HomeMy WebLinkAbout219 Oxford Avenue Mortgage Iui11
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MORTGAGE 8 6 5 8 8 2 0
Document Number Document Title 1 T x:4488926
DOC# 1836E 18
CITY OF OSHKOSH NATALIE STROHKEYER
RENTAL REHABILITATION PROGRAM REGISTER OF DEEDS
DEFERRED PAYMENT LOAN WINNEBAGO COUNTY,WI
RECORDED ON:
I hereby mortgage,convey and warrant to the CITY OF OSHKOSH,a 12/07/2020 12:57 PM
Municipal Corporation located in Winnebago County,Wisconsin RECORDING FEE: 00
(mortgage lender),in consideration of my receiving a deferred payment loan PAGES: 6
in the amount of FIFTEEN THOUSAND DOLLARS and NO/100
($15,000.00)for the rehabilitation,preservation and enhancement of rental Recording Area
residential real property which is commonly known as 219 Oxford Avenue, Name and Return Address
Oshkosh,and legally described as being in Winnebago County,State ofb�
City Attorneys Office ,,a
Wisconsin: Oshkosh,WI 54902-1130 (d" 0if
Lot 3,Block 81,in WASHBURN'S SUBDIVISION OF LOT 4 IN BLOCK 41,4th Ward,City
of Oshkosh,Winnebago County,Wisconsin _904-0311-0000
Parcel Identification No.
This is not homestead property. This is not a purchase money mortgage.
I certify that I have title to this property and that the title is free and clear of all encumbrances,excepting only restrictions
and easements of record, municipal and the zoning ordinances, current taxes and assessments not yet due and any
encumbrance noted below:
NONE
I will keep the mortgaged property free from any lien or encumbrance superior to the lien of this mortgage,except for
those noted above.
1 agree to this mortgage on a condition that,if I pay to mortgage lender the full amount of the deferred payment loan
secured by this mortgage and conform with the terms of the Borrower's Certification, Deed Restrictions, and this
mortgage,then this mortgage will cease and the note(see Borrower's Certification)will be void.
I will pay before they become delinquent all taxes and assessments which may be levied or assessed against this
mortgage,the note secured by this mortgage and the property described above. I will deliver to mortgage lender,upon
demand,a receipt showing due payment of any tax or assessment.
I will keep the mortgaged property insured for fire and extended coverage perils for at least the full and fair market
value of the property and pay the premiums thereon when due. I will make sure the City of Oshkosh is listed as a
mortgage holder on the insurance policy.
I agree to keep the mortgaged property in good condition and repair. I will not do anything to diminish or impair the
value of the mortgaged property.
Under any foreclosure proceeding,all foreclosure expenses,including reasonable attorney's fees,will also be added to
the amount of the deferred payment loan and become due as incurredw and it case ofiudgement,will be-include thereii,.
If I fail to act according to the terms and conditions of this mortgage, the Borrower's Certification, or the Deed
Restrictions for a period of more than fifteen(15)days,then the whole amount of the deferred payment loan will,at the
option of the mortgage lender,become due and payable without notice. Under this circumstance, I hereby waive my
right to notice.
I understand that the mortgage lender is not responsible for the work performed by any contractor on my property,
whether paid for out of deferred payment loan funds or otherwise.
Unless otherwise required by law,the invalidity or unenforceability of any provision of this mortgage will not affect the
validity or enforceability of any other provision.
All the terms,conditions and covenants of this mortgage will be binding on my heirs,legal representatives,successors
or any other individual to whom an interest in the mortgaged property or this mortgage is assigned.
RECEIVED
DEC 18 2020
CITY CLERK'S OFFICE C"4)
I shall not transfer,sell or convey any legal or equitable interest in the property(by deed,land contract,option, long- r
term lease or in any other way)without the prior written consent of the mortgage lender,unless either the indebtedness
secured by this mortgage is first paid in full or the interest conveyed is a mortgage or other security interest in the
property,subordinate to the lien of this mortgage. The entire indebtedness under the note secured by this mortgage shall
become due and payable in full,at the option of the mortgage lender without notice,upon any transfer,sale or conveyance
made in violation of this paragraph.
(PLEASE NOTE THE SINGULAR "I" ALSO INCLUDES THE PLURAL "WE" IF THERE IS MORE
THAN ONE SIGNATURE APPEARING BELOW)
Dated this 4.7hday of hUea PQ ,2020
ADVOCAP Inc,,
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(SEAL)
M BONER Z,Executive irector
(SEAL)
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AUTHENTICATION ACKNOWLEDGEM'IT t
�p% �°UB'-'G
Signature(s) STATE OF WISCONSIN ) 1� tp
Authenticated this day of 20 WINNEBAGO COUNTY ) r4,•-</k-OF `C-) .• �
,,I+uu„u 0,,
Personally came before me this te day,of 4,erltbtr2o..O
PRINTED NAME: the above named r\iC ha el L±one r+Z
TITLE:MEMBER STATE BAR OF WISCONSIN
(If not, to me known to be the person(s)who executed the foregoing
authorized by Sec 706.06,Wis Stats) instrument and acknowledge the same.
61
Notary Public,ford do Lac_ County
My Commission(is permanent)(expires)
5/13 20Q9
(Signatures may be authenticated or acknowledged.Both
are not necessary.)
Document drafted by:
Kenneth Gresser,City of Oshkosh,WI
ADDRESS: 219 Oxford Avenue,Oshkosh
DEFERRED PAYMENT MORTGAGE NOTE AND BORROWER CERTIFICATION
As an applicant for a deferred payment loan to be financed with Federal Community Development
Block Grant(CDBG)funds through the City of Oshkosh,Department of Community Development,I
hereby acknowledge and agree as follows:
1) The proposed improvements listed on the contract accurately describe how the proceeds of the
deferred payment loan will be used and I will obtain approval from the Dept.of Community
Development staff on all contracts for all work to be funded with said loan proceeds before I enter into
such contracts.
2) All improvements will be completed no later than ninety(90)days after the date of mortgage
closing.
3) I authorize the City of Oshkosh,the State of Wisconsin and other authorized agents,to inspect
the work financed by this loan.
41 None of the proceeds of thisjoan will be used to finance any improvements undertaken prior-to-
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the date of application approval.
5) I authorize the City of Oshkosh to make any and all documents pertaining to this loan available
to the U.S.Department of Housing and Urban Development and other authorized agents.
6) I certify that I have record title to or an equitable interest in the property to be improved.
7) I understand that after this project is completed,this property will be ineligible for future CDBG
Rental Rehabilitation Program grants or loans.
8) I am aware that any false statement or misrepresentation made in connection with this grant may
subject me to criminal and civil penalties under United States and Wisconsin law.
9) I agree to comply with the CDBG Rental Rehabilitation Program requirements and all
requirements contained in the Deed Restrictions.
10) I will comply with the City of Oshkosh Fair Housing Ordinance,the Wisconsin Open Housing
Law,and the Federal Fair Housing Act.
11) I accept from the City of Oshkosh,a deferred payment loan in the amount of FIFTEEN
THOUSAND DOLLARS AND NO/100($15,000.00)and agree that I will notify the City of Oshkosh
upon the transfer of the property identified below if it is transferred during the life of this lien,at which
time the loan,or balance thereof,will be repaid immediately to the City of Oshkosh.
]2)- Inc a hcant is res onsi T for repayment Pp� P p yment of said loan as follows:
$15,000 payable to the City of Oshkosh on or before September 23,2035.
13) I grant to the City of Oshkosh,and the City of Oshkosh hereby has,a mortgage on the real estate
described below in the full amount necessary to satisfy my repayment obligation for the payment here
made and for any subsequent payments made,and the cost,including reasonable attorney's fees,of
collecting same. The real estate subject to this mortgage is situated in Winnebago County,State of
Wisconsin,and is legally described as follows:
Lot 3,Block 81,in WASHBURN'S SUBDIVISION OF LOT 4 IN BLOCK 41,4th Ward,City of
Oshkosh.
Commonly known as: 219 Oxford Avenue,Oshkosh.
14) If any of the provisions of this promissory note,the corresponding mortgage note,or any of the
specifications or other documents completed by me are violated by me,or if I am not in compliance with
any of these provisions,then I agree to repay to the City of Oshkosh all amounts granted immediately
upon demand.
Dated this 17t"\ day of iVec./'Cjtillieoe— ,2020
ADVOCAP Inc.
AEL BONERTZ
R J�
CITY OF OSHKOSH
CDBG RENTAL REHABILITATION PROGRAM REQUIREMENTS
AND DEED RESTRICTIONS FOR PROPERTY OWNER(S) OF
ADDRESS: 219 Oxford Ave.,Oshkosh
The following CDBG Rental Rehab Program requirements run with the property and will be binding
upon any future purchaser throughout the term of this agreement.
The property is commonly known as 219 Oxford Avenue, and legally described as being in Winnebago
County, State of Wisconsin, as follows:
Lot 3, Block 81, in WASHBURN'S SUBDIVISION OF LOT 4 IN BLOCK 41, 4th Ward, City
of Oshkosh
Before a property can be approved for CDBG Rental Rehab funds,the property owner(s)must indicate
that he/she understands and will remain in compliance with these requirements by initialing each item,
_
and by signing and dating this document.
PERIOD OF AFFORDABILITY
This project must remain affordable based on the CDBG subsidy per unit. The affordability period
starts when the units are all rented out and inhabited by tenants.
Rehabilitation of up to $10,000 per structure plus $5,000 per unit. For ten(10) years.
X Rehabilitation of up to $10,000 per structure plus $5,000 per unit. For fifteen(15)years.
Rehabilitation of$5,000 per structure to reduce the number of units.
INITIAL RENTS
ALCO Maximum rents to be charged will be determined by the Department of Housing and Urban
Development and the City of Oshkosh. Rents based on the Section 8 Fair Market Rents (FMR).
For project lease up, the FMR must be used in calculating the rent in all of the units.
The cost of any tenant paid utility must be subtracted to determine Maximum rents allowed in
- either_category.Deductions for tenant-paid-utilities-are-obtained-from the City of Oshkosh. This
amount must be recalculated with each lease renewal.
OCCUPANCY
The CDBG assisted units must be leased to households whose income does not exceed 60%of
the Area Median Income.
fc6 If the initial tenants' income should exceed 80%of the Area Median Income,their rent will
increase to 30%of their adjusted household income or the market (street)rent of this or a comparable
unit, whichever is less.
Deed Restriction 1
, At the conclusion of the Rental Agreement between the property owner and the initial tenant,
subsequent occupants must be at or below 60%of the Area Median Income until the end of the Period of
Affordability. Each new tenant must be approved by the City of Oshkosh.
/ Q& ach year,throughout the Period of Affordability,the property owner will obtain income
information from each tenant and submit it to the City of Oshkosh, Department of Community
Development.
OTHER REQUIREMENTS:
41rOn all projects, an inspection will be conducted every year. The CDBG assisted units must meet
t e City's Minimum Housing Code and the Section 8 Housing Quality Standards (HQS).
ENFORCEMENT
In the event the property owner, as grantee,violates any of the terms of this agreement,the City of
Oshkosh, as grantor, reserves the right to take such action to cure such violation.
Dated this ��'1` day of ;/ , 2020.
ADVOC Inc.
AEL BONERTZ
Deed Restriction 2