HomeMy WebLinkAboutAdvocap & Oshkosh, Note PIN 907-0444-0000 4-ol 76--14fs 6:1
NOTEANDMORTGAGE $ 322567
Tx:4234265
Document Number Document Title 1730872
REGXSTER'S OFFICE
WINNEBAGO COUNTY, VIII
MORTGAGOR: ADVOCAP, Inc. RECORDED ON
19 W.First St./P.O. Box 1108 12/29/2016 10:02 AM
Fond du Lac,WI 54936 CHRISTOPHER LARSON
MORTGAGEE: City of Oshkosh DEPUTY RCGXSTER OF DEEDS
215 Church Avenue RECORDING FEE 30.00
PO Box 1130 Recording Area
Oshkosh,WI 54903-1130 Name and Return Address
City Attorney's Office
CONSIDERATION: The City is conveying the Property to ADVOCAP,INCPO Box 1130
for the purpose ofADVOCAP's development of Oshkosh,BVI 54903-1130
a residential handicap accessible single family home Tax parcel Number: 907-0444-0000
project on the site.
To assist with the development of this project,
the City will provide ADVOCAP at the time of conveyance with a lump sum payment Ioan of
Fifty Thousand and NO/100 Dollars($50,000.00)for assistance with the costs of building the
City reviewed and approved development.
PROMISE TO PAY: The City will provide a loan in the sum of$50,000.00 to ADVOCAP to aid in the development of
the Property.
I. Re-payment will be deferred. ADVOCAP will not be required to make payments on
this Note and Mortgage except as otherwise described in this document.
2. After completion of tine project and upon conveyance of the Property by ADVOCAP to a
ADVOCAP-approved buyer ADVOCAP shall,in lieu of repayment,assign this Note and
Mortgage to their approved buyer.
3. In the event that this Note and Mortgage is not assigned to the initial ADVOCAP-approve
buyer for any reason,then the note immediately becomes fully due and payable in a lump
sum by ADVOCAP.
4. If,at the time of conveyance by ADVOCAP,this Note and Mortgage is not in compliant
with any federal,state,or local laws regarding notes and mortgages,then the parties
agree that they will take all required actions to ensure that the substance and nature of
this Note and Mortgage conform with all federal,state,and local loan and
mortgage requirements,including but not limited entering into a new Note and Mortgage.
5. This loan shall become due and payable upon conveyance from the initial ADVOCAP-
approved buyer to any other person or entity. A divorce or legal separation will not
trigger repayment provided one of the initial ADVOCAP-approved buyers remains an
individual owner of the Property. In the event that an initial ADVOCAP-approved buyer
owns the Property at their death,then the full loan amount becomes due and payable
as a lump sum at that time.
6. The promise to pay will be secured with a mortgage on the property identified in
this document.
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/F)1ES: 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.
DECEMBER 19, 2016
PROPERTY: The Property subject to this agreement,which is a tract of land situated in the City of Oshkosh,
Winnebago County,Wisconsin,is more specifically described as follows:
the South 40 feet of Lot Eight(8)Block`B",according to the recorded Plat of Reuben
Parkinson's Subdivision of Part of Block Forty-five(45), in the Seventh Ward, in the City
of Oshkosh,Winnebago County,Wisconsin.
Property Address: 654 Frederick St. Oshkosh, Wisconsin 54901
Tax Parcel Number: 907-0444-0000
MORTGAGE: The amounts due pursuant to this Note is secured by a mortgage lien on the real estate described
in this Agreement,made by ADVOCAP in favor of the City,with the benefits and burdens
applicable to these parties,their heirs,executors, administrators,assigns,and successors in interest.
IMPROVEMENTS: ADVOCAP 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 and by ADVOCAP.
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 I Z-29_Z016 as
Document Number 1730870
3. Agrees that the loan may be prepaid without penalty and upon prepayment in full the note
and mortgage will be satisfied.
4. Will pay all taxes and assessments which may be Ievied 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
DECEMBER 19, 2016
ADVO�GA NC orfgagoz•
By:
e Boner�,Execu ive Director
t
By:
Tony Beregsz i irector
STATE OF WISCONSIN )
)ss.
WINNEBAGO COUNTY )
Personally came before me this b k day off }�e�,2016,the above named Mike Bonertz and Tony Beregszazi
to me known to be such persons who executed the foregoing instillment and acknowledged the same,for the purpose herein
contained.
+`�,ttir+nrrrrrrrrrr
CO��'yi
Notary Public,State of Wisconsin
iffy Commission expires:
UB 1-��'
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[signature pages continued on next page]
3
DECEMBER 19, 2016
CITY OF OSHKOSH, Mortgagee
By:
Mark A.Rohloff,City Manager
By' ..s 0(�L .
Pamela R.Ubrig,City Clerk
STATE OF WISCONSIN )
)ss.
WINNEBAGO COUNTY )
Personally came before the this day of V, 2016,the above named Mark A. Rohloff and Pamela R.
Ubrig 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.
Notary Public,State of Wisconsin
My Commission expires: ICJ
APP OVER AS TO FORM: APPROVED AS TO FUNDING AVAILABILITY:
Lynn A. orenson,Ci A orney Trena Larson,rhGce Direct r
DRAF'T'ED BY:
Attorney David J. Praska
Assistant City Attorney
Oshkosh,Wisconsin
4
DECEMBER 19, 2016