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Credit Requirements: 1)All mortgage payments must be current and reflect no 30 day late payment <br /> history in the past 12 month period (without reasonable explanation) 2)All real estate taxes must be <br /> current. If the loan is made to an individual they must meet the credit requirements of the Residential <br /> CWP Program. <br /> Multiple Loans per Property: More than one loan per property is allowed, however,the outstanding <br /> balance(s) cannot exceed $50,000. <br /> Eligible Use of Funds: Loans may be used to finance projects that are eligible for the Clean Water <br /> Partnership (CWP) Program. These include, but are not limited to: lateral sewer line excavation and <br /> replacement, lining or re-lining lateral sewer lines,water softener replacement, cleaning ponds due to <br /> city assessment and installing rain-gardens. Contractors must be properly licensed and permits must be <br /> obtained when required. Assessments made by an Association are eligible. <br /> Ineligible Use of Funds: Payment for work initiated prior to the loan being approved and closed, unless <br /> due to emergency. Questionable improvements will be brought to the City. <br /> Bids: Only one bid is required. All contractors must be properly licensed. <br /> Sweat Equity Labor: Work may be performed by property owners on a "sweat equity" basis. Loan <br /> funds may be used only for the purchase of materials and not to compensate for labor. Loan funds can <br /> be used to rent tools/equipment. <br /> Post Installation Inspection: Permits must be obtained and signed off by a City inspector where <br /> required; when not required, a post installation inspection will be performed by CEE to ensure the work <br /> has been completed before any funds will be released. <br /> Loan Security: All loans will be secured with a mortgage in favor of the City of Mounds View EDA. <br /> Borrower Fees: Borrower will be responsible for all applicable mortgage filing fees,title, flood <br /> certificate, credit report and any other fees associated with the loan. All fees may be financed in the <br /> loan amount. <br /> 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. 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 /> Exhibit A4 Page 7 <br /> Agreement between the City of Mounds View and Center for Energy and Environment <br />