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MINNESOTA HOUSING FINANCE AGENCY <br /> • PROGRAM APPLICATION-COMMITMENT AGREEMENT <br /> MUNICIPAL PARTICIPATION <br /> HOME MORTGAGE LOAN PROGRAM <br /> THIS APPLICATION AND AGREEMENT is made and entered into .by and <br /> between the City of St. Anthony _ _ _ _ (hereinafter <br /> "Municipality") , with its office at 33_01 Silver .Lake._Rd. , St. Anthony.. 55418 <br /> Minnesota and the Minnesota Housing Finance Agency (hereinafter <br /> "MHFA") , with its office at 400 Sibley Street Suite 300, St. Paul, <br /> Minnesota 55101. <br /> WITNESSETH: <br /> WHEREAS, MHFA, under the provisions of Chapter 462A of Minnesota <br /> Statutes, is authorized to enter into commitments for : the purchase of <br /> mortgage notes and mortgages (hereinafter collectively "Mortgages") <br /> for residential housing to be occupied by. persons and families meeting <br /> MHFA's loan eligibility requirements; and <br /> WHEREAS, Municipality has requested and received a set-aside of <br /> funds from the MHFA Municipal Participation Home Mortgage Loan Program <br />"• (hereinafter the "Program") ; and <br /> WHEREAS, Municipality wishes to obtain a commitment by MHFA to <br /> purchase Mortgages which are originated by a lender, to be designated <br /> by Municipality, which will request a commitment from MHFA to purchase <br /> such Mortgages; and <br /> WHEREAS, Mortgages to be purchased by the MHFA pursuant to the <br /> commitment requested by the Municipality must only be for residences <br /> located within the geographic area of the Municipality, and on prop- <br /> erty specifically authorized and approved by the Municipality; and <br /> WHEREAS, the MHFA is willing to issue a commitment wherein it will <br /> agree to- purchase Mortgages, made by a designated lender, which are in <br /> accordance with the terms and conditions of this Agreement, the Pro-- <br /> gram, and the MHFA 19 85 Single Family Mortgage Loan Program Proce- <br /> dural Manual as modified by the conditions specified in Exhibit A <br /> attached hereto (hereinafter "Procedural Manual") , a copy of which has <br /> been provided to the Municipality and will be supplied to the desig- <br /> nated lender, and the provisions of which are hereby incorporated by <br /> reference into this instrument as if set forth in full herein; and <br /> -WHEREAS. Municipality acknowledges that MHFA has the right to <br /> reduce the commitment amount,. by so indicating at the place provided <br /> below; and <br />• WHEREAS, Municipality further acknowledges that the MHFA has addi- <br /> tionally reserved the right to. reduce the amount of the commitment <br /> issued by the MHFA (hereinafter "Commitment Amount") subsequent to its <br /> approval of this application, by so indicating such to the Municipal- <br /> ity in writing; and <br /> WHEREAS, MHFA is willing to issue a commitment under this Program <br /> Application-Commitment Agreement (hereinafter "Program Commitment <br /> Agreement") to purchase Mortgages originated by such designated lender <br /> in accordance with the terms set forth below, the provisions of the <br /> Program and Procedural Manual, and the terms ' of any agreement entered <br /> into between the MHFA and such designated lender. <br /> NOW, THEREFORE, in consideration of the covenants hereinafter con- <br /> tained and the mutual benefits to be derived therefrom, it is hereby <br /> agreed as follows: <br /> -1- W/P ID 1664F <br /> 7/3/85 <br />