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<br /> , _ - , REN?fI. PROFYEtfiY R�i�illBILI�RBRItlN I.ILN , � __- ` --
<br /> • �he.ui�essig�et! �►roperty orners; t hereafter, the HORRO�'�tt8�, in '
<br /> � consi,dazatton of the zaceipt of Tvo Thousand Tiio Hundred �i�ven ' , _
<br /> Doilars aad Tvo �ents t�2211.03) as a defersed payaent loaa fro���tite ,
<br /> � CITY OP GEt�1tD ISL�110 t hereaftez, the LBNDER I fdr the rebsbii ita�tf oa, ,
<br /> � . p=eservatian and erahahiseaent of pri�a�rily rental residential real
<br /> propezty cbntaining efght unit� fos rent os lease to tenants, vh,fch
<br /> � is coa�only kaore as - . - _
<br /> ' g�,j,py�, and legally deac=f bed as s
<br /> Lota 5 and 6, 81ock 98{ Railroad 1ldQii�ion tu����e �. •
<br /> � � � C�t� of c�iand Ialan� . � � . .
<br /> ' � thesainaftes, the PROJ�CT) '.
<br /> , ' legal or equitable tltie to which ia heid by the BaRRONEit, hereby
<br /> � aqree and eonaent to the creation ana i�poaition of a lien upon. the
<br /> pItO.TECT for the benefit of the LSNDSIt, subiect ta the folloving tasaa
<br /> aad conaitfona: ' ,
<br /> 1) Suct► �lien�ahall be in the •full a�ount of the defesrecl pay�ent '
<br /> loan.given by the LENOER to the BORR01iER. ; � �
<br /> � 2)� The BORBOflER agreea that any default on ae super ios lien ahall be . :
<br /> � a default.oa tbis lfen and shall sender the balance heseundes at once
<br /> due �atsil payable. � � �
<br /> 3) The HOBRONER agrees: to keep dvelling units in the PROJECT in '�. __
<br /> qood condition and repair, £u1Zy tenable and not to resove or �,r__�
<br /> deaolish any dveliing unit thereon: to compiete or restoze prosptly �.-- --
<br /> and in qood and woskmanlike manner an dvellin unit which nay be `�5��'�~==--
<br /> Y 9 ;�s�_
<br /> constsucted, da�aged os dest=oyecl theYeon ana te pay when due all -ry—°_�
<br /> alaiws for labor pesformed and materials fu=nished to the PROJECT: �u , ,,�-���::
<br /> . __=�?;�`�'
<br /> coxply with all laws affecting sai8 PROJECT or sequiring any =...�,,;,__-
<br /> alterations:oz improvements to be. made thereon; not to coaa�it o� . H
<br /> �.- =Y''"r�''
<br /> peaai►it vaste �heseof; not ta commit, suf�er oz permit any act. thereon ��.•._,..,._,.-
<br /> fen:wiolation og lav. , � �
<br /> ��
<br /> �) Tt[e BO�RONER agxees: �� psovide, maintain and deliver �.� rhe �' �� �;,;;�;,rr__
<br /> • LENDER evir]ence o£ £ire arr� extended coveraqe insuzance sat�sfactoYy �-�'_.
<br /> to .the LENDER� in the order' and amount suf#icient to pesmit repair or (. -
<br /> � replacenent pussuant to paragraph 3, above, of the balance R .: ::��
<br /> outatan8iag �of this lien. ' � .': .
<br />= 5) The Bd�ZRl�iIER agrees to �ay all taxes, assessments, util�ties and � . � �
<br />- otltes expenses of the PROJECT when due and vithout delinquency and ! , � ���
<br /> s1`ca'!1 not pexmit any liens to be iapasea on the PROJECT by.season of �� � - •
<br /> E .
<br /> arcy delinquency. ' • �
<br /> 6) THE BORROiiER agrees not to convest the dwelling units in the . `
<br /> QROJECT .to co.ndo��.nium ovnership or to any fosr� of cooperative . �`�� ,
<br /> arnesahip vherel�n senta are �ot .affordable �o loxe=�iiicoae��hvt�settoids �_=���`.
<br /> (as theae teraa "affordable" and "lovez lncowe householda" way be �. . :.
<br /> defiried by the LEHaER). ' •
<br /> � 71 The BORROMER agzaesi not to 8lacsiainate aqainst os 8eny
<br /> � � accu na to any tenant oz, prospective tenant by reason af their �_.',;, ��
<br /> W Y
<br /> =eceipt of, or eligibility fox, tiouaing aaa�stance, undez any �'
<br /> tsd�ral, State�or �ocal housing aaaistanre progran; an8 not to '
<br /> � discx��inate aqainat os deny accupsttcy to any tenant or p=ospective �' �� ; .
<br /> ' t�nant by reason.thst the tenant haa a ■inos chiid or chiic7ren vho . � ,. �,
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