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<br /> . RSN?�i. PROPERTY REHIlBILITaTION `LIBN - ' _
<br /> - � . . .. ' .
<br />=_ � The undezsigned propetty arness, it�ereafler, the HORBOiTER), �
<br /> , .. i� cons3derat#on of the r�ceipt of TBa THdU31IND FOt1R HUNDRB� �
<br /> _ � Do�lara, �52,�10Q.00) aa a dcterred pay�ent loan fros the CITY �
<br />_-- OF Gii7ltiD ISLIIlID I hereaftes, the lendes) foz the ,
<br /> - - rGhahilitation, pzeaesvation and enhanceatnt�`of p�i.aarily
<br /> = rental residential re�I `psoperty contafning �oAe unit for �er►f
<br />= - �or Iease tQ tenanta, vhfch fs roaiaanly known as �!1! l�oLtb Dak �
<br /> `?l � Stseet attd Iagally�deac=ibed aa: - � � �
<br />.�.Y� , . � �..
<br /> � Lota One 11) and Tvo t2), Hlock 28,
<br /> - Orig�nai Tova �dditian to the City of arand taland � _ __
<br /> _ __ � .., _ _ .. v r .. -_ ; - �:_
<br /> : � (hesea�ter,� the FROJECT) � �'°=��
<br /> - legal or equitablt title to which is held by the HOBRONLR, "'-�
<br /> �,_--
<br /> hereby agree and cansent to the creation and i�apes�tfon� of .a :r
<br /> �'� liea upon the PROJECT foz the deAefit of the LENDE�, �sub3.�ct �:.x,_::=„-
<br /> , �` to the follovinq terms and cunditions: �"�_�--
<br /> .._: , ,
<br /> ��__
<br /> ��-
<br /> ' ��-� 1) Such lien shall be in ttie full auount vf the deterre� ��°
<br /> .:.,�� �`-.
<br /> t� Bayaent loan qiven by the LENDER�to the sa�o�. , �"'��_-.��
<br /> � ,.,;�...
<br /> 1 �`�r��t r 2)_ The BORROAER agzees that any de�fault on a supetf o= 1 ien L
<br /> �. . � �. ,_..., �..
<br /> - = •�• = sball be a dafault on this lien add shall zender the balance � . `�
<br /> ,y � ;.;i��.;,�.r • hezeunder at once due and payable. + � �.
<br /> � . , I � . ' .
<br /> � ��:: 3) The 80RROS�ER agzees: to keep dwelling units irt �he �` °
<br /> ��:
<br /> � ; • PROJECT in goo8 cond3tion and repaiz, fuily tenable and not t.� . �
<br /> : ,. to re�ove ar 8emolish any dvelling nnit ther.eon: to coaplete � .
<br /> . �, or xesfiose pzomptly and in gaod and woskmarF�ike manner any E: . � �
<br /> •�• � � `�"� ,:..,.,: dve3�13ng unit which may be constzucteA, damaged or destzoyed . , ,:
<br /> � rf_ ,.: theaeon and to pay when 8ue all claims for iabor perfoYmed ; �
<br /> ' � �;��,,� and matezials furnished to the PROJECT: to comgly witb all , , ,
<br /> � laws a£feating said PROJECT oz �eeyuix'sng an� aiterations os � �..
<br /> � �.' improvements to be made tnereon; not to com:nit os permit
<br /> �.� ': ' .;
<br /> waste thereof; not to com�it, suf�er os permit any act
<br /> �� , thereon in violation cf �av�. . . ' ,
<br /> =•°�•y��;� � 9) The HORROiJER agree�: ta prov9de, maint�in �nd delivez to �� ' '
<br /> � ':-:i��:r.�_�� ::. �
<br /> ��•�'� � . �•��; the LENDER evic7ence vf fire an8 extende8 ca�reFage 3nsurance
<br /> ''�'-' satisfactozy to the LENDER in the order and a�aunt sufficient • .
<br /> -- ..:�- -__� ._ ,
<br /> - r'"`��'�°�'_ ' ta $ezmit =epair or zeplacement pussuant to paragzaph 3, -
<br /> � � •�`�1�•� a�ave, of the balance outstancling of this lten. �
<br /> -. -.,..._.__�. .
<br /> ;,�;. .::,;..�..,_ - .
<br /> . F,h`,z.;.: •
<br /> . ,:,;�.�_r��' . . 5) The BORRdWER agrees �o gay all taxes, assessments, . . ;
<br /> ���'� uti311ties and other expenses of the PROJECT �ahe�n due aa8
<br /> •.;�.u:--,= "_ •° . . ,
<br /> ;"�,:,.�..��• without delinquency anc� �hall not permit an� Tiens to be .
<br /> � �:'�'. : . �:�pose8 on the PRAJECZ by season af any 8elinquency. . �
<br /> . �. 6) THE BORROWER agrees.aet_ to convert the dwelling anits ia � .
<br /> � �����" � - � � the PROJECT �to con8om�,niu^: ownershig ar to any form of ' � ' �
<br />, �� : ""`��: � cooperative ownersAip vh�zein rents�are not afford�ble to :
<br /> • - �- - � - ' lover income households. ias these terms !'afforaab2e"_ �ncl _ . .
<br /> � � � "Iover incoa�e households" may He 8efined by the LENDER) . , �,
<br /> �. . ; .
<br /> �. r . . . � - � .
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