HomeMy WebLinkAbout448 N 5th St_20180209123228CLIENT NUMBER:
CLIENT NAME:
TERMS AND COND]TIONS OF THE CENTRAL POINT
WOODSTOVE REPLACEMENT & REIÍABILITATION LOAN
#43 CR DATE: 05-03-96
ALrCE LEA MCCT.OUD (DAVTS)
$PRINCIPAL AMOUNT t-2, 500. 00
BENEFITTED pROpERTy 2 448 N 5TTI ST. ' CH\ITRAL POIITI OREC,ON 97502
Applicant agrees to comply with these terms
addition to the specific terms and conditions
note and Trust Deed.
and conditíons inof t.he Promissory
orall
I. Borrower agrees to use the loan proceeds only to accomplish
the Woodstove Replacement Program or Rehabilit.ation Project on his
propert.y, in compliance with al-1 applicable provis j-ons of the
Buitding Specialty Codes relating thereto.
II. At its option, The Housing Authority of ,Jackson County, acting
for Central- Point, reserves the right to cancel and terminate this
loan by sending a written notice of cancel-Iation to the Borrower at
thj-s mailing address as set forth in the Application if:
1. The borrower does not commence work on the project within
thirty days.2. Borrower refuses or fails to complete work on his project
within a reasonable time. :
The Authority's failure to exercise this right sha1l not be deemed
a waiver thereof, âs long as the work remains incomplete.
III. The Borrower agrees to carry out all work specified in the
Application and its supporting documentation, with all practicable
aispatcfr in a sound, economical, and efficient manner, either
perèonally or through the written contract 1et by him with the
þrior concurrence of the Housing Authority. If the work is not
èarried out and completed with reasonable diligence, the Housing
Authority, after due notice to the Borrower, frâY and is hereby
authorized to pay and discharge all debts, obligations, and
liabilities incurred by the Housing Authority or the Borrower in
connection with this project, with the loan proceeds.
IV. The Borrower agrees not to award any contract or purchase
order to any conLractor or subcontractor, whom the Borrower has
been advised is unacceptable for federally assisted contracts by
HUD, or whom does not have a valid Oregon Contractor's l-icense.
The Housíng AuthorÍty specífícaILy disclaims any approval. or
guarantee of the qualíty or work¡ranship of any contractor.
V. The Housing Authority, Central Point, Jackson County, HUD
Oregon Community Development sha1l have the right to inspect
work financed with the proceeds of the loan.
t
VI. The Borrower agrees that any work to be performed with Loan
proceeds shal-l be in writing, in a form approved by t.he HAJC.
VII. An applicant may:
1. Negotiate a contract with an approved contractor of choice,
provided that the contract amount does not exceed the market
iate of the services provided as determined by the Housing
Authorit.y.2. Select certain approved contractors for competitj-ve
bidding.3. Give ful_I opportunity for free, open and competitive
bidding to approved contractors '
VIILThe applicant shall maintain property in sound condition. The
applicant -Jfratt maint.ain inazard insurance and name the Housing
aüLhority of ,Jackson County as an additional insured during the
term of the loan. The applicant needs to show proof of krazard
insurance at signing of t.he Promissory Note and Trust Deed.
IX. The applicant agrees to permit the Housing Authority to act as
Escrow Agent of the funds loaned to applicant, and to permit the
Housing ÃuLhority to disperse such funds to the contractor/s, Lo
insure the proper distribution of the funds -
X. Any rebates from the Utility Companies for weatherization
shal-I be-given directty to or turned over to the Housing Authority.
They will be used as matching funds and to further the program.
The amount of the weatherization rebate will not be included in the
lien amount to be placed against the benefitted property.
XI. The loans are zero ínterest. The entire amount will be due on
the sale or transfer of the property. Central Point will not
subordinate their position in the future except in cases where the
o\A/ner is ref inancing existing debt to obtain a lower interest rate.
These loans will not be assumable unless the property passes
through inheritance or wi11.
XII. All persons participating in the woodstove replacement portion
of the pfogram will- be required t,o relinquish their woodstoves to
the Housing Authority of Jackson County.
The undersigned hereby acknowledge/s receipt of a copy_of the Terms
and Conditions of the Central Point Woodstove Replacement and
Housing Rehabil-itation Loan and agree/s that said Terms and
Conditions are incorporated and made a part of the Promissory Note
and Trust Deed re1ãting to the above stated property of the
undersigned.
ø;_<,).Lb ø.r/- Ða^r.a--
BORROWER'S SIGNATURE
BORROV'IER' S SIGNATURE
WP_GROUP\rSnMs_cp
DATE:
FROM:
TO
HOUSING AUTHORITY OF JACKSON COUNTY
2231 TABLE ROCK ROAD
MEDFORD, OR 97501
779-6186 (TDD 779-57851
MEMO
ú - 2y-?Ç
CITY OF CENTRAL POINT
HOUSING AUTHORITY of JACKSON COUNW
SUBJECT: CENTRAL POINT WOODSTOVE REPLACEMENT & REHABILITATION
441 ø.1 & '#.
The above mentioned person has received funding from the Central Point Woodstove
Replacement & Rehabilitation Program. Attached are the following final documents for
your files:
Contract (original)
Trust Deed (coPY)
Promissory Note (coPY)
Crater Title is holding the original recorded Trust Deed. lf you have any questions
please call the Development Staff at 779-6186.
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WP GROUP\FINAL CP