RES 85-034 RESOLUTION AUTHORIZING THE MAYOR TO EXECUTE THE APPLICATION-COMMITMENT AGREEMENT BETWEEN THE CITY OF ST. ANTHONY AND THE MINNESOTA HOUSING FIANNCE AGENCY (MHFA) AND TRANSFER OF NEEDED FUNDS

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4. Commitment Fee. A Commitment Fee equal to of the Commitment Amount shall -be payable by Seller to the MHFA, for the comm tment by the MHFA to pur.- chase- Seller's Mortgages. The Commitment Fee shall be deemed earned .. as to any portion of the Commitment Amount not utilized during the Commitment Term, and shall not be refunded by the MHFA to the Seller. The Commitment Fee is due and payable to the MHFA immediately upon the MHFA's execution of the Seller Commitment Agreement- and prior to the commencement date therefor which is contained in the MHFA approval hereinbelow. Seller agrees to and Seller shall forward t-o the 1AHF'A, along with an executed original of this Seller Application-Commitment Agreement, an amount of monies equal to of the amount requested for commitment herein by the Seller. The MHFA shall, after establishing an approved Commitment Amount, retain the Commitment Fee specified herein from said amount, and shall return the remaining portion thereof, if any exists, to the Seller. Seller acknowledges that the receipt by the MHFA of the Commitment Fee is a condition precedent to MHFA's execution and delivery of the Seller . Commitment Agreement provided for hereunder. 5. Purchase Price. The purchase price of each Mortgage to be purchased by MHFA hereunder shall be as set forth in the Procedural Manual. 6. Mort%aRe Terms. 'Phe interest rate for all Mortgages shall be nine and ninety-five one_h.undreths_of one percent Alt Mortgages shall be conventional mortgages for a maximum term of thirty (30) years, and shall meet- all requirements in the Seller Commitment Agreement, of the Program, and set forth .in the Procedural Manual. 7 . Area Limitation. Seller hereby specifically agrees to ten- der for purchase under the Seller Commitment Agreement only Mortgages for residences located within the geographic area of the Municipality, and which are located on property specifically authorized and approved by the Municipality for inclusion in the Program. Seller further specifically agrees that the MHFA is under no obligation of any type or manner to purchase hereunder, or -under the Seller Commitment Agree- meet, any Mortgages which it may tender thereto for purchase under the Seller Commitment Agreement which are not for residences located within the geographic area of the Municipality but are otherwise eli- gible Mortgages pursuant to the Procedural Manual. 8. Municipal Requirements. In addition to the Mortgages com- plying with all of the requirements of the Program- and the Procedural Manual, Seller hereby specifically agrees to submit to the MHFA for purchase under the Seller Commitment Agreement only Mortgages which satisfy and comply with the provisions and conditions contained and specified in the. Minnesota Housing Finance Agency Local Participation Home Mortgage Loan Program Form (hereinafter "Local Participation Form") , which was completed and submitted to the MHFA by the Munici - pality and is attached hereto as Exhibit C and incorporated herein by reference. In determining whether or not a Mortgage satisfies and- complies with the terms and conditions contained and specified in the Local Participation Form, Seller may rely upon a signed statement to that effect from the Municipality. The Municipality must- approve each Mortgage submitted by Seller to the MHFA for purchase under the Seller Commitment- Agreementas to its compliance with the provisions and conditions contained and specified in the . Local Participation Form, and Seller specifically agrees to submit each such Mortgage for such approval prior to submittal to the MHFA for purchase, and to submit evidence of such approval to the MHFA as part of Seller's Mortgage Loan Submission Package. Seller further specifically agrees that the MHFA is .under no obli- gation of any type or manner to purchase any Mortgages which it may tender thereto for purchase which do not comply with the terms and conditions contained and specified in the Local Participation Form, but are otherwi.e eligible Mortgages pursuant to the Procedural Man- ual. -8- W/P 'Ill 1664F 7/3/85