HomeMy WebLinkAboutHabitat for Humanity 1640 South Koeller StreetDocument Number
NOTE AND MORTGAGE
(Site Preparation)
Document Title
MORTGAGOR: Habitat for Humanity of Oshkosh, Inc
1640 South Koeller Street
PO Box 2692
Oshkosh, WI 54903-2692
MORTGAGEE: City of Oshkosh
215 Church Avenue
PO Box 1130
Oshkosh, WI 54903-1130
f'1II11IGIIIdIII� ll III
1754988
REGISTER'S OFFICE
WINNEBAGO COUNTY, WI
RECORDED ON
11/28/2017 8:24 AM
NATALIE STROHMEYER
REGISTER OF DEEDS
RECORDING FEE 30.00
Area nwr_ec. e
Name and Return Address
City Attorney's Office
PO Box 1130
CONSIDERATION: The City is conveying the Property to Habitat Oshkosh, WI 54903-1130
for the purpose of Habitat's development of
a residential twindominium project on the site. Tax Parcel Numbers:
To assist with the development of this project, 91103740203, 91103740204
the City will provide Habitat at the time of conveyance with a lump sum payment loan of
Seventy -Five Thousand Two Hundred Twelve and NO/100 Dollars ($75,212.00) 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 $75,212.00 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. After completion of the project and upon conveyance of the Property by Habitat to a
Habitat -approved buyer, the City will forgive this indebtedness and the mortgage lien
shall be satisfied.
3. In the event that this Property is not conveyed to an initial Habitat -approved buyer
by December 31, 2017, then this note shall not be forgiven but shall be due and payable in it;
entirety on that date.
4. The promise to pay will be secured with a mortgage on the property identified in
this document.
5. This Note and Mortgage shall not be assigned without the written permission of the City.
6. 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 inter(
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,
Winnebago County, Wisconsin, is more specifically described as follows:
Units No. 1 and 2, together with the Units' undivided appurtenant interest in the
Common Elements and Limited Common Elements in GROVE STREET
CONDOMINIUMF; a condominium declared and existing under
and by virtue of the Condominium Ownership Act of the State of Wisconsin
and recorded by a Declaration as such condominium in the Office g�fy1the
Register of Deeds for Winnebago County, Wisconsin, on the e)I-lay of
162017
CA
K)cx�r , 2017, as Document Number 1-1 $4�$& 'all of
which is part of the Northeast 1/4 of the Northeast 1/4 of Section 24, Township 18
North, Range 16 East, I It' Ward, City of Oshkosh, Winnebago County,
Wisconsin.
Property Address: 604 and 608 Grove Street, Oshkosh, WI 54901
Tax Parcel Numbers: 91103740203 and 91103740204
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 September 19, 2016 as
Document Number 1723253.
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 fo 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
November 16 2017
HABITAT FOR HUMANITY OF OSHKOSH, INC., Mortgagor
By:
yce A. Pindel, Pre si e , Board of Directors
Thomas Perry, SecretarUoard of Directors
STATE OF WISCONSIN )
) ss.
WINNEBAGO COUNTY )
Personally came before me thisday ofLll�r). , 2017, the above named Joyce A. Pindel to me known to be
such person who executed the foregoing instrument acknowledged the same, for the purpose herein contained.
Go
Notary Public, State of Wiscons• p� o . • • • /
My Commission expires:
STATE OF WISCONSIN ) ; rr • ��l �;
p'
WINNEBAGO COUNTY
�•, �SCOivS� a.•�
Personally came before me this � day of �, 2017, the above named Thomas Perryto me known to be
such person who executed the foregoing instrument a acknowledged the same, for the purpose herein contained.
Notary Public, State ofiscons �"�J/�i.,
+
My Commission expires: �a GQ +
NOT
SIGNATURES CONTINUED ON NEXT PAGE = �`" ' • C,Q</C .'
3
November 16 2017
CITY OF OSHKOSH, Mortgagee
By:
Mak A. Rohloff, City M er
By:
Y `
Pamela R. Ubrig, City Clerk
STATE OF WISCONSIN )
ss.
WINNEBAGO COUNTY)
Personally came before me this L day ofMDV 2017, 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.
l_�a"W
Notary Public, State of Wiscon '
My Commission expires:
AP OVED AS TO RM:
Lorens Attorney
DRAFTED BY:
Attorney David J. Praska
Deputy City Attorney
Oshkosh, Wisconsin
4
November 16 2017