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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1. Commitment Amount. Municipality hereby applies for a com•- mitment by MHFA to purchase Mortgages which meet the requirements of and are made in accordance with the provisions of this Program Commit- ment Agreement, the Program, and the Procedural Manual, in the aggre-- gate principal amount set- forth below. All Mortgages to be purchased by the MHFA pursuant to the Program Commitment- Agreement shall be only for property and home purchaserswhich satisfy the provisions of the Program -and the Procedural Manual. _ Municipality acknowledges that the commitment herein applied for shall be effective only upon the approval thereof by MHFA at the place provided below and the delivery of a. copy of the same by MHFA to Municipality which approved applica.- tion shall constitute the Program Commitment Agreement. This Program Application is further subject to any reduction in dollar amount which may be set forth below by MHFA prior to delivery by iL- to Municipality of an approved copy of said Program Commitment Agreement. It is a condition of the Program Commitment Agreement- that MHFA shall have the additional right, upon written notice to Municipality, to reduce the approved commitment amount at any time after the deliv..-. ery of the Program Commitment Agreement. . 2. Variance in Commitment Amount. A variance of $15,000.00 in the total principal amount of Mortgages purchased under the Program Commitment Agreement, above or below the Commitment Amount-, shall be deemed by the MHFA to constitute compliance with the contents of such Program Commitment Agreement. 3. Commitment Term. Upon the execution and delivery of the Program Commitment Agreement by. MHFA to Municipality, Municipality shall designate a lender which will originate Mortgage loans complying with the terms. of the Program Commitment Agreement, the Program, and the Procedural Manual , and sha.lL have such .lender enter into and exe-. cute a Seller Application-CommiLmenL Agreement in a form as set forth in Exhibit- B attached hereto. The entire amount; of Mortgages shall be closed and delivered to MHFA for purchase within the period specified in the Program Commitment Agreement (hereinafter "Commitment Term") , which Commitment Term shall commence and terminateupon the dates set- forth below by MHFA. 4. Commitment Fees. Uo commitment fee or charge of any type shall be payable by Municipality to' the MHFA for the commitment by the MHFA to purchase such qualifying Mortgages. 5. Purchase Price. The purchase price of each Mortgage to be purchased by MHFA hereunder shall be as set forth in Lhe Procedural Manual. 6. Nortzage Terms. The interest rate for all. Mortgages shall be All Mortgages sha 1 meet all requirements of the Program, and those set forth in the Procedural. Manual and Seller Application-Commitment Agreement. 7. Area Limitation. Municipality hereby specifically agrees that the MHFA shall, pursuant to the Program Commitment. Agreement, be required to purchase only those Mortgages which are for residences located within the geographic area of the Municipality and which are located on property specifically authorized and approved by the Munic--- ipalit-y for inclusion in the Program. 8. Municipal Requirements. . All Mortgages. submitted to the MHFA for purchase under the Program Commitment Agreement- must comply with all of the requirements of the Program and the Procedural Manual, and, in addition, must satisfy and comply with the provisions and con- ditions contained and specified in the Minnesota Housing Finance Agency Local Participation Home Mortgage Loan Program Form (hereinaf- ter "Local Participation Form") , which .was completed and submitted to the PHiFA by the Municipality and is attached hereto as Exhibit C and incorporated herein by reference. The Municipality_Agrees to review each Plortaa�efor comrliance_with_thesrovisions_ andconditions co_n_... tained and specified-in the_Local_ Participation Forma -2- W/P Ill 1664F 1/3/85 � y