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B. Applicant Eligibility <br /> 1. The applicant must be the owner of the property for which the rehabilitation loan is <br /> sought (as recorded in the Macon County Recorder's office).* <br /> 2. The applicant shall not have any judgments or open collections. The applicant shall not <br /> , have any pending court cases with the City of Decatur or have had any code or housing <br /> violations within the last twelve months. <br /> 3. The applicant must demonstrate the ability to finance his/her portion of the rehabilitation. <br /> 4. All applicants will be required to disclose any Conflict of Interest relationship in writing. <br /> TERMS AND CONDITIONS FOR FORGIVABLE LOANS� <br /> A. The loan will consist o£ <br /> 1. No monthly payments of principal and interest on the deferred/forgivable loan, secured <br /> by a lien on the property. <br /> 2. TIF Equity Share. The owner will be responsible for repaying the pro-rata share of the <br /> 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 Repayment(Percent of Grant Amount) <br /> One 100% <br /> Two 80% <br /> Three 60% <br /> Four 40% <br /> Five 20% <br /> Years Six and After 0% <br /> 3. The year of repayment shall be the term within yearly increments from the date of <br /> recording of the lien position for the grant funds. The change of ownership shall be the <br /> date of recording for deeds, or the date of signature by both parties for contracts for deed. <br /> 4. Loan processing costs will be considered as a part of the total project costs. All loans <br /> require evidence of title, credit reports, and recorded mortgages. <br /> 5. The forgivable period begins on the date of the loan closing. <br /> 6. Generally, a senior lien (first lien) position is preferred. A second lien position will be <br /> accepted when necessary. At the discretion of the review committee and in consultation <br /> with the TIF Administrator, and based on the program's acceptable risk underwriting <br /> standards, a third lien position may be approved. <br /> B. Other Provisions <br /> �In the case of a Land Sales Contract,a copy of the Agreement for Deed must be submitted in lieu of this <br /> requirement. <br /> t In the case of a Land Sales Contract,if a forgivable loan cannot be placed on the property,an irrevocabie <br /> performance bond can be used to secure the property. <br /> 4 <br />