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Resolution 8879
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Resolution 8879
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Last modified
6/25/2019 10:08:27 AM
Creation date
12/20/2017 4:44:29 PM
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MV City Council
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Example Loan Document 1 <br />City of Mounds View <br />DEFERRED NOTE <br />FOR VALUE RECEIVED, the undersigned (the "Borrower"), promises to pay to the order of the <br />Economic Development Authority in and for the City of Mounds View a public body corporate and politic and <br />political subdivision of the State of Minnesota (the "Lender"), or it assigns, the sum of <br />and No/100 Dollars ($ ) <br />(the "Loan Funds") without interest. Said sum was made available to the Borrower to undertake eligible <br />improvements to the property at <br />(the "Residence") and legally described below. <br />1. The Loan Funds shall be repaid without interest. The entire unforgiven principal balance of the Loan <br />Funds shall be immediately due and payable upon the transfer, sale, assignment, or conveyance of the <br />Residence; or termination of the Residence as the Borrower's principal place of residence. <br />2 This note is secured by a Mortgage (the "Mortgage") in favor of the Lender of even date herewith. <br />Failure to repay the Loan Funds as required herein or to commence and complete rehabilitation <br />within 30 days of the date hereof; or default under any of the covenants in the Mortgage shall <br />constitute an event of default. <br />3. The Lender or its servicing agent may charge the Borrower for any check or authorized payment <br />withdrawal request that is returned unpaid due to insufficient funds or for any other reason. <br />4. Upon the occurrence of an event of default, the Lender shall mail notice to the Borrower specifying: <br />(i) the event of default; (ii) the action required to cure such event; and (iii) a date not less than thirty <br />(30) days from the date the notice is mailed to the Borrower by which date such default must be <br />cured. <br />5. If suit is instituted by Lender, its successors or assigns, to recover on this Note, the undersigned <br />agrees to pay all costs of such collection, including reasonable attorney's fees and court costs. <br />6. Demand, protest and notice of demand and protest are hereby waived and the undersigned waives, to <br />the extent authorized by law, any and all homestead and other exemption rights which otherwise <br />would apply to the debt evidenced by this Note. <br />7. This Note shall be governed by and construed in accordance with the laws of the State of Minnesota. <br />Page I of 2 <br />CEE/Mau�View_DeRrred Nole/ 12-17 <br />
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