HomeMy WebLinkAboutHabitat for Humanity 11-0374-0400 NOTE AND MORTGAGE $ Tx:4 03548 3
(Site Preparation) DOC# 1879937
Document Number Document Title NATALIE STROHMEYER
REGISTER OF DEEDS
WINNEBAGO COUNTY, WI
RECORDED ON:
MORTGAGOR: Habitat for Humanity of Oshkosh,Inc. 04/12/2022 01:58 PM
2559 Badger Avenue RECORDING_FEE:I 30.D0
Oshkosh,WI 54904 „�,._ -
PAGES. 3
RECEVED
MORTGAGEE: City of Oshkosh MAY 0 4 2022
215 Church Avenue Recording Area
PO Box 1130 Name and Return Address
Oshkosh,WI 54903-1130 cilatYriG)ILsEcifiiiiS OFFICE
PO Box 1130 C./Mil-1
CONSIDERATION: The City is conveying the Property to Habitat Oshkosh,WI 54903-1130 C/
for the purpose of Habitat's development of
a residential single family dwelling project on the site. Tax Parcel Numbers:
To assist with the development of this project, 91103740400
the City will provide Habitat at the time of conveyance wrtn a lump sum payment loan of
Ninety-Two Thousand Five Hundred and NO/100 Dollars($92,500.00)for assistance
with the costs of site preparation when before/during construction of the City-reviewed and
approved development.
PROMISE TO PAY: The City will provide a loan in the sum of$92,500.00 to Habitat to aid in site
preparation before/during the development of the Property.
1. Re-payment will be deferred and,if conditions are met,forgiven. Habitat will not be
required to make payments on this Note and Mortgage except as otherwise described
in this document.
2. Habitat will return to the City any site preparation assistant funds that are not used
for allowed purposes within nine(9)months after the parcel has been conveyed to the
first homeowner.
3. After completion of the project and upon conveyance of the Property by Habitat to a
Habitat-approved buyer, the City will forgive this indebtedness, except any unused sit.
preparation assistance funds that will be returned to the City,and the mortgage lien shall b:
satisfied. The satisfaction or release of the mortgage lien before the return of unused sit:
preparation assistance funds shall not act as a waiver or satisfaction of this amount to b:
returned. The unused funds to be returned shall instead become unsecured.
4. In the event that this Property is not conveyed to an initial Habitat-approved buyer
by December 31,2023,then this note shall not be forgiven but shall be due and payable in i •
entirety on that date.
5. The promise to pay will be secured with a mortgage on the property identified in
this document.
6. This Note and Mortgage shall not be assigned without the written permission of the City.
7. The terms of this Note and Mortgage shall apply in its entirety to the mortgagee,mortgagor
and their heirs,executors,administrators,assigns,and successors in interest.
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INTEREST/FEES: Interest will be accrued at a rate of ZERO percent(0%). No fees,charges,or interest will accrue
unless this note and/or mortgage is in default,at which time statutory costs,fees,charges,and interes
will begin to accrue 30 days after the loan becomes in default.
PROPERTY: The Property subject to this agreement,which is a tract of land situated in the City of Oshkosh,
1
February 18, 2022
Winnebago County, Wisconsin,is more specifically described as follows:
Lot 1 of Certified Survey Map No.7899,recorded with the Winnebago County
Register of Deeds on the 30 day of March,2022,as Document No. 1878891 all
being part of the Northeast'/ of the Northeast'/a of Section 24,Township 18
North,Range 16 East, I It'Ward,City of Oshkosh,Winnebago County,Wisconsin.
Property Address: Grove Street,Oshkosh,WI 54901
Tax Parcel Numbers:91103740400
MORTGAGE: The amounts due pursuant to this Note is secured by a mortgage lien on the real estate described
in this Agreement,made by Habitat in favor of the City,with the benefits and burdens applicable
to these parties,their heirs,executors,administrators,assigns,and successors in interest.
IMPROVEMENTS: Habitat will be developing this property for residential purposes. The City's mortgage interest
will cover the real property and all improvements,but current and future. At all times the
Mortgagor:
1. Will retain title to the Property and keep the title free and clear of all encumbrances,
excepting only restrictions and easements of record,municipal and zoning ordinances,
current taxes not yet due,and other encumbrances held by the City,by Habitat,and by
the Winnebago/Oshkosh Housing Authority.
2. Will keep the mortgaged property free from any lien or encumbrance superior to the lien
of the City,except for those identified in the property's Development Agreement,which
was recorded with the Winnebago County Register of Deeds on March 28,2022 as
Document Number 1878672.
3. Agrees that the loan may be prepaid,if applicable,without penalty and upon prepayment
in full the note and mortgage will be satisfied.
4. Will pay all taxes and assessments which may be levied or assessed against this
mortgage,
the secured by this mortgage,and the Property subject to this mortgage before they
become delinquent.
5. 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,and will further ensure that the City of Oshkosh is listed as a mortgage holder on the
insurance policy.
6. Agrees to keep the mortgaged property in good condition and repair,and will not do
anything to diminish or impair the value of the mortgaged property.
7. Agrees that in the event that foreclosure action is filed,then all foreclosure expenses,
including reasonable attorneys fees,will be added to the amount of the loan and will
become immediately due.
MODIFICATIONS: Any change or modification of this agreement must be in writing and signed by all parties signing
this original agreement.
NOTICES: All notices must be sent or copied to all parties identified above,or to their successors in interest
upon written notice.
THIS IS NOT A PURCHASE MONEY MORTGAGE ON A RESIDENTIAL PROPERTY
SIGNATURE PAGES FOLLOW
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February 18, 2022
,.
HABITAT FOR HUMANITY OF OSHKOSH, INC., Borrower/Mortgagor
By: �uraG GCS/.os4140v
Brad Dunn,President,Board of Directors
By:
V
jelgt Ekeren,Treasurer,Board of Directors
STATE OF WISCONSIN ) State of WisconsIa
ss. Notary Public
WINNEBAGO COUNTY ) Tristin Fahrenkrug
Personally came before me this day of>'9C`\ ,2022,the above named Brad Dunn to me known to be such
person who executed the foregoing instrument lrn wlecMs e,for the purpose herein contained.
Notary Public,State of
My Commission expires: O7Z t r),rsG
STATE OF WISCONSIN ) State of Wisconsin
)ss. Notary Public
WINNEBAGO COUNTY ) Tristin Fahrenkrug
Personally came before me thiskrA day of k\ ,2022,the above named Jeff Van Ekeren to me known to be
such person who executed the foregoing instrumen ovule ed the ame,for the purpose herein contained.
... dam
N tary Public, tate of Wisconsin
My Commission expires: 0 3(O tlU L5
CITY OF OSHKOSH,Lender/Mortgagee
By: �
► ark A.Rohloff,City Manager
By. `� h r610�Q.C�YVI
J.1W Balcom,City Clerk
STATE OF WISCONSIN )
)ss.
WINNEBAGO COUNTY ) -- -
Personally came before me this 4 day of rI I ,2022 the above named Mark A.Rohloffaha Jessi salcorn
the City of Oshkosh,to me known to be such erso who executed the re going instrument and acknowle' ed-the me,Ear:-
the p g g - g � -
the purpose herein contained. /' C , n _
zl
Notary�'u _ic, ate o on
sin ✓v-'./ ` --- y _
My Commission expires: Vi _ - `
AP'o•VED S TO ORM: APPROVED A TO FUNDING AVAILABILITY:
,
e.
L • .Loren , Attorney Russ Van Gompe, inance Director
DRAFTED BY:
Attorney David J.Praska
Deputy City Attorney
Oshkosh,Wisconsin
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February 18, 2022