Click here to view purchase agreement Loan Agreement BE IT

Click here to view purchase agreement Loan Agreement BE IT KNOWN, that on the various days and dates hereinafter set forth, before the undersigned Notaries Public duly commissioned and qualified in and for the Parishes hereinafter set forth, State of Louisiana, therein residing, and in the presence of the hereinafter undersigned competent witnesses, personally came and appeared: Elizabeth Violet Morrison, SS# 434-04-6240, a person of full age of majority and a resident of and domiciled in Lafayette Parish, Louisiana, whose permanent mailing address is 326 E. Evergreen Street, Lafayette, Louisiana, 70501 (hereinafter sometimes referred to as AVendee@ and/or APurchaser@ and/or "Mortgagor"), Lafayette City-Parish Consolidated Government, a duly organized political subdivision of the State of Louisiana, acting on behalf of the Department of Community Development, Housing Division, represented herein by the Director of Community Development, Melanie Lewis, pursuant to Ordinance No. __________, a copy of which is attached hereto and made a part hereof, whose permanent mailing address is 705 West University Avenue, Lafayette, Louisiana, 70502 (hereinafter sometime referred to as AVendor@ and/or ASeller@ and/or "Mortgagee"), each of whom being duly sworn did depose and say: 1. Seller has this date sold to Purchaser the following described property by Act of Credit Sale of even date herewith: That certain portion of ground situated in Vordenbaumen Addition in the City of Lafayette, Louisiana, and according to a plat of survey of said Addition on file in the office of the Clerk of Court for the Parish of Lafayette, Louisiana, is known and designated the Southerly 85 feet of Lots 21 and 22 of Block Six of the said Vordenbaumen Addition; said parts of lots are contiguous and together have a frontage of West End Avenue of 100 feet by a depth between parallel lines of 85 feet and together are bounded North by the remaining 35 feet of Lots 21 and 22 of Block Six of said Addition, South by the West End Avenue, East by Poydras Street, and West by a part of Lot 20, Block Six of said Addition. The municipal address of the property conveyed herein is 314 Poydras Street, Lafayette, Louisiana 70501. 2. Purchaser has paid to Seller the cash sum of $60,000.00 and Seller has furnished to Purchaser a Credit Sale Note in the amount of $19,593.40 for the balance of the purchase price which Credit Sale Note is secured by the Credit Sale mortgage of even date herewith. In order to pay the $60,000.00 cash portion of the purchase price, Purchaser has borrowed said amount from IberiaBank. 3. Seller has subordinated, by Act of Subordination, its Credit Sale mortgage in favor of IberiaBank such that the Credit Sale mortgage will be a second mortgage and will be inferior to the mortgage being granted by Purchaser in favor of IberiaBank. 4. Seller and Purchaser both acknowledge that Purchaser has obtained financing for the purchase of this property from Iberia Bank and that Purchaser will grant unto IberiaBank a first mortgage to secure the repayment of the Promissory Note made payable to IberiaBank and which mortgage will at all times be superior to the mortgage which Purchaser will grant in favor of Seller, as aforedescribed. 5. Purchaser acknowledges, agrees and covenants that the funds loaned to Purchaser herein by Seller are Home funds provided to Seller through the United States Department of Housing and Urban Development and, as such, the transaction of sale, the Credit Sale mortgage which will be granted by Purchaser to Seller to secure the aforedescribed Credit Sale Note, and the repayment of said amount are all subject to the Home rules and regulations for Home assisted properties which include, but are not limited to the following: a. The property purchased by Purchaser is subject to a ten (10) year period of Page 1 of 3 affordability during which Purchaser must maintain the property purchased as Purchaser's principal residence and Purchaser must maintain the property in good repair and must maintain the property up to the Housing Code standards as administered by Seller. b. During this ten (10) year affordability period, Purchaser will allow, and Seller is hereby granted, as deemed necessary, the right to verify Purchaser's occupancy at any time. c. The herein described residency requirement with reference to the property purchased is acknowledged by Purchaser as a condition of financing and Purchaser hereby covenants, by means of this Loan Agreement as well as by means of the Credit Sale mortgage which Purchaser has granted in favor of Seller, that this residency requirement during the affordability period will be met and maintained. d. Purchaser acknowledges that Seller, pursuant to Home regulations, has elected the recapture option with reference to its Home funded Homebuyer Program such that under that option the Home subsidy must be returned to the Lafayette CityParish Consolidated Government Home Program. However, nothing to the contrary withstanding, Purchaser will be entitled to sell the property purchased herein to any willing buyer at any price as long as all funds owed to Seller and secured by the mortgage will be repaid in full. Once the Home funds are repaid, the property is no longer subject to any Home restrictions. e. Purchaser acknowledges that the property purchased by Purchaser from Seller and the subsequent mortgage thereof are all subject to and must be in accordance with all Home program requirements including, but not limited to, the required residency status, the minimum affordability period and the repayment of the Home subsidy as well as Purchaser must maintain the property in good repair in accordance with the Housing Code standards as enforced by Seller. f. Purchaser further acknowledges, covenants and agrees, that she will timely pay all amounts due to IberiaBank with reference to the first mortgage on the property herein purchased. g. Purchaser further covenants, agrees and acknowledges that Purchaser will advise Seller herein in the event that she becomes unable to pay, on a monthly basis, any amount which is due to IberiaBank with reference to the first mortgage on said property and which notice shall be immediately made and provided to Seller in the event that Purchaser is unable to pay the same. h. Purchaser hereby grants to Seller the right of first refusal to purchase from Purchaser the property sold by Seller to Purchaser before foreclosure or any transfer in lieu of foreclosure with both parties acknowledging that any such transfer will be subject to any and all mortgages and/or encumbrances which affect the property. i. Purchaser acknowledges that Seller has chosen the recapture provision in accordance with the section 92.254(a)(5)(ii) of the Home rules and pursuant to the applicable provisions of the Home statute. Purchaser further acknowledges that Seller has adopted recapture provisions that base the recapture amount on the net proceeds available from sale rather than the entire amount of the Home investment. 6. Seller and Purchaser declare that Purchaser, as Mortgagor, has executed a Credit Sale Note of even date herewith, secured by a Credit Sale mortgage on the aforedescribed property, which Credit Sale Note is in the principal amount of $19,593.40 bearing interest at the rate of zero (0%) per cent per annum from date until paid, and made payable in One Hundred Twenty (120) equal monthly installments of $163.28 each with the first monthly installment being due and payable on the _________ day of _____________, 20_____, and on the same day of each month thereafter until paid in full. Seller acknowledges that, in fact, the aforedescribed monthly payments are not required to be paid to Seller as long as Purchaser complies with all terms and conditions of this Loan Agreement as well as with all terms and conditions of any applicable Home rule and regulation, including but not limited to the aforedescribed affordability requirement and the residency requirement as well as must maintain the property in good repair and up to the Housing Code Standards as enforced by the Seller. As long as Purchaser complies with the same, each monthly note will be deemed forgiven by Seller during the One Hundred Twenty (120) month duration of this loan. If it is determined, however, by Seller that Purchaser is in violation of any of the provisions of this Loan Agreement, then in that event, any remaining monthly payments outstanding on the hereinabove referred to Credit Sale Note shall not be forgiven and Purchaser shall Page 2 of 3 commence actual payments of the balance of said Credit Sale Note until all amounts due thereunder have been paid in full. It is agreed and understood that in the event Purchaser sells the property aforedescribed and that all amounts due to Seller are paid in full, in and in that event, the terms and conditions of this Loan Agreement shall no longer apply. It is further agreed and understood that in the event that Purchaser complies with all of the terms and conditions of this Loan Agreement for the One Hundred Twenty (120) month duration as specified in the Credit Sale mortgage, Credit Sale Note, and in this Loan Agreement, then and in that event, all payments due thereunder shall be deemed paid in full and any act of Mortgage granted in favor of Seller shall be canceled. 7. Other conditions: 8. The violation of any term, condition and covenant contained herein by Purchaser will be construed as a default of this Loan Agreement and will entitle Seller to immediately declare all amounts due under the aforedescribed Credit Sale Note, as of the event of default, due and payable and which Credit Sale Note shall immediately be accelerated and Purchaser will be required to pay, in a lump sum fashion, any remaining amount which is outstanding on the hereinabove Credit Sale Note together with attorney=s fees and costs and which said amount shall not be forgiven. The failure of Purchaser to pay such amount shall entitle Seller to take any action provided for by Louisiana law, including but not limited to, suit to collect the balance of said Credit Sale Note and/or foreclosure on the Act of Credit Sale Mortgage. THUS DONE AND SIGNED on the ______ day of ________________, 2004, in the Parish of Lafayette, State of Louisiana, in the presence of the undersigned competent witnesses, who sign with Appearer and me, Notary Public, after due reading of the whole. WITNESSES: LAFAYETTE CITY-PARISH CONSOLIDATED GOVERNMENT, Vendor and/or Seller and/or Mortgagee BY: ________________________________ MELANIE LEWIS Director of Community Development duly authorized in the premises ___________________________ ___________________________ __________________________________ NOTARY PUBLIC THUS DONE AND SIGNED on the ______ day of _____________, 2004, in the Parish of Lafayette, State of Louisiana, in the presence of the undersigned competent witnesses, who sign with Appearer and me, Notary Public, after due reading of the whole. WITNESSES: ___________________________ ___________________________________ ELIZABETH VIOLET MORRISON, Vendee and/or Purchaser and/or Mortgagor ___________________________ __________________________________ NOTARY PUBLIC Page 3 of 3