HomeMy WebLinkAbout26-97 RESOLUTIONADDENDUM TO DEFERRED LOAN AGREEMENT
This is an Addendum to the Deferred Loan Agreement which was executed September 6, 1996
between the City of Fayetteville (hereinafter called the City) and Larry and Kay Curry
(hereinafter called Grantee). This Addendum increases the amount of the loan provided to the
Grantee by the City and increases the amount subject to the covenants in the Deferred Loan
Agreement to a total of Thirty Thousand Dollars ($30,000). The total amount is based on the
following:
Original Loan Amount $20,000
Addendum to Deferred Loan Agreement $10,000
Total Loan $30,000
This Addendum is executed on the /81A day of An a rc A , 1997.
CITY q FAYETTEVILLE
/ Lys/
FILED FOR RECORD
' 97 JUN 11 9f! 1107
WASfii;:GT0N 00 AR
K. i1,d NESS ,
DEFERRED LOAN AGREEMENT
This agreement executed this day, 9/6/96 between the City of Fayetteville, hereinafter called the
City and Larry Curry. and Kay Cary , hereinafter called Grantee(s). The date of expiration
of this agreement will be 9/6/2006.
In consideration of the mutual covenants herein, the parties agree as follows:
1. That the City shall provide the Grantee(s) a loan in the amount of Twenty Thousand Dollars,
($ 20,000) to be used by the Grantee(s) to rehabilitate the existing residential structure located at
1052 Cato Springs Rd being more particularly described as:
Part of the South Half (S'/z) of the Southwest Quarter (SW'/a) of the Southwest Quarter (SW'/a) of
Section 21, Township 16 North, Range 30 West, of the 5th Principal Meridian described as
beginning at a point which is 200 feet East of the Southwest corner of the above described 20
acre tract, thence running North 150 feet, thence East 50 feet, thence South 150 feet, thence West
50 feet to the place of the beginning. Situated in the County of WASHINGTON, State of
Arkansas.
2. Grantee(s) certifies that he/she is the owner of the residence described above and that this is
his/her principal residence. The Grantee (s) also certify that the Loan proceeds will be used only
for the work and materials necessary to meet the Rehabilitation or Code Standards as described
in the Rehabilitation Contract.
3. If the residence described above is sold, transferred, rented or otherwise conveyed within
a TEN. (101 year period, Grantee or their heirs or assigns agree to repay the loan in a manner
[ ^ satisfactory to the City, less any credit accrued as follows:
For each year the Grantee personally occupies the residence, the total grant amount
o specified above will be reduced by TEN PERCENT (10%) of the original amount.
4. In the event of default and non-payment of the balance due by Grantee(s) or their heirs or
assigns, the City shall have the power to offer the property at public sale to the highest bidder for
cash. Public notice of the time and place of said sale having first been given ten (10) days in
advance by advertising in a newspaper of general publication in the City of Fayetteville, at which
Q, sale the City may bid and purchase as any third person might do. The proceeds of said sale shall
be applied, first, to the payment of all costs and expenses attending said sale, and second, to
payment of the amount owed the City and the remainder, if any, shall be paid to Grantee(s).
5. The Grantee(s) covenants and agrees that he/she will comply with all requirements imposed
97038400
by regulations of Title VI of the Civil Rights Act of 1964. Grantee(s) agrees not to discriminate
upon the basis of race, color, religion, sex, or national origin in the sale, lease, rental, use of or
occupancy of the real property rehabilitated with the assistance of this Loan.
6. Upon execution, this agreement will be filed with the Ex -Officio Recorder of Washington
County, Arkansas for the period specified in paragraph 3 of this Agreement.
7. Upon satisfactory completion of all terms and conditions of this agreement by the Grantee(s),
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or upon payment of any balance due; the Grantee(s) shall be entitled to a release and satisfaction
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by the City of the lien agreement.
CITY OF FAYETTEVILLE
COMMUNITY DEVELOPMENT DIVISION
COORDINATOR
r.
GRANTEE(S)
Pt2( (/Ai}lf
SUBSCRIBED AND SWORN to before me, a Notary Public this day, Sptmher 6 1996
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My Commission Expires: �,N �� oNICyO /� j
August 2, 2006 ```�jr'. ':Oy'�. `t taryublic
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