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Underwriting Decision: Applicants must have acceptable credit history. CEE will approve or deny loans <br />based on a credit report, income verification and other criteria as deemed necessary through CEE's <br />underwriting guidelines. CEE's decision shall be final. Appeals can be made to the City of Mounds View. <br />Work Completion: All work must be completed within 120 days of the loan closing. However, when <br />warranted, CEE may authorize exceptions on a case by case basis. <br />Loan Security: All loans will be secured with a mortgage in favor of the City of Mounds View EDA <br />Interest Rate: 3% for households with income less than or equal to 80% of HUD Area Median Income <br />4% for households with income greater than 80% of HUD Area Median Income <br />***Income shall be determined by projected income for the next 12 months and is based on <br />household size. <br />Amortization Type: Amortizing. Closed-end (Monthly Payments Required) <br />Loan Amount: Minimum of $2,000 and Maximum of $10,000. <br />Loan term: Generally, one year per $1,000 borrowed. This will be somewhat flexible depending on the <br />size of the loan and the borrower's ability to repay the loan. The minimum term is 1 year, the maximum <br />term will be 7 years. <br />Eligible Properties: Residential mobile homes located within the geographical boundaries of the City of <br />Mounds View. <br />Ineligible Properties: Non owner -occupied , cooperatives, time shares, properties held in the name of a <br />trust and properties used for commercial purposes. <br />Eligible Borrowers: All borrowers must be legal residents of the United States, as evidenced by a social <br />security number, Including: U.S, Citizens, Permanent Resident Aliens, Non -Permanent Resident Aliens. <br />TAX IDENTIFICATION NUMBERS (ITIN) ARE NOT ACCEPTABLE. <br />Ineligible Borrowers: Including but not limited to: - Foreign Nationals, Non -Occupant Co -Borrowers, <br />and Properties held in the name of a trust or business. <br />ownership/Occupancy: Owner- occupied only. <br />Loan - to - Value Ratio: Not applicable <br />Exhibit A Page 4 <br />Agreement between the City of Mounds View and Center for Energy and Environment <br />