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HOME Emn?ROVEMENT LOAN ORIGINATION <br /> AND PARTICIPATION AGREEMENT <br /> This is an Agreement between the City of Roseville, a municipal <br /> corporation ("Municipality") and Roseville Community Bank, N.A., a national <br /> banking association ("Bank"). <br /> Recitals: <br /> Bank maintains an office or offices within the corporate boundaries of <br /> Municipality and is in the business of originating and servicing home <br /> improvement loans. Municipality seeks to encourage Bank to originate home <br /> improvement loans for its residents whose gross annual income is between <br /> $21,400 and $49,000. if their gross annual income is below $21,000, these <br /> applicants will be funded through the Minnesota Housing Finance Agency. <br /> Now, therefore, in consideration of the mutual promises and obligations <br /> set forth in this Agreement, Municipality and Bank agree as follows: <br /> I. Commitments. <br /> 1.1 Loan Origination. From time to time, Bank may originate loans <br /> ("Loans") for the purpose of making improvements to one-to-four <br /> family residential units ("Dwellings") located within Municipality,, <br /> subject to the following requirements. <br /> (a) All loans will be for improvements which are consistent with <br /> the guidelines of the Minnesota Housing Finance Agency. <br /> (b) Each Loan shall be for the purpose of improving a Dwelling <br /> used by all of the borrowers as a principal residence. <br /> {c} The income of the borrower(s), as determined by the Bank <br /> subject to its standard procedures, shall be not greater than <br /> $49,000 per year. <br /> (d) Each loan shall be in an amount no greater than $10,040. <br /> 1 <br />