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, � . . <br /> RENTAL REHABILITATION AGREEMENT <br /> This RENTAL REHABILITATION AGREEMENT, made this �� day of �V � <br /> 2008, between the City of Decatur, a municipal corporation, "City", and Neighborhood <br /> Housing Development Corporation (NHDC) "Owner", collectively the "Party", pursuant <br /> to the Multi-Unit Rental Rehabilitation Program administered by the City for rehabilitation <br /> of residential rental units,WITNESSETH: <br /> 1. The City has approved, or will approve a deferred forgivable loan, in favor of <br /> Owner in the amount of Twenty Thousand Dollars ($20,000.00), upon the <br /> terms and conditions set forth in the Rental Rehabilitation Promissory Note. <br /> The proceeds of the loan shall be used by the Owners exclusively for the <br /> purpose of rehabilitating the residential rental units located at 456 West <br /> Wood Street, which shall thereafter be used by the Owner(s) exclusively as <br /> rental properties pursuant to all applicable requirements of the Multi-Unit <br /> Rental Rehabilitation Program. Owner(s) shall expend loan proceeds <br /> exclusively for improvements of a certain parcel of real property located in <br /> Decatur, Macon County, Illinois, legally described as: <br /> Lot Eight (8) in Block Nine (9) of Western Addition to Decatur, as per Plat <br /> recorded in Book H Page 103 of the Records in the Recorder's Office of <br /> Macon County, Illinois, EXCEPT 9 1/z feet off the East side thereof. Situated in <br /> Macon County, Illinois. <br /> Commonly known as: 456 West Wood Street, Decatur, Illinois. <br /> 2. The use of said loan proceeds for any other property, or any improvements not <br /> approved by Ciry shall constitute a breach of this Agreement. <br /> 3. The loan proceeds may be used only for actual costs for labor and materials, <br /> which shall be spent or obligated by Owner(s) to bring the structure into <br /> compliance with the Housing Quality Standards as established by the <br /> Department of Housing and Urban Development, the International Property <br /> Maintenance Code, and applicable City building and housing codes. The loan <br /> proceeds shall be used as described in Owners' proposal dated Oc.tober 15. ' <br /> 2008; specifically, for eligible costs of rehabilitation of certain residential ' <br /> rental property located at 456 West Wood Street. , <br /> 4. Owner(s) agree to commit additional sources of funding for the project, and ' <br /> shall submit sufficient descriptions of same to allow City to confirm the <br /> availability of said additional sources of funding, prior to City authorizing <br /> release of the loan proceeds. Owners' Project Budget shall include at a <br /> minimum: $400 recorder holder; $4,000 removal and installation of front <br /> and back doors; $9,280 installation of video surveillance equipment; and <br /> $7,000 removal and installation of fourteen energy efficient windows. <br /> S. Owner(s) shall neither expend nor obligate funds under this agreement until a <br /> written Notice to Proceed is issued by the Economic and Urban Development <br /> Department of the City of Decatur. The Economic and Urban Development <br /> 1 <br />