
Payment
The amount included in your total
monthly payment.
will not have an escrow account because you declined it your
lender does not offer one. You must directly pay your property
costs, such as taxes and homeowner's insurance. Contact your
lender to ask if your loan can have an escrow account.
x
No Escrow
Estimated
Property Costs
over Year 1
$0.00 Estimated total amount over year 1. You
must pay these costs directly, possibly
in one or two large payments a year.
Escrow Waiver Fee $0.00
In the future,
Your property costs may change and, as a result, your escrow pay-
ment may change. You may be able to cancel your escrow account,
but if you do, you must pay your property costs directly. If you fail
to pay your property costs, your state or local government may (1)
impose fines and penalties or (2) place a tax lien on this property. If
you fail to pay any of your property costs, your lender may (1) add
the amounts to your loan balance, (2) add an escrow account to your
loan, or (3) require you to pay for property insurance that the lender
buys on your behalf, which likely would cost more and provide fewer
benefits than what you could buy on your own.
CLOSING DISCLOSURE (PowerLender.com - 1775.739) PAGE 4 OF 6 • LOAN ID #
Loan Calculations
Total of Payments. Total you will have paid after
you make all payments of principal, interest,
mortgage insurance, and loan costs, as scheduled.
Finance Charge. The dollar amount the loan will
cost you.
Amount Financed. The loan amount available
after paying your upfront finance charge.
Annual Percentage Rate (APR). Your costs over
the loan term expressed as a rate. This is not your
interest rate.
Total Interest Percentage (TIP). The total amount
of interest that you will pay over the loan term as a
percentage of your loan amount.
$0.00
$0.00
$0.00
0%
0%
?Questions? If you have questions about the
loan terms or costs on this form, use the contact
information below. To get more information
or make a complaint, contact the Consumer
Financial Protection Bureau at
www.consumerfinance.gov/mortgage-closing
Other Disclosures
Contract Details
See your note and security instrument for information about
• what happens if you fail to make your payments,
• what is a default on the loan,
• situations in which your lender can require early repayment of the
loan, and
• the rules for making payments before they are due.
Liability after Foreclosure
If your lender forecloses on this property and the foreclosure does not
cover the amount of unpaid balance on this loan,
state law may protect you from liability for the unpaid balance. If you
refinance or take on any additional debt on this property, you may
lose this protection and have to pay any debts remaining even after
foreclosure. You may want to consult a lawyer for more information.
state law does not protect you from liability for the unpaid balance.
x
Refinance
Refinancing this loan will depend on your future financial situation,
the property value, and market conditions. You may not be able to
refinance this loan.
Tax Deductions
If you borrow more than this property is worth, the interest on the
loan amount above this property's fair market value is not deductible
from your federal income taxes. You should consult a tax advisor for
more information.
Contact Information
Name
Address
NMLS ID
License ID
Contact
Contact NMLS ID
Contact
License ID
Email
Phone
Confirm Receipt
By signing, you are only confirming that you have received this form. You do not have to accept this loan because you have signed or
received this form.
Applicant Signature Date Co-Applicant Signature Date
CLOSING DISCLOSURE (PowerLender.com - 1775.739) PAGE 5 OF 6 • LOAN ID #
Compliance Agreement and Notice of Audit
Date:
Borrower(s):Lender / Closing Agent:
Center for Energy and Environment
212 3rd Avenue N, Suite 560
Minneapolis, MN 55401
Phone: 612-335-5884
The undersigned, in consideration of the closing and funding of a certain loan through Center for Energy
and Environment for the above-referenced borrower(s) and property, hereby agree(s) to fully cooperate in the
correction of any errors or omissions, if any, in any closing documentation which is deemed necessary or desirable
in the reasonable discretion of Center for Energy and Environment. The undersigned further agree(s) that "to
cooperate" as used in this Agreement includes, without limitation, the agreement by the undersigned to execute or
re-execute any documents which Center for Energy and Environment, in the normal course of business, deems
necessary or desirable to complete this transaction or to sell, convey, seek a guaranty or obtain insurance for, or
marketsaid loan to any purchaser,including but not limited to any investor or institution. Theundersignedagree(s)
that he/she/theywill comply with any request to cooperate by Center for Energyand Environmentwithin thirty (30)
days of such request.
CEE / Compliance_Agreement / 8-12
Signatures:
This is notice that Center for Energy and Environment and/or its designee routinely performs audits of
improvements which are funded by the loans made to insure that the work proposed in the bids provided in
connection with the loans is completed according to the bids in a timely and professional manner. The undersigned
acknowledge(s) that his/her/theirloan may be selected as part of this audit process and, if selected, hereby agree(s)
to allow Center for Energy and Environmentand/or its designee reasonable access to his/her/theirproperty in order
to inspect the improvements and complete the audit. There is no charge for this inspection. The undersigned
agree(s) that he/she/they will comply with any request by Center for Energy and Environment or its designee to
access the property for such purposes within thirty (30) days of such request.
The undersigned hereby further agree(s) that in the event that the undersigned fail(s) to comply with the
terms of this Agreementand Center for Energyand Environmentis compelled to enforce this Agreementby judicial
process, the undersignedwill be jointly and severally liable for all costs, expenses, and losses incurredby Center for
Energy and Environment arising out of or related to such failure by the undersigned, including without limitation
all marketing losses and all reasonable attorneys' fees and court costs.
Property Address:
NOTICE OF RIGHT TO CANCEL
LOAN NO.
YOUR RIGHT TO CANCEL
(Identification of Transaction)
You are entering into a transaction that will result in a mortgage, lien, or security interest on/in your home. You
have a legal right under federal law to cancel this transaction, without cost, within three business days from
whichever of the following events occurs last:
If you cancel the transaction, the mortgage, lien, or security interest is also cancelled. Within 20 calendar days
after we receive your notice, we must take the steps necessary to reflect the fact that the mortgage, lien, or
security interest on/in your home has been cancelled, and we must return to you any money or property you have
given to us or to anyone else in connection with this transaction.
You may keep any money or property we have givenyou until we have done the things mentioned above, but you
must then offer to return the money or property. If it is impractical or unfair for you to return the property, you
must offer its reasonable value. You may offer to return the property at your home or at the location of the
property. Money must be returned to the address below. If we do not take possession of the money or property
within 20 calendar days of your offer, you may keep it without further obligation.
HOW TO CANCEL
If you decide to cancel this transaction, you may do so by notifying us in writing, at
You may use any written statement that is signed and dated by you and states your intention to cancel, and/or
you may use this notice by dating and signing below. Keep one copy of this notice because it contains important
information about your rights.
If you cancel by mail or telegram, you must send the notice no later than midnight of
(or midnight of the third business day following the latest of the three events listed above). If you send or deliver
your written notice to cancel some other way it must be delivered to the above address no later than that time.
(date)
I WISH TO CANCEL
Consumer's Signature Date
The undersigned acknowledges receipt of two copies of Notice of Right to Cancel
Right of Rescission (General)
PowerLender (R) / NORTCGEN / 11-10
(1) the date of the transaction, which is ; or
(2) the date you received your Truth in Lending disclosures; or
(3) the date you received this notice of your right to cancel.
AUTHORIZATION AND RELEASE
I/We have applied for a loan or grant through the Center for Energy and Environment (CEE). As part of the
application, origination, processing, underwriting, closing and post-closing quality control review of the proposed
loan or grant,CEE and/or other parties involved in the application, origination, processing, underwriting, closing or
post-closing quality control review of the proposed loan or grant may verify information contained in my/our loan
or grant application and in other documents required in connection with the applied-for loan or grant, and may
disclose information and/or documents provided or obtained through this process to other parties for purposes
related to the proposed loan or grant or the improvements for which the proposed loan or grant is sought.
Accordingly, I/we hereby authorize, without reservation, any person or entity contacted by CEE or such other
parties involved in the loan or grant approval or review process to furnish any and all information and documents
that may be required for verification purposes in connection with the loan or grant I/we have applied for or
obtained, including, without limitation, any and all information and documents concerning my/our social security
number(s), credit history, employment history, employment status, income, assets, debts, financial account balances
and history, mortgage loan and payoff information, education, motor vehicle reports, income tax returns,
professional licensures, military records, and other requested records held by any local, state or federal agency.
I/We agreethat said information and documents may be obtained from any source, including without limitation any
local, state or federal agency, consumer credit reporting agency, employer, creditor, depository, mortgage holder,
financial institution, licensing board, or association, and hereby release any such person or entity from any and all
liability for furnishing such information and documents to CEE or other involved parties.
I/We further authorizeCEE, without reservation, to disclose information and documents provided to or obtained by
CEE through the loan or grant process to any third party, or any agent or employee thereof, for purposes of the loan
or grant for which I/we have applied or the improvements for which the proposed loan or grant is sought, and
hereby release CEE from any and all liability for furnishing such information and/or documents to such parties for
such purposes.
A copy of this authorization and release bearing a copy of the signature(s) of the undersigned may be deemed to be
equivalent of the original and may be treated and used as a duplicate original.
DateApplicant's Signature
Printed Name:
Applicant's Social Security Number
DateCo-Applicant's Signature
Printed Name:
Co-Applicant's Social Security Number
CEE / Auth_Release / 8-12