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004778
<br />RENTAL PROPERTY REHABILITATION LIEN
<br />The undersigned property owner(s) (hereafter, the BORROWER), in consideration of the receipt of
<br />Four Thousand =our Hundred Fift -Two and 25 /100--- - - - - -- Dollars, ($ 4,452.25 ) as a deferred
<br />Payment loan from tree CITY Or GRAND iJLAND hereafter, the LENDER) far the rehabilitation,
<br />preservation and enhancement of primarily rental residential real property containing I dwelling
<br />units for rent or lease to tenants, which is commonly known as 909 West 9th Street
<br />and legally described as:
<br />West 26.4 feet of Lot 2, East 26.4 feet of Lot 3, Block 12,
<br />ii-G. Clar�•s Audition to the City of Grand _slar,d, Hall County,
<br />Nebraska,
<br />(hereafter, the PROJECT)
<br />legal or equitable title to which is held by the BORROWER, hereby agree and consent to the creation
<br />and imposition of a lien upon the PROJECT for the benefit of the LENDER, subject to the following
<br />terms and conaitions:
<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 shall be a default on this lien and shall
<br />render the balance hereunder at once due and payable.
<br />3) The BORROWER agrees: to keep dwelling units in the PROJECT in good condition and repair, fully
<br />tenable and not to remove or demolish any dwelling unit thereon: to complete or restore promptly and
<br />in good avid workmanlike manner any dwelling unit which may be constructed, damaged or destroyed
<br />thereon and to pay when due all claims for labor performed and materials furnished to the PROJECT: to
<br />comply with ail laws affecting said PROJECT or requiring any alterations or improvements to be made
<br />thereon; not to commit or permit waste thereof; not to commit, suffer or permit any act thereon in
<br />violation of law.
<br />4) The BORROWER agrees: to provide, maintain and deliver to the LENDER evidence of fire and extended
<br />coverage insurance satisfactory to the LENDER in the order and amount sufficient to permit_ repair or
<br />replacement pursuant to paragraph 3, above, of the balance outstanding of th_s lien.
<br />S) The BORROWER agrees to pay all taxes, assessments, utilities and other expenses of the PROJECT
<br />when due and without delinquency and shall not permit any liens to be imposed cn the PROJECT by reason
<br />of any delinquency.
<br />6) The BORROWER agrees not to convert the dwelling units in the PROJECT to condominium ownership or
<br />to any form of cooperative ownership wnerein rents are not affordable t.o lO er income households (as
<br />these terms "affordable" and "lover income households" may be defined by the LEN ER).
<br />7) The BORROWER agrees: not to discriminate against cr deny occupancy to any tenant or prospective
<br />tenant by reason of their receipt of, or eligibility for, housing assitanae, under any Federal, State
<br />or local housing assistance program; and not to discriminate against or deny occupancy to any tenant
<br />or Prospective tnant, by reason that the tenant has a minor child or chiluren who will he residing
<br />with them, unless the PHOJECT be one reserved for elderly tenants.
<br />8) The term of this lien shall be until the balance due is paid in :till or for a period ending on the
<br />first day of the rontn, o rate occurring ten (10) years after tre - ompleticn of the PRODECT
<br />rehabilitation, preservatior ;, or enhancement activities financed in whole or in part by the deferred
<br />payment loan evidenced by this lien. Unless prepaid or forclnsed, this lien shaiI be satisfied and be
<br />released by the LENDER on the first day ui September 19 55 The anniversary of
<br />this lien shall be the lst dayfnf September c -a c:. ':ear folio: ng the completion of
<br />activities financed by the deferred payment loan evidenced by this lien.
<br />9) Unless accelerated pursuant to paragraph 10, at each anniversary date the balance due hereunder
<br />shall be reduced by ten percentum (10%) of the original amount of the deferred payment loan.
<br />10) During the term of this lien the BORROWER shall mane no payments of principal or interest;
<br />PROVIDED HOWEVER, that if the BORROWER nhsll be in default of any of the terns or conditions of this
<br />lien, then the unpaid and remaining balance °hall become immediately due and payable upon demand by
<br />the LEWDER.
<br />11) The deferred payment loan evidenced by this lien may be visioned and /or assumed: PR0111 :.Er., that
<br />any and all terms and evnditi ;n :; shave remain in full .force and Nffe�,t for :ny o,ysigne, (,, „r;d<,,s ;,r
<br />to the BORROWER and such assignee or successor shall assume all duties and ;bligationy +t' the HO3_O1, H
<br />as described herein.
<br />12) Any subordination off this lien to additional liens or encusmbr•,ncos of tne a•ss gn e or rjoceanor to
<br />the BORROWE,'+ .Phil; toe :u;ly upon the written convent of the 'cNDcn uch id ii.iUn i1 e.;. ;,r „i
<br />eneumbrsr .3 y' extend t, snd include any enntract for r 1 :iri conga her vii eoment
<br />between tte ROPE WEM and hlv aucce,asor ,r assignee. Such ,,;nsrnt for never..- ,, ill 1 to
<br />unre ass =narzy d t hh.,d e> x :k ' : ;N� R ace the as•suri, u at '.Pc•
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