HomeMy WebLinkAboutHIL 8405230876 �.; CITY OF RENTON
HOME IMPROVEMENT LOAN PROGRAM
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LOAN AGREEMENT .
0 THIS AGREEMENT is entered intothis 14th
4 day
of May , 1984 between the CITY OF RENTON,
Hereinafter referred to as the "City", KING COUNTY, hereinafter referred to as
the "County," and Robert H. and Sarah M. Hart hereinafter
referred to as the "Applicants."
WHEREAS low and moderate income homeowners have demonstrated a need
for financing assistance in repairing their homes, and it is in the interest -
of the City to maintain the quality of the housing stock, the City will assist
qualified applicants in securing an interest-free loan;
WHEREAS, the City will make available to qualifying applicants
housing repair financing up to a maximum of $4,000 to be made available from
Federal Block Grant funds under the Housing and Community Development Act of
1974, Pub. L. 93-383;
WHEREAS, the City has determined that the applicants are qualified to
participate in the City of Renton Home Improvement Loan Program; and
WHEREAS, the Applicants have agreed with g the City on the necessary
repairs to be covered by agreement.
loan a reement.
NOW, THEREFORE, in consideration of their mutual promises hereinafter
contained, the parties agree as follows:
1. DUTY OF APPLICANTS. The Applicants agree to execute and give
to the County an interest-free note and mortgage of even date, copies of which
are attached hereto and incorporated by reference herein as Exhibits B and C,
for the purpose of repaying to the City through the County the amount of the
loan;
2. AMOUNT OF FINANCING. The amount for which the applicants are
liable to repay the County through the above referenced note and mortgage
shall be an amount not in excess of $4,000. The cost of the agreed-upon
repairs shall be exactly determined at the time of completion. Such cost is
estimated to be $ 4,000.00 , according to the work schedule attached hereto
and incorporated by reference as Exhibit A.
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3. DUTY OF THE CITY AND COUNTY. The City and its contractor, the
Housing Authority of the County of King, shall be authorized to undertake and
complete the agreed-upon repairs, and King County shall reimburse the. City
with Block Grant funds in accordance with the City/County Community
Development Block Grant contract.
IN WITNESS THEREOF, the Applicants, the City, and the County, through
designated Responsible Official, set their hands this 14th _ day
of May 1984
71 ro t
SiktiyDek
MAYOR
City Clerk
41- tzt- � /l'.'L FOR KING COUNTY:
WiAlita
DIRECTO41, DEPARTMENT OF PLANNING
AND COMMUNITY DEVELOPMENT
I
C:,;e 'M,,,�..;�'°:1191,6 A i..) Ea91IB IT C
JUN 2 198
(ii)
MORTGAGE
KING f'1 T''(
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THIS INDENTURE MADE THIS 14th day of May , 19 84 , between
Robert E. Hart and Sarah_M Hart , mortgagor,
and King County, mortgagee;
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WITNESSETH:
That the mortgagor s , for and in consideration of a sum not to exceed $4,QQ0..0.0.
which sum shall be equal to the cost of completing the agreed-upon repairs on the below-
• described property pursuant to the King County Housing Repair Program, authorized by
King County Ordinance 3269, as amended, do by these presents mortgage, grant, bargain,
sell , convey, and confirm unto the mortgagee, and to its assigns, the following
described real estate, together 'with all and singular tenements, hereditaments, and
appurtenances there unto belonging:
LEGAL DESCRIPTION: (3232 S.E. 6th Street, Renton, Washington 98055)
• Maplewood Division No.2, Block No. 5, Lot No. 17.
•
84/05/23 #08
RECD F ,00
• 00
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This conveyance is intended as a mortgage to secure the payment of a sum not to
exceed $/1,000.00 which shall be equal to the cost of completing the agreed-upon repairs
on the above described property, such sum payable to King County according to the terms
and conditions of that certain Promissory Note bearing date May 14, 1984
' and all renewals, modifications and extensions thereof, and also securing
such further sums as may be advanced or loaned to mortgagors by the mortgagee. These
presents shall . be void if such payment be made according to terms and conditions
thereof.
Payment on the Promissory Note and all renewals, modifications and extensions
thereof incorporated by this Mortgage shall be made to King County Revenue Account No.
36989 for Housing and Communty Development loan payment. •
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But in case default be made in the payment of the principal sum of said promissory
note and all renewals, modifications and extensions thereof, when the same shall be due
and payable, according to the terms and conditions thereof, then the mortgagee is hereby
empowered to sell said premises, with all and everyof the appurtenances, or any PP part
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thereof, in the manner prescribed by law, and out of the money arising from such sale to
retain the whole of said principal sum, together with the costs and charges of such
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sales, and the surplus, if any there be, shall be paid by the mortgagee making such sale,
on demand, to the mortgagor s , their heirs or assigns. And in any suit or other
proceeding that may be had for the recovering of said principal sum, on either said note
or this mortgage, it shall and may be lawful for the mortgagee to include in the
judgement that may be recovered, a reasonable sum as attorney fees, together with all
sums paid by the mortgagee on account of taxes, liens, assessments, abstracts or title
insurance charges, cost of searching records, interest, and fire insurance, with inter-
est at 12% per annum from date of payment.
IN WITNESS WHEREOF, the mortgagors hereunto set theirhands the day and year
first above written.
.)r 74
STATE•OF WASHINGTON ) S a . //"
ss.
COUNTY OF KING )
On this J ` day of ���� , A.D. 19gy before me,
the undersigned, a notary public in and for the ,$tat f Washingto d ly commissioned
and sworn personally appeared ��O- ;_`�z•• • e ����
. , rev_
to me known to be individual 5 descred in and who executed the foregoing instrument,
and acknowledged to me that
sealed the said instrument as signed and
I act and deed for the uses and purposes therein mentioned. free and voluntary
WITNESS my hand and official seal hereto affixed the day and year in this certifi-
cate above written.
SUBSCRIBED AND SWORN to before me this
) day of a_.5, , 19 `62/: •
) (2_
NOT Y PUBLIC in and fo-t e State of
Washington,- residing at' • j411-r .
Mail to: f fnr ''C0r(' at Request Of
King County Housing Rehabilitation
1718 Smith Tower
Seattle, WA 98104
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EXHIBIT B
KING COUNTY, WASHINGTON
PROMISSORY NOTE h. .DATE: May 14, 1984
For value received, the undersigned, jointly and severally, promise
to pay to the order of King County in the manner following a sum necessary for `
completion of the agreed-upon repairs on the undersigned's property, such sum
estimated to be $ 4,000.00 but to be exactly determined at the time of com-
pletion of the repairs:
1. This note is given in accordance with the terms of a loan agree-
ment between the parties hereto dated May 14, 1984
2. This note is secured by mortgage of even date herewith from
Robert E. and Sarah M. Hart , Mortgagor, to King County,
Mortgagee, encumbering certain real estate therein described and duly recorded
in the Division of Records and Elections, King County, Washington.
3. It is hereby agreed that payment of said sum shall become due and
owing when the real estate described in the subject mortgage is sold, conveyed
or transferred.
4. Each maker and endorser of this note hereby waives presentment,
demand, protest and notice of dishonor and hereby agrees to remain bound for
the payment of this note notwithstanding any extension or extensions of time
payment of it or of any part of it made by agreement with any one or more of
the parties hereto either before or after maturity.
5. Each maker and endorser of this note has the right to pay in full
the principle sum of this note, according to a schedule of payment agreeable
to the County, at any time prior to the said sum becoming due and owing, in
which case the obligation represented by this note shall be deemed fully satis-
fi ed.
6. If payment of this note or any partial payment thereof shall not
be made at maturity and any action is brought to enforce collection thereof,
the undersigned agrees to pay cost of attorney fees incurred in such action.
Signed: - Address:
A '> _
/� 7^ / 3232 S.E. 6th Street
Robert E. Hart
/ %/ 272 Renton, Washington 98055
Sarah M. Hart