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86-- 102636
<br />RENTAL PROPERTY REHABILITATION LIEN
<br />The undersigned property owner(s) thereafter, the BORROWER), in consideration of the receipt of
<br />Ten Thousand and no /100•- --- - - - - -- - -- -- - -- Collars, ($10.000.00 ) as a deferred
<br />payment loan from the CITY C= :,� ISLAND (hereafter, c ^e LENDER) for the rehabilitation,
<br />preservation and enhancement ,f primarily rental residential real property containing dwelling
<br />units for rent or lease to tenants, which is commonly known as 1024 -1024k fdo, i7ddy
<br />and legally described as:
<br />;J North k of Lot 1 and worth k of the -Fast 11 feet of I,ot 2, Clock 2,
<br />"d�H.G. Clark-'a Addition to the City of Grand island, :all County, `�ebraska
<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 LM E3, 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 suoericr lien shall be a default on this lien and 5ha:1
<br />render the balance hereunder at once awe and payable.
<br />3) The BORROWER agrees: t, keep dwelling units in the PROJECT in good condition and repair, ru:ly
<br />tenable and not to remove demoiish any dwelling unit _tereon: to complete or restore promptly and
<br />In good and workmanlike manner any duelling unit . which may be constructed, damaged or destroyed
<br />thereon and to pay when due all claims for labor performed and materials furni.ihed to the PROJECT: t:,
<br />comply with a'_i laws affecting said PROJECT or requiring any alters ions or imprDverents to be
<br />m '
<br />thereon; not to commit or permit waste thereof; not t commit, suffer or permit any act thereon in
<br />violation of law.
<br />4) The BORROWER agrees: to provide, maintain and deliver to the Lcf:i.ER evidence of fire and extended
<br />coverage insurance satisfactory to the LENDER in the crier ana amount sufficient to permit repair or
<br />replacement pursuant to paragraph ?, above, of the balinc :_ outstanding of this ..en.
<br />5) The BORROWER agrees to pay all taxes, assessments, uti, ties and ctner exoer,ses of the —iROJEC'
<br />when due and without delinquency and shall not permit any liens to be imposed on 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 wherein rents are not affordable to lower income households
<br />these terms "affordable" and lower income households" may be defined by the LENDER).
<br />7) The BORROWER agrees: not to discriminate against or deny occupancy to any tenant or prospective
<br />tenant by reason of their receipt .;f, or eligibility for, housing assitance, under any Federal, State
<br />or local housing assistance pr ^gram; and not to discriminate against or deny occupancy to any
<br />or prospective tenant nv reason that the tenant has a m: n, ;r chi id ,)r children who will be residing
<br />with them, unless the PRO „'E T oe one ._served ;or elderly .enarits.
<br />8) The term of this lien shat: op until the balance due is pair 'n f.:'l or for a period ending on ±he
<br />first day of the mon.tb, first recurring ten ` l0? years aster cite eomp'etion of the PPO•;ECT
<br />rehabilitation, preservation, ,r enhancement activities financed in whole or in part by the deferred
<br />payment loan evidenced by this _en. Unless prepaid or forclosed, this lien shall be satisfied and oe
<br />released by the LENDER on tne first Jay of January 19 96 The anniversary
<br />this lien shall be the 1.t day of January each year following the completion of
<br />activities financed by the deferred payment loan evidenced by•t.'s lien.
<br />9) Unless accelerated pursuant to paragraph y at each anniversary date the balance due hereunder
<br />shall be reduced by ten perce-ntun (1011 1 of the original amount of the deferred payment loan.
<br />10) During the term of this lien the BORROWER shall maize no pay:cents of principal or interest;
<br />PROVIDED HOWEVER. that if the °ORRCWE•R shat; be in default of any of the terms or conditions of V ... �
<br />lien, then the unpaid and remaining balance shall become immediately due and payable upon demand by
<br />the LENDER.
<br />11) The deferred 'payment loan evidenced by this lien may be assigned and /or assured: PROVIDED, the:
<br />any and all terms and condi•.,., .,.,_.. remain in full .rorce zinc _ffe:t for any assignee a.^ succe_. > :r
<br />to the BORROWER and such assignee= or• successor snall ass,,Te all duties and obligations of the 82RR14E;
<br />as described herein.
<br />12) Any subordination of this lien to additional liens o., ..trances of the assignee or successor t:
<br />the BORROWER malt only upon the wr tter. consent , ,n 7i_.. add._ -onal 'liens and
<br />encumbrances snal .,end to and include any .ontract for land contract, or otner agreement
<br />between the 90., O'DWER~ and his e3s assiane,?. Such ..u^.:_.,. ubor,. :na`e ahal of ~b
<br />e
<br />unreasonably ithr :old so ._ ;q as E.Ni Ef?y` :as the as :ur „F. ah :e' the -.F. ;vD£n hat the
<br />provisions of this lien rema:r enforceable and are adequ'ateiy'serured by the pro _ct.
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