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Home My WebLink About627 Frederick Street 2016 MORTGAGE 1x:4221467 Document Title 1729323 REGISTER'S OFFICE CITY OF OSHKOSH WINNEBAGO COUNTY,W1 RESIDENTIAL REHABILITATION PROGRAM RECORDED ON DEFERRED PAYMENT LOAN 12/07/2016 9:42 AM CHRISTOPHER LARSON DEPUTY REGISTER OF DEEDS I hereby mortgage,convey and warrant to the CITY OF OSHKOSH,a Municipal Corporation located in Winnebago County,Wisconsin RECORDING FEE 30.00 (mortgage lender),in consideration of my receiving a deferred payment loan PAGES: 3 in the amount of FOUR THOUSAND THREE HUNDRED SEVENTY FIVE DOLLARS and NO/100($4,375.00)for the rehabilitation,preservation and enhancement of owner occupied residential real property which is commonly Recording Area known as 627 Frederick Street,Oshkosh,and legally described as being in Name and Return Address Winnebago County,State of Wisconsin: City Attorney's Office Oshkosh,W1 54903-1130 Lot Twelve(12),Block Forty-five(45),according to the recorded Plat of WW Wright's Subdivision of part of Block Forty-five(45)and'T" in the 7'Ward,City of Oshkosh,Winnebago County,Wisconsin,per Leach,s 907-0362-0000 Map of 1894 Parcel Identification No. This is 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: First mortgage to American Mortgage and Equity Consultants,Inc.or its assignees in the amount of$63,723.00 and recorded in the Register of Deeds office on March 9,2010 as Doe.No.1533868. 1 will keep the mortgaged property free from any lien or encumbrance superior to the lien of this mortgage,except for those noted above. I 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 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. 0 1 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 incurred, and in case of judgement, will be included therein. If I fai I to act according to the terms and conditions of this mortgage or the Borrower's Certification 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,1 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. I shall not transfer,sell or convey any legal or equitable interest in the property(by deed,land contract,option,long- 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 day of iyd+�E"�"�� _,2016 JE 4OFTON v _ KATHERINE M.LOFTO T AUTHENTICATION ACKNOWLEDGEMENT Signature(s) STATE OF WISCONSIN } WINNEBAGO COUNTY ) Authenticated this_day of 20_ Personally came before me this 300dayof d q' 2016 PRINTED NAME: the above named TITLE:MEMBER STATE BAR OF WISCONSIN _Jeremy J.&Katherine M.Lofton (If not, to me known to be the person(s)who executed the foregoing authorized by Sec 706.06,Wis Stats) ir^ument and acknowledge thv same./. -- Notary Public, yma► County -My Commission(is permanent)(e ares) (Signatures may be authenticated or acknowledged.Both are not necessary.) Document drafted by: Lynn Lorenson,City Attorney,Oshkosh,WI RE: 627 FREDERICK STREET,OSHKOSH,WI DEFERRED PAYMENT PROMISSORY NOTE AND BORROWERS CERTIFICATIONS As an applicant for a loan to be financed by the City of Oshkosh Housing Improvement Program,I hereby acknowledge and agree as follows: 1) I authorize the City of Oshkosh to make any and all documents pertaining to this loan available to the Department of Housing and Urban Development,the City of Oshkosh or their agents. 2) 1 certify that I have record title to or an equitable interest in the property and occupy it on a permanent year-round basis. 3) I am aware that any false statement or misrepresentation made in connection with this loan may subject me to criminal and civil penalties under United States and Wisconsin law. 4) On or before the sale or transfer of property which is secured by a mortgage of even date herewith,for value received,the undersigned,(their)heirs,executors,administrators,and successors,or if this property should cease to be occupied by the undersigned,jointly and severally promise to pay to the order of the City of Oshkosh, Winnebago County,Wisconsin,at the office of the Department of Community Development,City Hall,215 Church Avenue,Oshkosh,Wisconsin,the principal sum of FOUR THOUSAND THREE HUNDRED SEVENTY FIVE DOLLARS and NO/]00($4,375.00). 5) I agree to provide my household income information to staff of the Department of Community Development upon request so long as the mortgage securing the City's Rehabilitation Loan is in effect. If my household income is ever higher than 80 percent of the HUD median income guidelines for a given year,I further agree to negotiate a loan repayment schedule with the staff of the Department of Community Development.This payment shall be at a level such that my total housing related payments do not exceed 30 percent of my gross household income. 6) I will notify the City of Oshkosh Department of Community Development,215 Church Avenue,P.O.Box 1130,Oshkosh,Wisconsin 54903-1130 UPON THE TRANSFER OF THE PROPERTY OR WHEN IT CEASES TO BE MY PRINCIPAL PLACE OF RESIDENCE. (PLEASE NOTE THE SINGULAR I ALSO INCLUDES THE PLU"RAL"WE"IF THERE IS MORE THAN ONE SIGNATURE APPEARING BELOW) This note is secured by mortgage on real estate of even date herewith. Dated this d" day of (VOW-¢y+ r ,2016. Jeremy J.Lofton Katherine M.Lofton