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CITY OF WHITE BEAR LAKE HRA REVOLVING LOAN PROGRAM <br /> OWNER AGREEMENT <br /> Owner Certification <br /> DATE: <br /> OWNER: <br /> ADDRESS: <br /> PROPERTY ADDRESS TO BE REHABILITATED: <br /> BUSINESS NAME(S): <br /> As owner of the above property, I hereby agree that I will adhere to the following <br /> conditions of the City of White Bear Lake HRA Revolving Loan Program (the <br /> "Program"): <br /> 1. Only one loan from the Program will be requested on each property and will <br /> not exceed one-half the cost of the eligible building improvement or <br /> $40,000, which is less. <br /> 2. It is understood that the loan from the Program is for contract construction <br /> and is only for eligible rehabilitation of building systems, eligible interior <br /> work and/or fagade improvement. No refinancing and no acquisition will be <br /> done utilizing the City of White Bear HRA Lake loan. <br /> 3. Hazard insurance will be maintained on the property at all times in an <br /> amount sufficient to cover the full amount of the loan and will be paid by <br /> myself and will not be paid out of the loan proceeds. <br /> 4. At least two detailed and legible competitive bids based upon a work <br /> specification prepared by the owner and approved by a participating <br /> financial institution prior to approval will be submitted. <br /> 39 <br />