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HomeMy WebLinkAboutNorth Main St LLC 07-0003-0000 ADDENDUM TO HOME RENTAL , REHABILITATION DEFERRED PAYMENT 1 5 E. 1 1 5 'a MORTGAGE NOTE REGISTER'S OFFICE WINNEBAGO COUNTY, WI Document Number Document Title RECORDED ON 12/29/ 99 :97AN' JULIE PAGEL Addendum to Mortgage Instrument /Deferred Payment Mortgage Note REGISTERS DEEDS between City of Oshkosh, a municipal corporation, and 415, 417 & 419 RECORDING FEE 36. North Main Street, LLC more fully describing the parties' repayment TRANSFER FEE and /or forgiveness agreement for property at 415 - 417 -419 North Main Recordin r t, • , k 7 Street, Oshkosh, Winnebago County, Wisconsin Name and Return Address I City Attorney's Office Oshkosh, WI 549d-1130 I _907 -0003 -0000 P Identification No. Instrument Drafted by: Atty. David Praska Oshkosh, WI ADDRESS: 415- 417 -419 N. Main Street ADDENDUM TO Home Rental Rehabilitation Deferred Payment Mortgage Note And Borrower Certification 1. The City of Oshkosh and 415, 417 & 419 North Main Street, LLC entered into an agreement entitled Home Rental Rehabilitation Deferred Payment Mortgage Note and Borrower Certification ( "Note ") on March 3, 2006. A copy of the Note, excluding the Certification provisions, is attached as Exhibit A and is fully incorporated into this Addendum. 2. Securing the Note attached as Exhibit A is a Mortgage entitled City of Oshkosh Rental Rehabilitation Program Deferred Payment Loan ( "Mortgage "), which was recorded with the Winnebago County Register of Deeds on March 10, 2006, as document number 1390862. A copy of this Mortgage is attached as Exhibit B and is fully incorporated into this Addendum. 3. The property subject to the parties' Note and Mortgage is commonly known as 415- 417 -419 North Main Street, and is more particularly described as: Lots 6, 7, and 8, Cottrill's Subdivision, 7 Ward, City of Oshkosh, Winnebago County, Wisconsin (Tax ID #907 - 0003 -0000) 4. The Note provides only a summary description of the repayment and /or forgiveness terms. The parties agree that they have a mutually consistent understanding of their original agreement, and that their understanding is summarized but not described in the terms of the Note. This Addendum more fully describes the parties' repayment and /or forgiveness agreement, but does not add new terms between the parties, constitute a new agreement, or change any existing agreement. 5. The Note makes reference to "a forgivable loan" (paragraph 10), that "the balance" will be due if the subject property is transferred to others (paragraph 10), and that the "Note will be void after ten (10) years (paragraph 13). The Note contains no further details explaining the repayment and/or forgiveness terms. 6. The parties agree that the Note secured by the Mortgage includes the following terms: a. Provided there is no default in or breach of the terms of the Note and /or Mortgage, or transfer of the Property in whole or in part, the loan will be forgiven over a period of ten (10) years starting on March 10, 2006, and ending on March 10, 2016. 1 b. Provided there is no default in or breach of the terms of the Note and/or Mortgage, or transfer of the Property in whole or in part, twenty percent (20 %) of the Note's initial principal will be forgiven every other year starting from March 10, 2006. For example, 20% of the original note principal will be forgiven on the following dates: March 10, 2008, March 10, 2010, March 10, 2011, March 10, 2012, and March 10, 2013. There shall be no proration of amounts due in the event that any loan amount will be paid to the City rather than forgiven. c. Upon the passing of the ten (10) year term, the City will provide within a reasonable time, upon written request, all documents necessary to indicate that the Note has been satisfied and /or the Mortgage has been released. However, prior to providing these documents, the City shall be provided, upon request, all documents reasonably necessary to ensure that the terms of the Note and Mortgage have been complied with. d. Both parties retain all statutory and common law legal rights and obligations except where these legal issues have been specifically altered in writing by the Note, Mortgage, and this Addendum. 7. All future changes or clarifications to the parties' agreements shall be in writing and signed by all parties. 415, 417 & 419 North Main Street, LLC Dated this c),3 day of November, 2010 Megan . [/Lang, Member Eric Hoopman, Member f /k/a Megan L. Hoopman City of Oshkosh otate of Wisconsin Crnmty of Winnebaan Dated this c 3 • ay of November, 2010 This docurent was signed before ne on November 23, 2010 by Megan H. Lang, Eric S. Hoognan and Earryn Burich. Da yn Burich, Director of Planning Services C f � ( - My Cornrriiion Expires 7/6 2014 2 • ADDRESS: • 415- 417 -419 N. Main Street IIOMiE RENTAT.. DEFERRED PAYMENT MORTGAGE NOTE AND BORROWER C ERTIFICATION As an.applicantfora grant to be financed by the Department of Community Development of the City of Oshkosh; I hereby acknowledge and agree as follows: • I) The Pro roposed improvements listed on the contract accurately describe how the proceeds of the grant will be used. and Twill obtain approval from the Dept. of Community Development, staff on. all contracts,for all work to be funded•with grant proceeds before I enter into such contracts. . 2) • All unpioven ents will be completed no later than ninety (90) days after the date of mortgage closing;" . , 3) T authorize the City of Oshkosh, the State of Wisconsin and other authorized agents, to inspect the work fiiianced:by tlis:grant:..`. • 4) None of the proceeds of this grant will be used to finance any.improvements undertaken utior • the date of applibatio i approval: . 5) Iauthorize the City of Oshkosh to make any and all documents pertaining to this grant available •• to the State of Wisconsin and other authorized agents.' . 6) T certify that' I have record :title to or an equitable interest irl the property: to be improved:: 7) I understand that after this.project is completed, this property will be ineligible for future HOME Rental rehabilitation Program grants or grants • • 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 boinply with •the following HOME P ental:Itehabilitation Fragrant requirements arid all • • requirements contained* the Deed Restrictions: a) I will .;, against families with minor children - or fatnilies eligible.for public housing assistance: b) I > wiil cooperate . with the City_ef Oshkosh fIousing needed tb rent rehabilitated finite to tlwse who have Section 8 assistance and are responding to an .arlvettised nonce, of unit�availability. (This is no assurance of financial assistance to the • tenant atid financial assistance is given, there is no assurance of its duration.) The City cannot provide automatic Section 8, assistance to tenants living in rehabilitated units, even if the qualify. y • c) • Twill coriply with Federal Affirmative Action Requirements. Specifically, this means • 1)'' l advertise all vacancies in a local newapaper. general circulation. and provide ' .writtennotice'of each vacancy to the Oshkosh Housing Authority; ATTN, Rental Assistance Coordinator, 600 Merritt Ave., Oshkosh, WI: Alt advertising shall•mclude the Equal Opportuxuty Housing logo or the_ slogan "Equal,IloUsing'Opporfunity ': , • , Documentation of all marketing efforts for each vacancy occurring during the previous year shall be,provided to the Dept: of Community Development by January 31st of each: year followwmg fehabilinition for the duration.of the Period of Affordability ' 2)' I will'mamtain non - discriminatory hiiing policy. 3)' I • ill'display an Equal Opportunity Housing logo m the rental office 4) I certify' that no current tenants will be displaced as a result of work being coinpleted proceeds,of this grant. Exhibit (t Fij 10) I accept from the City Of Oshkosh, a forgivable loan in the amount of TWO HUNDRED THOUSAND AND NO /100 I.iOLLA1tS ($200,000.00) and agree that 1 will notify the City of Oshkosh . . ' upon the transfet'of the property identified below if it is transferred during the life of this lien. I Understand and acknowledge that I am not entitled to the proceeds of this HOME grant until _.. Such tithe as all work has been completed, inspected and determined to be satisfactory to the City of Oshkosh or its agents. The City of Oshkosh or its agents; may at their sole option, advance portions of the proceeds due under: tins .gram after deterrnining:'byinspection, that the work and/or materials are satisfactory to warrant such an advance. • I•will notify the City of Oshk n osh igpo the transfer of my ptdperty, if the property is ;transferred during the be of this mortgage, at which:tinie the balance ofthe grant:will become immediately due and • payable to the City of Oshkosh 11) I grant to the City of Oshktish, the City of Oshkosh hereby has; a tnort$ age on the real estate . described .below in the full amount necessary to satisfy my repay meet5bligation for the paytrierit -ttere made and for any subsequent- payments,made, and the cost, including reasonable attorneys fees, of collecting same. The real :estate subject to this mortgage is situated in Winnebago County, State of Wisconsin, and is legally deseribtd as follows: Lots 6, 7, and 8, Cot Subdivision, 7th Ward, City of Oshkosh, Winnebago County,' Wisconsin. (Tax ID,#90l-0003 -0000) Comtonly known as 415- 417 -419. N. Main Street - ' 12) If any of the pro'Visioris of thispromissory note, the corresponding mortgagemote, of any of the specifications or other documents completed by me art violated by me, or if I am not in Compliance with " • any of these provisions, then Iagree to repay to the City of Oshkosh 011 -atnounts grarsted iirimediately upon demand. 13) The coresponding mortgage will cease and this promissory note will be void at the end of ten (10) years from the date of project completion. • Dated this day of .y/ ,.2006. 415- 417 -419 N01tT$ ` ST ET LLC ' /A A .•_ate Me L Hoopmen '�[',f!, .. ,, • HOME FirOr duoty no1C 10 yis 8103, • 1 .� V 1 Exh b It MQRTQ 7hiS3'ILCjM2?NT.. . x 9 ,°■ 0 . 8 !. 1 4■ ice. " 'RHtiISTBR�S t 'RICfi` . . - ,. snt - IfIlf11SB1t3d:C,t�lil?y Yi • REC tlli : :631 : 7' 8 0.t : 4 ., 85 ■b CITY'OF OSHKOSH; a tt�, Ifi PABEL ,.. RENTAL RE1 ABILITATION PROG1tA114 Rlsti DEFERRED LOAN `• DF, D PAYMENT �CO1tUIi • 3 • fttl>�FR FFx I hercbyatortgaae, convey and warra'ntto:the CITY OI •OSHKOSH,a x.co*Jtafira • : , Municipal Corporation located in Winnebago . County, Wisconsin tilm..Ad ttparn*itra. Ord (Inorlgagc lende);,in considera m tion of y receiving a deferred payment load etta A • • . s orp :. ` Seh in the amount of 'TWO »UNDRBD THOUSAN]) and NO /100 Do119is ; p,bkb f ii ($ for 'fi rebabilitationr° press vatio and enhai}cenicnt Of rental residential reaipropert ch conapronly 3awwn as 415,, T7 PtNI :419 NORT H • MAIN STREET, Qsh Wikoah, sconsin and legally descnbed i' artsl 07-00Q 3Scati 00 ' 0 as being in Winnebago County, State of Wisconsip: • ort No Lots 6, 7. mid C C.ottnlla Subdivision, 71h Wad,City ofOthkoah. . This isrtot hotnestead"property. This is not a purchase money mortgage '.certify thatt have title to this propertyand that the title is free 4txt olear of all.encumbrat ces,'excepting only restrnettons and easements of record, municipal and the _zoning ordinances; current taxes and assessments. not yet .due; and' any encumbrance noted below: •. First mortgage to-First:National Bank in the amount of $376,000.00 and recorded m the •Register ot'Deeds office On Dcccmber_21,. as Doc. 14o.= 13 as corrected on February 14; 20( 5' and `recorded as Doc; No.1345617 : I, will keep the mortgaged property free •turn any lied or eneUmbta .. superior to then lien of this mor}gs} . x . for • • . • noted above: I agree toihis mortgage on a c mI tron that if Ipayto mortgage lender tlhe full amount of thedeferred payment loan se cured by this mortgage =I conform with the tenni of theporrower's • Certitcittion - andthis.tnortgage; them tips mortgage will cease and the. note (sec. Borrower's Certification) will be void : • , Twill pay "Before they beeomc delinquent all taxes' and asseasments which Maybe levied or assessed agamstthit mortgage, the note secured. by this mortgage and the property described above:• Twill deliver to .mortgage lender.; upon demand; a receipt showirrg :due payment Of any tax or :assessment. • .1 . 1. will • keep the mortgaged property insured for fireand eid nded coverage perils for at )east the fdll'and'faitinarket value.of the property and pay:the premiums tltexcon when due I agree to keep the tnartgaged property in good condition and repair, i will not do anything to diminish or nnipair the value of m ortgage d propet .:. _ . Under any foreclosure proceeding, all foreclosure expenses, including reasonable attorney's fees,'will also be added to the amount of the'dcfetred payment loan and dud as incurred, and in case of jttdgernent,:will be included therein: ,. • • If I fail to act according to .the terrn n ...• s and conditions of this mortgage or the; j3onrowcr`s Certiftcatioit for a period of more than fifteen .(15yda y s,..theet the whole amount of trio deferred payment loan will at the option. of.themortgage.lender, .become due and' payable. without notice: 'Under•this circunriatancc;•I hereby waive my right to notice, 'understand: that the:mortgage lender is not responsible for die work performed b any contractor on myproperty, whether paid for out of deft red payme titloan funds or'otherwise : • Unless otherwise required by law, the invalidity or uncnforceabihty Of any provision of this mortgage will riot affeet'the validity or. enforceability Af any other provision , All' the tend, conditions and co enants" of tlus..tgtgege Will :be bonding oniiiy hcirs,'legal,representatives, •successors :or any ottner inidivrdua1 tti, whom an. untereat : ira, 40 moregag or this mortgage rs assigned. • Exhibi ( 1 Of • k " " I shall riot tranfer; soil t r cdn anylegal o � '' .''' b le . i t� t er egt in the pro (by d eed , l and c ptl tt act, spoon lbng- 'terr�4;°lease, or• in any, o tl t'w wjtltout.the pri*r • written consent of the mortgage lender. unless ; ll mdebtednesa secured by'th mortgageys fiat paid iri:full the.inter is,a mortgage or ot sec l in th property. subi 1*'r o t o lhc:;lich of this mortgage. - heentire indebtedness under the no s ec u r ed by , th"s oitgageshall become due and : payabIc in ftt11, at.theoptton of the mortgage l ender withou notice,•upon any t stiff or•conveyanac tna4e iti of Sus pa a gi�ph • {PLEASE NOTE THE .SINGULAR °I'r ALS I TEE PLUR " wE" IF THE IS MO$ ; J1A► : -ONE SIGNA`fU AI ,13 ... B LOW) . Dated thus ' tlaY of. M C�j , 2O O �o A � 413- 4)T.- tIQNortli Streetl.LC. M f :.. ,.. Atli. ( i1CiThEIy CLCATLON ACKNt7WLEDOIIMEN Signtuure(a} ` TATB O1 WISCONSIN ) W�Itgi4E+ 1 QUNTY- ) AuthtnUcaredthlt';, _d 2 0 yersoeaILycaritebefomme;this, dayof 1 fl tr tY7 20 "0L thealwvf aemed', + 111 t, E;rMBirtBBlt S I? T$A1t OF WI SCONSIN L lin " . f and. ne S Iioopmen to tine blows tb. be the perso who executed th forago Elf noh instrument and ectatowledge the aamt " autkonud by, Sa 706, 06; Wis 9teta) 'o E � ` 'i711f(!a''T�r Couuty �04-.E� - .,! q ( ekpir4� 2' 0 (S n lie rutheuticat or ecimowledge 96th ; S • are nOtn cEasary) : ' '{ N •� �.r� r 'w • , � r fsai.�:' aa TEIIgfNS1R11M8NTpI;A ' sn Astt. C1ty Mornay Orl kosh Wi I,y;nl,lbrrn., n, tr „ ,...,,,.:,,,..::.. ....... . ,... :,..... ....,..:. ... , ,.. „...........:,.. ...,....:.,.„,..„...„,..:., 1 5. -sit OF )