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<br /> - �� ` ' ` � �T,�Ir PROPERTY REAl1BILIT�ITIOH L�F•bi . ;'
<br /> �� ' The uud�rsigned ptoperty omers, thereaf'tez,' t�#e BQ880ii�R8�, .< �
<br />=<�r-�• it� tons��lezation of the =ec�ipt a# Tf�iEE ��tDR£D BIGii?Y-EItsHT . �'�.
<br /> _ ]1tiD NO/10� .(5388.€30) as a d�f�rred pay�ent;Ioaa €=on `the CITY _ '�
<br /> "=_ ' OF,GRAHD ISLlIAD iheresfter, the ien�er) faz the � ` .
<br /> -- - `;e3iabilitation, pzesezvation and ealia�ce�ient,af pziaarily , � � �
<br /> �rental residtatial seal pzoperty rontaiaing oue ua�t for zent '
<br /> , ' or lease to tenaA�s, vhich is cosaoa�y kno�u as �1� 1�Jorth Oak
<br /> . :�
<br />- • . � __ Stzeet and,legally deseribed as: < `� �
<br /> - ,. "`: '-. - , bots O»e til aA� Tvo �(2), Alock ZS, . • � '
<br /> ° � �=—``� - O=iginal To�n 1!@dition to the City of Gzand Island
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<br /> � . _�:�•�-_"� :=x�=� . ,
<br /> - � ,,::�- ' • thezeinafter, the PROJECTI � ' -
<br /> �� :=�:=a�: legal� or equitable title to vhich is held hy tbe BdRRO�ER,
<br />:��.. r, ,' ;_.,�.:�: ,
<br /> . � , r hesaby agzee and cbnsent to the czeatioa and imgosi�ion of a �g.�
<br /> �_::�;:����:��=�� lien npon the FROJBCT foz the benefit of the LENDER, sub�ect � __
<br /> . �� = °; � � to the fol�oving terms and ronditions: � �-_
<br /> _ _..
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<br /> � � . 1) fiuch lien shall be in the full amount of the defezzed t
<br /> , . , �� payaent loan qiven by the LENDEA to the BOR�tOWER. "'
<br /> . . . , � ' ' . .
<br />- � � .. 2) The SflxROiiEA agxee� that aay defanit on a supezioY lien . ' , --
<br /> � � sball be a tlefault on thi:. lien and �hall zendez the balanee � •=:
<br />-�. `�T •. � � �- r . � ' hereunder at once due and payable. � °���`�-
<br /> -. __ . . . . � . f:o�, . �_
<br /> 6.. .- � - •. . 3) The BORaOWER agrees: to keep dvelling units in the � �� ., _�:.
<br /> , . . , __ PROJECT in good condLtion and zepai=, f�l],y tenable anr] not , � � :. _,_�,..,, �
<br /> � � , . _G� to remove oz demolish any d�rclling unit the=eon: to complete �� �
<br /> :' •. , , os zestose promptly and. in goo�l and vQskmanlike s�annes any . � � ' �
<br /> , . , dYelling unit vhich may be constzucted, d�naged or destsoyed _ �..' .
<br /> � - • ,. �-�� thereon anQ to pay vhen 8ue ali claims for labor� pesfo=med - :
<br /> : .. . ,.
<br /> -< _� _ . ' _ and materials fuznished� tp'the PROJECT: ta Comply vith all _.. �
<br /> ° . _ lavs affecting �aid PROJECT oz requiring any altesations oz � ` �
<br /> - _ . �.� impsovements to be made theseon; not to commit or pesmit !• • �
<br /> � ',�.�' • vaste theseof; not to coma►it, suffer or pesmit any act �
<br /> - � . '-���- . =�-�-- � thezeon in violation of lav. � � � _
<br />�,, T;" . • ' _ � �• , f _ :„_...
<br /> s-� � 9) The BORROWER agzees: to provide, mair�t•�in and� c3eliver to ;
<br /> ' ' � � . � the LENDER evidence of fize and sxtended covezage iasurance
<br /> � �. � ., i � � satisfa�tozy ta the LEPiDER• in thc orc3er and amount sufficient . :
<br /> # ' .� , �. " � • to peY�rrit repnir or replacement pursuan� to paragraph 3, �
<br /> � -+�,,_��-� -�� ---- ' � above, of the balance autstanding of thi3 lien. �
<br />— '-T'� ,�� . � 51 The BnRROWER aqrees to pay all taxes, asae�sments, � �_ �. �
<br />-_ - _ , util.ities and athez expen�es of the PRC+JECT vhen du� and •
<br /> • ' �=�-:�� � vitJ�out delinquency aad �hal� not permit any liens to be � "
<br /> =� �_';_�.,� � � �mposed on the .PRdJECT�by zeason of any del inquency: ` ,l, � �,
<br /> �;,• _ . ,��,_.•. � , , . :
<br /> •-- - ==t--, . _ � -- 6} TftE SORROWER agsoeu aot to canver� the 8veliing uaits ia � . '
<br /> =`''��. ' • �'�_°' : � � the FRO�ECT to caadominium ovnershi•p or to any fozm oE • �
<br />�� �=x �'� � rooperative owaer�hip vheseia reats aze not. affordable to � ' .
<br /> : ..,.� ��"`�_: , n w -
<br /> lover incame househol8s tas these tezms affordable and
<br /> _ . � =3'�'� �' "lavEZ income households* aaay 6e de#inrd by tt�e Y.�NbER).� . '
<br /> `� .. { �''.-�' � � ` ' .. ' .
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