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� L <br /> � ♦ • <br /> RENTAL REHABILITATION AGREEMENT <br /> GV���,�� � <br /> This RENTAL REHABILITATION AGREEMENT, made this � day of _�, <br /> 2008, between the City of Decatur, a municipal corporation, "City", and Ameripino <br /> Investments, LLC, "Owner", collectively the "Party", pursuant to the Multi-Unit Rental <br /> Rehabilitation Program administered by the City for rehabilitation of residential rental <br /> 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 641 West Main <br /> Street, which shall thereafter be used by the Owner(s) exclusively as rental <br /> properties pursuant to all applicable requirements of the Multi-Unit Rental <br /> Rehabilitation Program. Owner(s) shall expend loan proceeds by April 30, <br /> 2009 exclusively for improvements of a certain parcel of real property located <br /> in Decatur, Macon County, Illinois, legally described as: <br /> Lot Five (5) of Wikoff's Additioon to Decatur, as per Plat recorded in Book S, <br /> page 113 of the Records in the Recorder's Office of Macon County, Illinois. <br /> Situated in Macon County, Illinois. <br /> Commonly known as: 641 West Main Street, Decatur, Illinois. <br /> 2. The use of said loan proceeds for any other property, or any improvements not <br /> approved by City 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 /> Depai�tment 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 October 15. <br /> 2008; specifically, for eligible costs of rehabilitation of certain residential <br /> rental property located at 641 West Main 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: $9,500 in Roofing improvements; $7,000 for installation of <br /> five (5) Furnaces and one (1) Water Heater. <br /> 5. 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 /> Department shall issue a Notice to Proceed upon completion of all of the <br /> following conditions: 1) completion of Section 106 Illinois Historic <br /> 1 <br />