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HomeMy WebLinkAboutHIL 8212301177 City of Renton Home improvement Loan Program c-k-6- . Loan Agreement THIS AGREEMENT is entered' into this /5"&) day of , 19 aZ_b dieGPAII&Y' etween the CITY OF RENTON, hereinafter referred to as the "City", KING COUNTY, hereinafter referred to as the "County", and Joyce Troyer , hereinafter referred to as the N "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 the City on the necessary repairs to be covered by the loan agreement. • NOW, THEREFORE, in consideration of their mutual promises herein- after contained, the parties agree as follows: 1. Duty of Applicants. The Applicants agreee 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. , according to the work schedule attached hereto and incorporated by reference as Exhibit A. l l 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 6-6%, day of jkb1/64c , 19 8 APPLICANT'S SIGNATURE: FOR THE CITY OF RENTON: (1)3/1 ti�� 13 a w 4,. Skrtelk MAYOR (._. _ ��, ATTEST: ic-,co- e )7 Z`o - - City Clerk FOR KING COUNTY: DIRECTOR, EPARTMENT OF PLANNING AND COMMUNITY DEVELOPMENT YGU ; ,, COUNTY IN GUST r VICE' Clld it l'l�lr Y�+�• O tov GU.,T A� ES, EOURL HOUSING H,N` C . .'RS ROBERT CURRY OPPORTUNITIES �w`` ROEERT A.O'NEILI. JOIRY ROBINSON HOUSING REHABILITATION DEPAR7MI 1. fye,olive Director. a' JIM WILEY EXHIBIT "A" KING COUNTY HOUSING REPAIR AGREEMENT NAME : Joyce Troyer JOB NO. RT-82-098 ADDRESS : 424 Williams Ave . S . PHONE : 255-5191 Renton Under the terms of the Housing Repair Program, eligible repairs a; Health, Safety Energy Conservation and Building Preservation , to l accomplished in that order of priority . ELIGIBLE REPAIRS Tear out tuh ericlosure and repair any damaged wall structure in upper hath . Install waterproof sheetrock and new enclosure . Plumbing repairs to include proper water and waste for upper tub and new tub./shower valve . Repair faucets in Titchen and lower bath . Install proper waste vents within wall for both baths . Repair leak in main waste . Til repairs to comply with code . Repair damaged ceiinszinslower robath hnand d fikitchen . Repair walls of upper bath . Install Repair subfloor and install plywood underlayment in upper bathrou Install new vinyl floorcoverin9 . Make necessary repairs to kitchen underlayment and install vinyl floorcovering (vinyl not to exceed $14/yd) . Frame for and install finished solid core basement door . Include new hardware . Install new locksets for kitchen and livingroom doors and door IA, basement . Install new gutters and downspouts (either continuous aluminum Ui PVC ) Comply with manufacturer ' s instructions . Install electrical circuits to provide additional receptacles u all rooms . Install wall switches for all lights which are now operated with pull chains . • • The estimate of, the total cost of the above list of repair is $ 4r This estimate is based on current costs of similar repairs, howevc eachJ'ob is different and costs vary , therefore actual :oosts will established by bid proposals . I acknowledge and agree that this list of repairs is complete and estimate is reasonable . I further understand that the total amour available for all repairs is $ 4000 and I will assist in the st of the contractors to accomplish the repair within the dollar limi It is agreed that any changes in the above list of repairs must bt approved by myself and the Housing Authority prior to authorizing • the work t��� proceed . -- --) ACCEPTED : — — t� - Homeowner H,,mn,..nr'^ -- __ • EXHIBIT B KING COUNTY, WASHINGTON PROMISSORY NOTE DATE: December 20, 1982 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. 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 J CQ�v,k(- /90.2_ 2 2. This note is secured by mortgage of even date herewith from Joyce Troyer , 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 sowing, in which case the obligation represented by this note shall be deemed fully satis- fied. atis- fied. 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. S -ned: Address: 424 Williams Avenue South Renton, Washington 98055 RrCOR[1Fn ltil`: (W • EXHIBIT CUEC 3f3, 3 06 PM 'F (C) MORTGAGE 8`. THE. 0 viiuN OF REt'OkD h ELECTION`, KINC; COUNTY THIS INDENTURE MADE THIS /5 day of , (0444.hL , 19 9.2,.. between Joyce Troyer mortgagor, and King County, mortgagee; • WITNESSETH: That the mortgagor , for and in consideration of a sum not to exceed S4,000.00 1` r* which sum shall be equal to the cost of completing the agreed-upon repairs on the below- -1 o described property pursuant to the King County Housing Repair Program, authorized by cv, 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: (424 Williams Avenue South, Renton, Washington) Lot 7, Block 19, Town of Renton, according to the plat recorded in Volume 1 of Plats, page 135, in King County, Washington, Except the East 5 feet thereof heretofore condemned in King County Superior Court Cause No. 93525 for Alley, as provided by Ordinance No. 333 of the City of Renton. SUBJECT TO: All easements, restrictions, reservations of record, if any. • • 82./12/30 #1177 RECD F .00 CASHSL ),:*:+:*:*.00 22 This conveyance is intended as a mortgage to secure the payment of a sum not to exceed S4,000.0q which shall be equal to the cost of completing the agreed-upon repairs on the above described property, such sum payable to King Ccunty according to the terms and conditions of that certain Promissory Note bearing date / , r 2sr Lr, and all renewals, modifications and extensions thereof, and also securing such further sums as.may be advanced or loaned to mortgagor 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. - 1 - r . But in ease 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 every of the appurtenances, or any part 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 sales, and the surplus, if any there be, shall he paid by the mortgagee making such sale, on demand, to the mortgagor , 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 ' rdudgement that may be recovered, a reasonable sum as attorney fees, together with all *-4 olsums paid by the mortgagee on account of taxes, liens, assessments, abstracts or title 04 insurance charges, cost of searching records, interest, and fire insurance, with inter- 04 ap est at 12% per annum from date of payment. IN WITNESS WHEREOF, the mortgagor hereunto set hand the day and year first above written. 40e a-- STATE OF WASHINGTON ) ss. COUNTY OF KING ) On this 1 5 day of 4k-ctp rn( . ) , A.D. 1912, before me, the undersigned, a notary public in and for the State of Washington, duly commissioned and sworn personally appeared c) n yc p_ Li �r o v� to me known to be individual describe4 in and who executed the foregoing instrument, and acknowledged to me that ...4 . signed and sealed the said instrument as free and voluntary act and deed for the uses and purposes therein mentioned. WITNESS my hand and official seal hereto affixed the day and year in this certif1- . tate above written. SUESCRIBED AND SWORN to before me this /S day of. _ �'�►-rt ,.1. 19 : 621, P NOTARY PUBLIC in and for tie State Washington, residing at fc aiAND for !turd at noloa of Mail to: King County Housing Rehabilitation 1718 Smith Tower Seattle, WA 98104 - 2 -