Laserfiche WebLink
Loan Security: All loans will be secured with a mortgage(lien for mobile homes) in favor of the City of <br />Mounds View EDA. <br />General Proeram Conditions <br />Application Processing_ Loans will be distributed on a first come first serve basis as borrowers qualify. <br />Applicants must provide a completed application package including the following in order to be <br />considered for funding. <br />➢ Completed and signed application form <br />➢ Proof of Income <br />➢ Bids or estimates for proposed projects <br />➢ Other miscellaneous documents loan officers may require. <br />Contractors/Permits: Contractors must be properly licensed to work in the City of Mounds View. <br />Permits must be obtained when required by city ordinance. <br />Proeram Costs: Loan origination, post installation inspection and remodeling advisor visit fees will be <br />paid out of the Program Budget. Loan program marketing efforts will be billed directly to the City of <br />Mounds View and is a separate expense should the City of Mounds View choose to commission CEE for <br />marketing support. Borrowers will pay all mortgage filing fees and related closing costs. <br />Total Proiect Cost: It is the borrower's responsibility to obtain the amount of funds necessary to finance <br />the entire cost of the work. In the event the final cost exceeds the original loan amount, the borrower <br />must obtain the additional funds and show verification of the additional funds in order to be approved <br />fortheloan. <br />Disbursement Process: Payment to the contractor (or owner In sweat equity situations) will be made <br />upon completion of work. An inspection will be performed by a City Inspector and/or CEE to verify the <br />completion of the work. The following Items must be received prior to final disbursement of funds: <br />• Final invoice or proposal from contractor (or materials list from supplier); <br />• Final inspection verification by a City Inspector (or CEE); <br />• Completion certificate(s) signed by borrower and contractor; <br />• Lien waiver for entire cost of work; <br />• Evidence of city permit (if required) <br />Exhibit A Page S <br />Agreement between the City of Mounds View and Center for Energy and Environment <br />