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86 1035$5 RENTAL PROPERTY REHABILITATION LIEN The undersigned property owner(s) (hereafter, the BORROWER), in consideration of the receipt of f1k14 g Fjfty gnd�Q( 00---- - - - - -- Dollars, (3 6. _j50_� ) as a deferred payment loan from the"' Or OR1A% SLAt11i �herea�'ter, the LENDER) for t e rehabilitation, preservation and enhancement of primarily rental residential real property containing 6 dwelling Mite for rent or lease to tenants, which is commonly known as 512 West 1st Street and legally described as: The easterly 1/3 of Lot 6 and all of Lot 7 in Block 83 in Original Town Addition (hereafter, the PROJECT) legal or equitable title to which is held by the BORROWER, hereby agree and consent to the creation and imposition of a lien upon the PROJECT for the benefit of the LENDER, subject to the following terms and conditions: 1) Such lien shall be in the full amount of the deferred payment loan given by the LENDER to the BORROWER. 2) The BORROWER agrees that any default on a suoerior lien shall be a default on this lien and shall render the balance hereunder at once due and payable. 3) The BORROWER agrees: to keep dwelling units in the PROJECT in good condition and repair, fut'_'y tenable and not to remove or demolish any dwelling unit thereon: to complete or restore promptly and In good and workmanlL4e manner any dwelling unit which may be constructed, damaged or destroyed thereon and to pay when due all maims for labor performed and materials furnished to the PROJECT: to Comply with all laws affecting said PROJECT or requiring any alterations or improvements to be mane thereon; not to commit or permit waste thereof; not to commit, suffer or permit any act thereor in violation of law. 4) The BORROWER agrees: to provide, maintain and deliver to the LENDER evidence of fire and extended coverage insurance satisfactory to the LENDER in the order and amount sufficient to permit repair or replacement pursuant to paragraph 3, above, of the balance outstanding of this lien. 5) The BORROWER agrees to pay all taxes, assessments, utilities and other expenses of the PROJECT when due and without delinquency and shall not permit any liens to be imposed on the PROJECT by reason of any delinquency, 6) The BORROWER agrees not to convert the dwelling units in the PROJECT to condominium ownershi;: or to any form of cooperative ownership wherein rents are not affordable to lower income households ias these terms "affordable" and "lower income households" may be defined by the LENDER`. T) The BORROWER agrees: not to discriminate against or deny occupancy to any tenant or prospective tenant by reason of their receipt of, or eligibility for, housing assitance, under any Federal, hate or local housing assistance program; and not to discriminate against or, deny occupancy to any *_enant or prospective tenant by reason that the tenant has a minor child or children who will be residing with them, unless the PROJECT be one reserved for elderly tenants. 8) The term of this lien snail be until the balance clue paid in full or for a period ending •)n :ne first day of the month, first .oecu•-ring ten :10; years af'er the comp_•tion of the PROJECT rehabilitation, preservation, )r er.ndncement 3ct:vitie5 .anoe•i . un -t: :r in part by the e.Cerred payment loan evidenced by this lien. Unless prepaid or forciosed, this lien shall be satisfied ar.d be released by the `_INDER on the first day of July 19 96 The anniver :;;ry of this lien shall be the ist day of July in each year forming the completion Iof' activities financed by the deferred payment loan evidenced by this lien. 9) Unless accelerated pursuant to paragraph 10, at each anniversary data the balance due hereur.Jrr shall be reduced by ten percentum i:OSI of the original am -.unt of the deferred payment '_Can. 10) During the term of this lien the BORROWER shall make no payments or principal or interest; PROVIDED HOWEVER, that if the 80390WER shat: be in eerault :)f any of 'he terms or conditions f :r•:; lien, then the unpaid and remaining balance shall become immediately due and payable upon demand by the LENDER. 11) The deferred payment loan -viiHn,ed by this lien may be assigned anJlor assumed: PROVIDED, thit. any and all terms and :nndit.c:., c ^•u_1 coma., in full farce aria effect for any assignee or suc.ne:,• to the BORROWER dnd such assagree or successor shall assume all duties and obligations of the c� FoGe @n as described herein.. M