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EXHIBIT "C" <br /> COVENANT <br /> THIS COVENANT is made the <br /> _18th_day of_February_, <br /> 2010, K. Lyle Artman, <br /> hereinafter referred to as the <br /> "Owner", and the City of <br /> Decatur, Illinois, a municipal <br /> corporation, hereinafter referred <br /> to as the "City". <br /> WHEREAS, the City has <br /> provided, in the form of a grant, <br /> funding to the Owner for the <br /> redevelopment of the property <br /> legally described as follows: <br /> PIN: 04-12-15-251-011 commonly known as 570 West Prairie Avenue, and hereinafter referred <br /> to as the "Property"; and <br /> WHEREAS, as a condition of receiving said funding, the Owner has agreed to restrict the use of <br /> the Property to a single family home occupied by the owner. <br /> NOW, THEREFORE, the Owner and City agree and covenant as follows: <br /> 1. The Owner and shall use the property as his or her principal residence for a minimum period ' <br /> of Three years from the date of execution of this Covenant. ', <br /> 2. Pro-rate Repayment Schedule: The owner will be responsible for repaying the pro-rata share III� <br /> of the grant amount to the Olde Towne TIF fund if the property changes ownership during the <br /> forgivable loan period. The equity repayment shall be determined as follows: <br /> Year One $2 000.00 - $5,000.00 Repayment of the amount financed <br /> Year Two $5 000.01 - $10,000.00 Repavment of the amount financed <br /> Year Three $10 000.01 - $15,000.00 Re�ayment of the amount financed <br /> Year Four $15 000.01 - $20,000.00 Repayment of the amount financed <br /> Year Five $20 000.01 - $30,000.00 Re�ayment of the amount financed <br /> 2 <br />