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• U.S. Department of Housing and Urban Development Minnesota State Office 920 Second Avenue South Suite 1300 Minneapolis, Minnesota 55402-4012 COMMITMENT TO INSURE UPON COMPLETION SECTION 207 (PURSUANT TO SECTION 223(F)) Mr. Tim Larkin FEB 1 8 Mir Mortgage LLC. 90South 7th Street Suite 4300 Minneapolis, MN 55116 Dear Mr. Dayton: Project Number: 092 -11264 Project Name: Cottage Homesteads of Willow Pond Mortgagor: Lino Lakes Housing LP Location: Lino Lakes, MN ( tt We understand that you, as Mortgagee, have agreed to make a loan to Lino Lake Housing LP.., hereinafter called the "Mortgagor ", in an amount not exceeding the sum of Two Million Seven Hundred Eighty Three Thousand Dollars, ($2,783,000) to be secured by a credit instrument and security instrument (hereinafter jointly called the "Mortgage ") covering real property with existing building(s) thereon, (hereinafter called the "Project "), located in the City of Lino Lakes in the State of Minnesota at 101 Willow Pond Trail, as shown on the as -built survey Surveyor's Certificate and legal description of the property. It is your intention to present the said Mortgage to this Administration for mortgage insurance under the provisions of Section 207, pursuant to Section 223(f) of the National Housing Act, and the Regulations thereunder now in effect. The Federal Housing Commissioner acting herein on behalf of the Secretary of Housing and Urban Development agrees to insure said Mortgage under the provisions of said Act and Regulations upon the following conditions: 1. Prior to endorsement of the Mortgage for insurance, the Mortgagor shall present to the Commissioner a title policy or title evidence in conforming to the above mentioned Regulations which shall show that title to the property on the date of endorsement of the Mortgage for insurance is vested in the Mortgagor, free of encumbrances other than said Mortgage and exceptions to title (either junior or prior to said Mortgage) except such as are specifically determined to be acceptable by the Commissioner. The Mortgagor shall also furnish satisfactory proof that there exist no unpaid obligations contracted in connection with the Mortgage transaction, the purchase of the mortgaged property, refinancing of existing indebtedness, or the completion of repairs, except such obligations as may be approved by the Commissioner. If such title evidence is in the form of a title insurance policy, it shall by its terms, inure to the benefit of the Mortgagee and /or the Secretary of Housing and Urban Development, as their interests may appear. If under the www.hud.gov espanol.hud.gov