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01
<br />86- 103563
<br />RENTAL ?POPZ;ZY REHABILITATION LIEN
<br />T property own
<br />he undersigned prop owner(s) thereafter, the BORRCW-EP), in consideration of the receipt of
<br />and no/ 100 --- --- -- --- --- --- ---- - - - - -- ($5,000.00 ).as deferred
<br />A
<br />a
<br />roe the CIT� OF GOAZIff reafter, tne I�ENDZR for the rehabilitation'
<br />A
<br />It
<br />2
<br />pro rvatiOn and enhancement of Primarily rental residenlial real property containing 2 dweil.,ng
<br />t
<br />Unit;: for rent or lease to tenants, which is commonly known as 823 West 5th
<br />and legally described as:
<br />Lot 5, Block 16, Rolling Addition to the City of Grand Island, Hall County
<br />(hereafter, the PROJECT)
<br />p"I
<br />legal or equitable title to which is held by the BORROWER, hereby agree and ccns,�nt to the creat,-
<br />and IMPOsitfM of a lien upon the PROJECT for the benefit of the LENDER, 3L;oje,2t to tn e follow.-
<br />torus and conditions:
<br />i
<br />1) Such lien shall be in the full amount of the deferred payment loan given by the LENDER to the
<br />BORROWER.
<br />2) The BORROWER agrees that any default on a superior lien stall to a default an this lien and
<br />V
<br />render the balance hereunder at once due and payable.
<br />3) The BORROWER agrees: to keep dwelling units in the FFOjE,-T in good condition and repair, fully
<br />tenable and not to remove ,,r• temoijsh any dwelling unit thereon: to complete or restore promptly and
<br />In
<br />good and workmanlike marner any dwelling unit which may be constructed, iaaaged or destroy-•'
<br />thereon and to pay when O..;e I!, claims for labor performed and materials rurnisned to t!)e
<br />004PIY with all laws affecting said PROJECT or requiring any alterations or '�rrr.,v-men�s to be
<br />thereon; not to commit or Permit waste therecf; not L�') commit, suffer or permit any act thereon i,,
<br />violation of law.
<br />4) The BORROWER agrees: to provide, maintain and deliver to the LENDER evidence Of fire
<br />and
<br />Coverage insurance satisfactory to the LENDER in tne order and amount suff''ri'ent to permit repar r
<br />replacement pursuant to, paragraph 3, above, of the balance outstanding of this lien.
<br />5) The BORROWER agrees to PRY all taxes, assessments, utilities and other expenses f RD!—
<br />0 s ; tte P.,.
<br />when due and without delinquency and shall not permit any liens to be imposed on t�'? FRCJE--T by r--�_-,cn
<br />of any delinquency.
<br />6) The BORROWER agrees not to convert the dwelling units in the PROJECT
<br />or
<br />to any form of cooperative ownership wherein rents are not afff,rdable to :owes in,)T.e nousen,)lds
<br />as
<br />these terms "affordable" and "lower income households" may be defined by the :.FNEEIi-
<br />7) The BORROWER agrees: not to disc-(minate against or deny occupancy ?a an, eni t -,r Dritsre-
<br />tenant by
<br />reason of their receipt , f, or eligibi;;ty for, t,•cit;sing asstjn1. inter Federi-
<br />or local housing assistance prlgram; and not to discriminate against or ifv to any
<br />or prospective tenant Dy reason '_rat the tenant has a minor cni:j or -h; resi.*,,-,.,,
<br />,e
<br />with them, unless the FROjECT be one reserved fir elderly tenants.
<br />8) The term of this lien shall be until the balance due i3 pail in rul-I �fr
<br />a peri-A endi,,F
<br />first day Of tle month, first , rring ten —0. yea-3 3e, t.,j,
<br />rehabilitation, preservation, nran^emt. nt Dc ""'"es ancle
<br />--n&r-ceJ -'n �r par, 4
<br />payment loan evidenced by tnis lien. 2nle pre aid or forciosed, this
<br />I . e:4d5nall be satisf.led a,,;
<br />s, 5U
<br />released by the I.ENDER on tle firs,
<br />, 9
<br />day of y i T - of
<br />The anniver.r
<br />this lien shall be t!ie Izt jay ��f, july
<br />�n ea rear f��.,Dw.ing ..he comple,.,D,
<br />activities financed by the deferred payment loan by
<br />i
<br />evidenced t!lls lien.
<br />9) Unless accelerated pursuant t;; paragraph 12, at each anniversary date the balance due herean-j.-r
<br />Shell be reduced by ten percentum i10%) of the original aznt of 'ne deferred payment loan.
<br />10) During the term of this li,!n the 8OFPOwE9 snail make no payments : f princ+oa: or interest;
<br />PROVIDED HOWEVEF.
<br />that If tne K-FROWER srall be in defa-,it of any of the terms (!onj1110n!F -,f
<br />lion, than the
<br />unpaid and remaining balance snail become immediately due and payable jpc11 demanl
<br />the LENDER.
<br />11) The deferred payment 'can evidenced by this Iten may be assigned anl'or -3SsU:r.ej!
<br />any and all terms and nordlt,�-.s red o ;. ^. I.-) f-uli fzr�-c- an�i elfer,
<br />cr ;U11—
<br />to the BORB04FR and sucn ass-9nee :,r 3,:ccessor snaj; ass.,ime all Duties an,
<br />as described herein. 3f tree
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