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<br /> <br /> <br />Code Enforcement <br />12/12/2011 <br />Page 3 of 3 <br /> <br />Loan Costs: A credit report fee paid by applicant at time of application; mortgage <br />registration tax and filing fee and title policy paid by borrower at closing. Th e title policy <br />may be financed through the loan. <br /> <br />Contractors & Permits: Contractors must be properly licensed by the state of <br />Minnesota when required. Permits must be obtained when required by city code. <br /> <br />Total Project Cost: It is the borrower’s responsibility to obtain the amount of funds <br />necessary to finance the entire cost of the work. If the final cost exceeds the loan <br />amount, the borrower must obtain the additional funds. Borrower’s contribution to <br />project cost must be paid prior to release of lo an funds. HRC can direct borrowers to <br />additional financing sources. <br /> <br />Work Completion: Weather permitting, work must be completed within 120 days of <br />loan closing. <br /> <br />Disbursement Process: Loan funds will remain in escrow at GMHC until payment for <br />completed work. The following items must be received before the funds can be <br />released: <br /> 1. Final Invoice from each contractor showing all amounts paid and due. <br /> 2. Lien Waiver. Original from each contractor. <br /> 4. Completion Certificate signed by each contractor and the borrower. <br />5. Permits Closed. Have the inspector sign the permit card, or have the <br />inspector leave a message at the HRC at 651-486-7401. <br />6. Final Inspection and approval by the HRC. <br /> <br />It may take up to 10 business days after receipt of above items to prepare checks. <br />Payment checks to contractors must be countersigned by the borrower. Lien waivers <br />must be provided before the funds will be released. <br /> <br /> <br /> <br /> <br /> <br />