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86-- 103564
<br />RENTAL PROPERTY REHABILITATION LIEN
<br />The undersigned property owner(s) (hereafter, the BORROWER), in consideration of the receipt of
<br />Five Thousand and no/ 100--------------------- - - - - -- Dollars, ts5,000.00 ) as a 'referred
<br />payment loan fPOM the CITY OF C9AM1 3-AND hereafter, the LENDER) far the rehabilitation,
<br />preservation and enhancement of primarily rental residential real ro erty containing 1 dwelling
<br />units for rent or lease to tenants, which is commonly known as _ R/2� East 5th, Grand stand, NE
<br />and legally described as:
<br />South. 112 of Lot 8, Block 9, Voitles Addition
<br />(hereafter, the PROJECT) to the City of Grand Island, LlallCounty
<br />legal or equitable title to which is held by the BORROWER, hereby a,-ree and consent to the creati.n
<br />and imposition of a lien upon the PROJECT for the benefit of the LENDER, subject to the following
<br />terms and conditions:
<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 superi.r lien shat: ne a default on this lier. a.. ^.d snail
<br />render the balance hereunder at once due and payable.
<br />3) The BORROWER agrees: to keee dwelling units in the PROJECT in good condition and repair, fully
<br />tenable and not to remove or lemolish any dwelling unit thereon: to camplete or restore promptly and
<br />In good and workmanlike manner any dwelling unit wnicn may ce constructed, damaged or destroyed
<br />thereon and to pay when due a :i claims for labor performed and r:aterials furnished to the PROJE.': to
<br />comply with all laws affecting said PROJECT or requ!rinE any alterations or imrrovements to be mite
<br />thereon; not to commit or permit paste thereof; not to commit, suffer or permit anv act thereon in
<br />violation of law.
<br />4) The BORROWER agrees: co provide, maintain and deliver to the LENDER evidence of fire and extended
<br />coverage insurance satisfactory 'o the LENDER in the order and ymoun,t sufficient to permit repair ,r
<br />replacement pursuant to paragraph 3, above, of the balance outstanaing :,f this lien.
<br />5) The BORROWE? agrees to pa,v all taxes, assessments, stilitil.s and other expenses of the PROJgr,
<br />when due and without deiirqucncy and shall not permit any :iens�to be imposed on the PROJECT by reason
<br />of any delinquency.
<br />6) The BORROWER agrees not to ^cnvert the dwelling snits in the PROJECT to condominium ownership or
<br />to any form of cooperative ;wn?rsnip wherein rents are not affcroable to lower :nco:ne households (as
<br />these terms "affordable" and "lower income households" may be defined by the LFNLER),
<br />7) The BORROWER agrees: no! to ciscrtminate against nr deny occupaf,ty ro any tenant or prospective
<br />tenant by reason of their rece:rt or, ;r e:igibil.ty for. no•.s:, ;q 3esi:ance, ;,rl er any Federa'. — ;te
<br />or local housing ansistan ^e pr „gram; and n�.t to aga rs' 01, den y :-opanc
<br />+ *2, any '-r.,t•nt
<br />or prospective tenant by . eaeon ,.sat tr•e _ ..a It r•as i ... cr ;. cr _ ..ldren who wail oe resid•,n5
<br />With tnem, .rte ...,e r's,5•,;1
<br />S) The term of this lien sna:l Le anti: the balance Jae :s nail in -r for a period er.din:
<br />first day of the month, ,,rs. r^.nc ,e. }? c,.,.,
<br />1; ' 1' t the jl!,C JCST ♦., r
<br />rehabilitation, ;reservat ,r• m nar,ceaent actt., s an a :n part by the deferrrc
<br />payment loan gulden ed by :en. Unless prepaid ,r ;,rc,.s?d, s fi
<br />p p ier, shall be saris, ei is t
<br />released by the Ey�'Efl on the _rst jay ,f Jul _ ,Q96 The annivers,i:•
<br />this lien shall be the 13t day ,r JuTY -T n tea: yn3r fo :owing the omplet,on „f
<br />activities financed by the ,referred ,.ayment ?oar: ev denaed '•y ,en.
<br />9) Unless accelerated pursuant t_ paragraph 1Q, at a:t, ant, ::.,rsary dste the baiance due hereur:d>.
<br />shall be reduced ty ten percent—a ,_'ti oP _tie :gins: am nt t.. ^.e .referred payment
<br />30) During the term of this er .he 80RR.iwER sia:l mar no payments of principal or Interest;
<br />PROVIDED HOWEVER, 'hat if .he•e—; fi.Jhf:t snit: oe in .�t'a.: :t �: ar;y if ..e terns or conditions t..:
<br />lien then the unpaid and reoain:ng balance sha_i .._",.._ .mmediately ...e ana payatle upcn aeman.j :.yy
<br />the LENDER.
<br />11) The deferred payment .c sr i• >ncec , ^,y --n is may oe assigned a,ii i,. r assumed: FRC,V';,E[ ,
<br />any and 311 tern and c_ 3. sin .^ f•, f..r a :r a-:y ,ssia.'lee Ir, -, _-
<br />to the BORROWER a,d v _.ch —'1.r ..e _r snai. ass.:We a.l _ ties and obligati ns of ..._
<br />as described herein.
<br />u•
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