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Home My WebLink AboutHabitat for Humanity 11-0374-0302 IU IH II Document\umber NOTE AND MORTGAGE Document 8 Tx:4603548 (SiteTitle Preparation) DOC# 1879935 NATALIE STROHMEYER REGISTER OF DEEDS WINNEBAGO COUNTY, WI MORTGAGOR: Habitat for Humanity of Oshkosh,Inc. RECORDED ON: 2559 Badger Avenue 04/12/2022 01:58 PM Oshkosh,WI 54904 RECORDING FEE: 30.00 REtrEEIVOD MORTGAGEE: City of Oshkosh MAY 0 4 2022 215 Church Avenue PO Box 1130 Recording Area Oshkosh,WI 54903-1130 Name antrnerier edjdn s's. t'7ceG F F IC E PO Box 1130 CONSIDERATION: The City is conveying the Property to Habitat Oshkosh,WI 54903-1130 U,ri(19(-' 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, 91103740302 the City will provide Habitat at the time of conveyance with 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 31,2026,then this note shall not be forgiven but shall be due and payable in it• 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. 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 2 of Certified Survey Map No.7763,recorded with the Winnebago County Register of Deeds on the 17th day of May,2021,as Document No. 1851816,all being part of the Northeast'Vs of the Northeast'A of Section 24,Township 18 North,Range 16 East, 11th Ward,City of Oshkosh,Winnebago County, Wisconsin. Property Address:Grove Street,Oshkosh,WI 54901 Tax Parcel Numbers: 91103740302 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 2 February 18, 2022 ` a r 0 HABITAT FOR HU NITY OF OSHKOSH, INC.,Borrower/Mortgagor By: �oZ.�.... .1 .scs1,..i Brad Dunn,President,Board of Directors By: C/G„ V4_6A-pA,..„ E ff Va Ekeren,Treasurer,Board of Directors STATE OF WISCONSIN ) State of Wisconsin )ss. Notary Public WINNEBAGO COUNTY ) Tristin Fahrenkrug Personally came before me this 1-1 day of MC\\ ,2022,the above named Brad Dunn to me known to be such person who executed the foregoing instrument and acknoy ledged ame, or the purpose herein contained. Notary Public, tate of Wisco pin My Commission expires: CAI02(2c)2`j STATE OF WISCONSIN ) State of Wisconsin ss. Notary Public WINNEBAGO COUNTY ) Tristin Fahrenkrug Personally came before me this —I day of AVO 1 ,2022,the above named Jeff Van Ekeren to me known to be such person who executed the foregoing instrument a=ledged Xhee r the purpose herein contained. Notary Public,Statet of m Wiscon My Commission expires: 0;103h,(17s CITY OF OSHKOSH,Lender/Mortgagee By: 46,- ark.A.Rohl City Manager J i Balcom, ity Clerk STATE OF WISCONSIN ) )ss. WINNEBAGO COUNTY ) Personally came before me this 4 day of 1 I ,2022 the above named Mark A.Rohloffand Jessi-Balcom of the City of Oshkosh,to me known to be such persons who executed the foregoing instrument and acknowledged the same;for the purpose herein contained. Gf( 1 /'4 �1 4073-1-1A CJ = ":�/ r J ��fl! V% Notary Public, State of Wiscons — , j = U z- My Commission expires: 117i S) -,)C). �% AP'OVED AS TO ORM: APPROVED AS TO FUNDING AVAILABILITY(. • 1 I Lorenson, Attorney Russ Van Gompe, finance Director DRAFTED BY: Attorney David J.Praska Deputy City Attorney Oshkosh,Wisconsin 3 February 18, 2022