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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EXHIBIT B • MINNESOTA HOUSING FINANCE AGENCY SELLER APPLICATION-COMMITMENT AGREEMENT MUNICIPAL PARTICIPATION HOME MORTGAGE LOAN PROGRAM THIS APPLICATION AND AGREEMENT is made and entered into by and between St. Anthony National Bank _ (hereinafter "Seller") , with its office at Lowry at Stinson_Blvd._NE, St. Anthony,, 55418 Minnesota and the Minnesota Housing Finance Agency (hereinafter "MHFA") , with its office at 400 Sibley Street- Suite 300, St- . Paul, Minnesota 55101. WITNESSETH: WHEREAS, MHFA, under the provisions of Chapter 462A of Minnesota Statutes, is authorized to enter into commitments for the purchase of mortgage . notes and mortgages (hereinafter collectively "Mortgages") for residential housing to be occupied by persons and families meeting MHFA's loan eligibility requirements; and WHEREAS, the City of _ St. Anthony (hereinafter "Municipality") has received from the MHFA a Program Commitment Agree- ment for purchase money loans (hereinafter "Program Commitment Agree- ment") which was issued under the MHFA Municipal Participation Home Mortgage Loan Program (hereinafter the "Program") ; and WHEREAS, the Program Commitment Agreement obtained by Municipal- ity is for a set-aside of monies to be used exclusively within the geographic boundaries of the Municipality; and WHEREAS, Seller has been requested by Municipality to partici- pate in the Program by originating Mortgages for eligible buyers of eligible single family housing under the Program which mortgages will be sold to the MHFA; and WHEREAS', Seller desires to participate in the Program, and to obtain a commitment from MHFA to purchase Seller's Mortgages in accordance with the terms and conditions of the Program, and the. MHFA 19 85 Single Family Mortgage Loan Program. Procedural Manual as modi- fied by the conditions specified in Exhibit A attached hereto (herein- after "Procedural Manual") , a copy of which has been provided to the Seller, and the provisions of which are hereby incorporated by refer- ence into this instrument as if set forth in full herein; and WHEREAS. Seller agrees to submit and pay a fee (hereinafter pe "Commitment Fee") in an amount of _ thr_e_e_pgrcen_(3 of the total of the-commitment issued by the MHFA to the Seller by way of this Seller Application-Commitment Agreement (hereinafter "Commit- ment Amount") ; and WHEREAS, Seller acknowledges that MHFA has reserved the right to reduce the amount of funds herein requested by Seller for commitment by so indicating at the place provided below; and WHEREAS,. Seller further acknowledges that the MHFA has addition-- ally reserved the right- to reduce the approved Commitment Amount sub- sequent to its approval of this application, provided that if such a reduction occurs MHFA shall refund to Seller that portion of the Com- mitment Fee represented by such reduction, and provided further, that- MHFA shall purchase all of Seller's Mortgages which evidence loans closed during the term of the commitment and prior to the effective date of MHFA's notice of reduction of the Commitment. Amount, together with all Mortgages which evidence loans for which Seller's binding -6- W/P ID 1664F 7/3/85