HomeMy WebLinkAbout97- Bozeman Interfaith Housing Promissory Note (2)
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PROMISSORY NOTE
$I2,000.00 BOZEMAN, MONTANA f'''; l' , 1997
FOR VALUE RECEIVED, the undersigned, BOZEMAN INTERFAITH HOUSING,
INC. (II), hcreinafter called "Borrower", promises to pay to the order of CITY OF BOZEMAN,
a Montana municipal corporation, hereinafter called "City", negotiable and payable to payec at
411 East Main Street, Bozeman, Montana, thc principal sum of TWELVE THOUSAND AND
NO/lOO DOLLARS ($12,000.00) with interest thereon at thc rate of four percent (4%) per annum
until paid in cqualmonthly payments of Seventy-two and 921100 Dollars ($72.92), said payments
to be madc on or before the first day of each month, commencing with May 1, 1998 or the first
month following issuance of a certificate of occupancy, whichever shall first occur,
All payments must be received by 4:00 p.m. on the date duc. A late payment fee of five percent
(5%) of the scheduled payment shall be added beginning with the eleventh (11 th) day of the
month in which the payment is due. The Borrower shall have the right to pay, in addition to any
monthly payment, any additional sum or to pay the entire balance remaining due at any time.
Such payments shall not relieve Borrower from making thc next regularly scheduled payment.
In the event of default in the payment of any installment under this Note, and if the default
remains uncured for more than Thirty (30) days after written notice thereof to Borrower, then
upon nonpayment thereof after notice in writing to Borrower, thc entire principal sum shall at
once become due and payable in full within thirty (30) days from said second notice. Failure to
exercise this option shall not constitute waiver of the right to exercise the same in the event of
any subsequent default. In the evcnt of default, it is agreed that the Holder of this Note may
rccover such necessary expenses as may be incurred in collection, including reasonable attorney's
fees, which reasonable attorney's fees include expcnses and fees of the City Attorney, including
fees on appeal.
The Makers consent to any and all extensions of time, renewals, waivers or modifications that
may be grantcd by the Holder hereof, with respect to payment of security, or any part thereof:
with or without substitutions.
This Note is secured by a first position Montana Trust Indenture of even date herewith, upon real
estate situated in the County of Gallatin, State of Montana, and generally described as follows:
Lot 2 of thc Bozeman Interfaith Housing 2 Subdivision, located in the Southwest
one-quarter (SW~) of Section 11, Township 2 South, Range 5 East, P.M.M.,
according to the official plat thereof on file and of record in the office of thc
County Clerk and Recorder, Gallatin County, Montana
All notices to be given hereunder by either party hereto shall be in writing and given by personal
floz~lllan Int~rfaith II Not~ Pag~ 1
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service or first class mailing utilizing registcred or certified mail, return receipt requested. Said
method of noticc is dccmed sufficient service thereof, and shall be deemed givcn as to the date
when served or deposited in any post office. Either party may change address by written notice
by certified or registered mail to the other. The initial address for receipt of notice is as follows:
Bozeman Interfaith Housing [II] City of Bozeman
P.O. Box 7090 P.O. Box 640
Bozeman, Montana 59771-7090 Bozeman, Montana 59771-0640
By: ~. h 0__ -"__ U~I F-u.- .
Rev. Glover Wagner, President
Bozeman Interfaith II Note Page 2
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LOAN AGREEMENT
THIS AGREEMENT is made and entered into thi}!" yliday of ~ ' 1997,
by and between BOZEMAN INTERFAITH HOUSING II whose mailin ' ddress is 2118 S.
Third, Bozeman, Montana, hereinafter referred to as "Debtor" and the CITY OF BOZEMAN,
a Montana municipal corporation, whose mailing address is P.O. Box 640, Bozeman,
Montana, 59771-0640, hereinafter referred to as "Lender", according to the following terms
and conditions:
1 . Amount of Loan
The Lender agrees to loan the sum of Twelve Thousand Dollars ($12.000.00) at 4%
interest for twenty years. This loan originates from funds through the Community Affordable
Housing Fund Advisory Board, and is secured by a Promissory Note and Montana Trust
Indenture executed by the Debtor and incorporated herein by reference. It is understood
that the Trust Indenture will be in first position until such time as the Montana Department
of Commerce or Montana Board of Housing shall award loan or grant monies to Bozeman
Interfaith Housing II. At such time as the Montana Board of Housing or the Montana
Department of Commerce loan or grant awards are made, it is understood that this Trust
Indenture shall then be in second position. Lender agrees that this Trust Indenture shall be
subordinate to security instruments, including but not limited to, trust indentures or
mortgages of the Montana Board of Housing or Montana Department of Commerce.
2. Terms for Repayment
The Debtor agrees to pay to Lender the sum of Seventy-two Dollars and 92/100
($72.92) per month for 238 months and a final payment of Seventy-one Dollars and 39/100
($71.39) pursuant to the amortization schedule which is attached hereto and incorporated
herein by reference. The payment shall be due on the first day of each month, commencing
with May 1, 1998 or the first month following the issuance of a certificate of occupancy,
whichever shall first occur. If the payment due date is a government holiday or other non-
working day, the payment is due the next working day after the holiday or non-working day.
All payments must be received by 4:00 o'clock p.m. on the day due. A late payment fee
of 5% of the scheduled payment shall be added beginning the 11th day of the month in
which the payment is due. Beginning with the third month in which any payment is past
due, the payment or payments which is three months or more past due, together with the
5% penalty, shall earn interest at the rate of 5% per annum.
The Debtor is encouraged to seek other funding sources during the life of the loan.
Prepayment of any amount beyond the scheduled payment, up to and including the entire
remaining balance on the date payment is made, shall be without penalty.
3. Insurance
Debtor will maintain insurance on the property and the project at all times sufficient
to cover loss by fire, theft or other hazard sufficient to protect Lender's interest in said
property or project. Insurance proceeds shall be payable to Lender for the monetary amount
Bozeman Intertaith Housing II Loan p, I
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of Debtor's obligation to lender. However, the Debtor may, upon written approval of the
lender, in the event of loss by fire, theft or other hazard, apply insurance proceeds received
by the lender towards the payment of the loan or use the proceeds to rebuild the
improvements destroyed or damaged. If Debtor chooses the latter option, the lender will
hold the insurance proceeds and pay them to materialmen, contractors, and laborers for
services rendered and materials furnished and delivered in the rebuilding or the
improvements. It is understood that it is the Debtor's duty to see that no liens are filed
upon the premises by reason of any rebuilding. The Debtor wi II place copies of the
insurance policy or policies with the lender within thirty (30) days before beginning of
construction of dwelling units. lender shall have no I iabi I ity whatsoever for any loss that
may occur by reason of the omission or lack of coverage of any such insurance.
During the term of this loan agreement, when the Debtor renews the insurance policy by
payment of an additional year's premium, the Debtor will provide proof of payment of the
premium to the lender so as to keep the lender advised at all times that the property is
insured. Failure to so notify the lender is an event of default of this agreement.
4. Non-discrimination
The Debtor agrees to abide by the provisions of Title VI of the Civil Rights Act of
1964, section 109 of the Housing and Community Development Act of 1974, the Age
Discrimination Act of 1974, and section 504 of the Rehabilitation Act of 1973 regarding
discrimination based upon race, color, national origin, sex, age or physical challenge.
5. Additional Assurances
The Debtor will remain fully obligated under the provision of this agreement
notwithstanding its designation of any third party or parties, with written approval of the
Lender, for the undertaking of all or any part of the program with respect to which
assistance is being provided under this agreement. The Debtor will comply with all
applicable laws, rules and regulations of the lender, the State of Montana, and the United
States Government.
6. Litigation
The Debtor states that to the best of its knowledge and bel ief there are no suits or
proceedings pending or threatened against or affecting it which, if adversely determined,
would have a material adverse effect on its financial condition. In addition, to the
knowledge of the Debtor, there are no proceedings by or before any governmental
commission, board, bureau or other administrative agency pending or threatened against the
Debtor.
7. Default
The parties agree that time is of the essence of this agreement. Debtor shall be in
default under this agreement upon the occurrence of any of the following events or
conditions:
Bozeman Tnterfaith Housing TT Loan p, 2
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a. Debtor defaults in the payment or performance of any obligation, covenant or
liability contained or referred to herein or in any note evidencing the same;
b. Any warranty, representation or statement made or furnished to Lender by or on
behalf of Debtor proves to have been false in any respect when made or furnished;
c. Any event which results in the acceleration of the maturity of the indebtedness
of Debtor to others under any indenture, agreement or undertaking;
d. Death, dissolution, termination of existence, insolvency, business failure,
appointment of a receiver of any part of the property of, assignment for the benefit
of creditors by, or the commencement of any proceeding under any bankruptcy or
insolvency laws by or against, Debtor or any guarantor or surety for Debtor, or entry
of any judgment against them, or failure of any guarantor or surety for Debtor to
provide Lender with financial information promptly when requested by Lender.
e. Debtor fails to pay any local, real, or personal property taxes, to include special
assessments, specific to the property;
8. Notice of Default
Upon the occurrence of any default hereunder and at any time thereafter, the Lender
may declare Debtor to be in default and thereafter give Debtor written notice setting forth
the action or inaction which constitutes the default and giving Debtor thirty (30) days in
which to correct the default. If Debtor fails to correct the default within thirty (30) days of
this notice, the Lender may notify Debtor in writing that the full balance due upon the note
is then due and payable in full within thirty (30) days. It is agreed by the parties hereto that
the provisions of this Agreement provide reasonable and sufficient notice to be given to
Debtor in case of Debtor's failure to perform any of its covenants and that this notice is
sufficient for Debtor to rectify its actions or inactions of default.
9. Demand and Notice
Any demand upon or notice to either party shall be addressed and mailed to the
address as identified at the top of page one of this agreement or by personal service.
Mailing shall be by depositing with the United States Postal Service, postage pre-paid, and
shall be effective when served or three (3) days after deposit in the United States Mail,
whichever occurs first.
10. Waiver
No waiver of any defau It shall constitute a waiver of any other defau It, nor shall such
waiver constitute a continuing waiver. No waiver of any term or condition of this
agreement shall constitute a waiver of any other term or condition, whether or not similar,
nor shall such waiver constitute a continuing waiver.
Bozeman Inrertaith IlousinR II Loan p, 3
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11 . Amendments
This agreement may not be altered or amended except by a writing signed by the
Debtor, accepted by Lender, and attached hereto.
12. Severability
If one or more provisions of this agreement is deemed to be unlawful or
unconstitutional or stricken by a court of law, all valid provisions that are severable from
the invalid provisions shall remain in effect and be valid and binding on the parties. If any
provision is in conflict with any applicable statute, rule of law, court order or judgment,
then such provision shall be deemed to be modified to conform with such statute, rule or
law, court order or judgment.
13. Construction and Venue
This agreement shall be interpreted according to the laws of the State of Montana.
Venue in any dispute arising from this agreement shall be in the Eighteenth Judicial District,
Gallatin County, Montana.
14. Attorney's Fees
In the event that it becomes necessary for any party to this Agreement to retain an
attorney to enforce any terms or cond itions of th is Agreement, then the prevai ling party or
parties shall be entitled to costs and reasonable attorney's fees, including fees of in-house
counselor City Attorney costs and including fees on appeal.
15. Hold Harmless
The Debtor waives any and all claims and recourse against the Lender, including the
right of contribution for loss and damage to persons or property arising from, growing out
of, or in any way connected with or incident to this agreement. Further, the Debtor will
indemnify, hold harmless, and defend the Lender against any and all claims, demands,
damages, costs, expenses or liability arising out of the performance of the Debtor.
16. Assignment
This agreement is not assignable by Debtor without written consent of the Lender,
said consent not to be unreasonably withheld.
17. Titles
The titles used in this agreement are for reference purposes only.
18. Transferability
This Agreement shall be binding upon the heirs, personal representatives, successors
Bozeman lnlnfailh Housing II Loan p. 4
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and assigns of the parties. This Agreement and the contemporaneous Promissory Note are
not transferrable without written permission from the Lender, and are subject to the
condition that the Debtor own the property described as:
Lot 2 of the Bozeman Interfaith Housing 2 Subdivision, located in the
Southwest One-Quarter (SW14) of Section 11, Township 2 South, Range 5
East, P.M.M., according to the official plat thereof on file and of record in the
office of the County Clerk and Recorder, Gallatin County, Montana
for the term of the loan and that the property remain affordable to persons below 60% of
the area median income as defined and updated annually by the Montana Board of Housing
or thei r successors. Should the property be sold or not maintained for the designated
income group, the Note shall become due and payable on demand.
BOZEMAN INTERFAITH HOUSING II
By:~. ~t.J~, P~.
Rev. Glover Wagner, Pre dent'
CITY OF BOZEMAN
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Clark \to Johnson, City Manager
ATTEST:
~i2 ~a~mmiSSiOn
STATE OF MONT ANA )
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County of Gallatin )
VI
On this~day of /;-A-L-dtc.t::;( , 1997, before me, the undersigned, a Notary
Public for the State of Montana,t;personally appeared the REVEREND GLOVER WAGNER,
known to me to be the President of Bozeman Interfaith Housing I I, and the person whose
name is subscribed to the within instrument, and acknowledged to me that he executed the
same for and on behalf of BOZEMAN INTERFAITH HOUSING II.
Bozeman Interfaith Hoasing lll.oan p. 5
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IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial Seal
the day and year fi rst above written.
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""""'------Notary Public for the State of'
Montana, residing at Bozeman
My Commission Expires rf; '/,,:i- 99
STATE OF MONT ANA )
) ss.
County of Gallatin )
C:J
On thisdS'I'day of f<',.;;;t~ , 1997, before me, the undersigned, a Notary
Public for the State of Montan ,/ ersonally appeared CLARK V. JOHNSON and ROBIN L.
SULLIVAN, known to me to be the City Manager and the Clerk of Commission, respectively,
of the City of Bozeman and the persons whose names are subscribed to the within
instrument, and acknowledged to me that they executed the same for and on behalf of the
City of Bozeman.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial Seal
the day and year first above written. t7
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otary Public for the State of'
Montana, Residing at Bozeman
My Commission Expires d.; -/:j-- :<7
Bozeman Interfaith Housing II Loan p, 6
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Bozeman Interfaith I! Irnpilct Fee Lmin AmOltiIstion
Loan amoont 12,000.00
Interest r.lI! 0.04
Payment Bllfinning Ending
tiJJIIJhH IJ:olf@..it Rfj'l1.l~/ll In{!l.T:l.~t ~ ~
1 12,000.00 ;'2.92 40,00 .'32,92 11,957.08
2 1'i,967.08 72.92 39.89 33.03 11,934.05
3 11,934.05 n.S2 39.76 33.14 11,900.91
4 11.900.91 72.92 39.67 33.25 11,857.136
5 11,867.66 72,92 39.56 33.36 11,834.30
5 11,834.30 72.92 39.45 33.47 11,800.83
7 11,800.83 72.92 39.34 33.58 11,767.24
8 11 ,767.24 72.92 39.22 33.70 11,733.55
9 11,133,55 72.92 39.11 33.81 11,699.74
10 11,690.74 72.92 39,00 33.92 11,665.82
11 i 1 ,665.82 7.2.92 38.89 34.03 11,631.78
12 11,631.78 72.92 38.17 34.15 11,507.64
13 11,597.64 72.92 38.66 34.26 11.563.3,3
14 11,563.38 12.92 38.54 34.38 11.529.00
15 1'1,529,00 72.92 38.43 34.49 11,494.51
16 11,494,51 72.92 38.32 34.60 11,459.90
17 11.459.90 12.92 38.20 34.72 11,425.18
18 11,425,18 72.92 38.08 34.8,4 11,390.35
19 11,390.:~5 '12.9'2. 37.97 34.95 11,355.40
20 1 '1,355.40 72.92 37.85 35.07 11,320,33
21 11,320,33 "12.92 37.73 35.19 11 ,285.14
22 11,285.14 12,92 37.62 35,30 11,249.84
23 11,249.64 72.92 37.50 M.42 11,214.42
24 11,214.42 72.92 37.38 35.54 11,178.88
~~5 1t,178,88 72.92 37,26 35.66 11,143.22
26 11..14~.27. 72.92- 37,14 35.78 11,107.45
~....., 11,107.45 72.92 37.02 35.90 11,071.55
r:"
28 1 '1 ,071.55 72.92 36.91 36,01 11,035.54
2g '11,035.54 72.92 36.79 :)6.13 10,999.40
30 10,999.40 '12.92 36.66 36.26 10,963.15
31 H\963.15 72,92 36.54 36.38 10,926.77
32 10,926.77 72.92 36,41 36.50 10,890.27
33 '10,890.27 72.92 3G.30 36.62 10,653.65
'34 10,853.65 72.92 36.1(\ 36.74 10,816.91
35 10.816.91 72.92 36.06 36.86 10,780.05
36 10,780.05 72.'92 35.93 36.99 10,74306
31 10,743.06 72.92 35.81 37.11 10,705.95
38 10.105.95 72.92 35.69 37.23 10,668.72
30 10,668.12 72.92 35.56 :37.36 10,631.36
40 10,631.36 72.92 35.44 37.48 10,503.88
41 10,593.88 72.92 35.31 37.61 10,556,27
41 '10,5:i6.27 72.92 35.19 37.73 10,518.54
43 10,518.54 72.92 35.06 37.86 10,480.68
44 10,480,68 72.92 34.94 37.98 10,442.70
45 10,442.70 72.92 34.81 38.11 10,404.59
46 10,404.59 72.92 34.68 30.24 10,366.35
47 10,366.35 72.92 34.55 38.37 10,327.98
48 10,327.98 72.92 34.43 38.49 10,239.49
49 10,289.49 72.92 34.30 38.62 10,250.R7
50 '10,250.137 72.9:~ 34.17 ::Sfl.75 1Q,212.12
51 10,212.12 72.92 34.04 38.88 10,173.24
52 10,173.24 72.92 33.91 39.01 10,134.23
53 10,1~H,23 72,92 33,78 3914 10,O95.0~
54 10,095.1)9 n.92 33.65 39.:a 10,055.82
55 10,O~5.a2 12.92 :j3,52 39.40 10,CH\.42
56 I C/)1 '3.42 72.92 3339 39.[,;,\ Q,91fl.69
r.:-' 9,\rtO.BS 7192 33.26 39,t3li 9 ,g.r!.2:!!
,),
~8 9,931.22 n..92 33.12 39.80 9,897.43
59 9,89'7,43 72,92 32.99 :~9.93 9,857.50
GO 9,357.50 "12.92 32.86 40.06 9,617.114
61 9,817.44 72.92 32."12 040,20 9,777.24
62 9J77..24 72,92 32.59 4U.33 g,736.91
53 S,736.91 12.92 32,~ 40.40 9,696.45
64 9,696.45 72.92 '32,$2 40.60 9,655.85
Page 1
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BOl,eman Interfaith II Impact Fee Loan Amortization
65 9,655.85 72.92 32.19 40.73 9.615.12
66 9,615.12 72.92 32.05 40.87 9,574.25
67 9,574.25 72.92 31.91 41.01 9,533.24
68 9,533.24 72.92 31.78 41.14 9,492.10
69 9,492.10 72.92 31.64 41.28 9,450.82
70 9,450.82 72.92 31.50 41.42 9,409.40
71 9,409.40 72.92 31.36 41.56 9,367.85
72 9,367.85 72.92 31.23 41.69 9,326.15
73 9,326.15 72.92 31.09 41.83 9,284.32
74 9,284.32 72.92 30.95 41.97 9,242.35
75 9,242.35 72.92 30.81 42.11 9,200.24
76 9,200.24 72.92 30.67 42.25 9,157.98
77 9,157.98 72.92 30,53 42.39 9,115.59
78 9,115.59 72.92 30.39 42.53 9,073.06
79 9,073.06 72.92 30.24 42.68 9,030.38
80 9,030.38 72.92 30.10 42.82 8,987.56
81 8,987.56 72.92 29.96 42.96 8,944.60
82 8,944.60 72.92 29.82 43.10 8,901.49
83 8,901.49 72.92 29,67 43.25 8,858.25
84 8,858.25 72.92 29.53 43.39 8,814.85
85 8,814.85 72.92 29.38 43.54 8.771.32
86 8,771..32 72.92 29.24 43.68 8.727.63
87 8,727.63 72.92 29.09 43.83 8,683.81
88 8,683.81 72.92 28.95 43.97 8,639.83
89 8,639.83 72.92 28.80 44.12 8,595.71
90 8,595.71 72.92 28.65 44.27 8,551.44
91 8,551.44 72.92 28.50 44.42 8,507.03
92 8,507.03 72.92 28.36 44.56 8,462.47
93 8,462,47 72.92 28.21 44.71 8,417.75
94 8,417.75 72.92 28.06 44.86 8,372.89
95 8.372.89 72.92 27.91 45.01 8,327.88
96 8,327.88 72.92 27.76 45.16 8,282.72
97 8,282.72 72.92 27.61 45.31 8,237.41
98 8,237.41 72.92 27.46 45.46 8,191.95
99 8,191.95 72.92 27.31 45.61 8,146.34
100 8,146.34 72.92 27.15 45.77 8,100.57
101 8,100.57 72.92 27.00 45.92 8,054.65
102 8,054.65 72.92 26.85 46.07 8,008.58
103 8,008.58 72.92 26.70 46.22 7,962.36
104 7,962.36 72.92 26.54 46.38 7,915.98
105 7,915.98 72.92 26.39 46.53 7,869.44
106 7,869.44 72.92 26.23 46.69 7,822.76
107 7,822.76 72.92 26.08 46.84 7,775,91
108 7,775.91 72.92 25.92 47.00 7,728.91
109 7.728.91 72.92 25.76 47.16 7,681.75
110 7,681.75 72.92 25.61 47.31 7,634.44
111 7,634.44 72.92 25.45 47.47 7,586.97
112 1,586.97 72.92 25.29 47.63 7,539.34
113 7,539.34 72.92 25.13 47.79 7,491.55
114 7.491.55 72.92 24.97 47.95 7,443.60
115 7,443.60 72.92 24.81 48.11 7,395.49
'116 7,395.49 72.92 24.65 48.27 7,347.22
117 7,347.22 72.92 24.49 48.43 7,298.79
118 7,298.79 72.92 24.33 48.59 7,250.20
119 7,250.20 72.92 24.17 48.75 7,201.45
120 7,20'1.45 72.92 24.00 48.92 7,152.54
121 7.152.54 72.92 23.84 4\l.08 7,103,46
122 7,103.46 72.92 23.68 49.24 7,054.22
123 7,054.22 72.92 23.51 49.41 7,004.81
124 7,004.81 72.92 23.35 49.57 6,955.24
125 6,955.24 . 72.92 23.18 49.74 6,905.50
126 6,905.50 72.92 23.02 49.90 6,855.60
127 6,855.60 72.92 22.85 50.07 6,805.53
128 6,805.53 72.92 22.69 50.23 6,755.30
129 6,755.30 72.92 22.52 50.40 6,704.90
130 6,704.90 72.92 22.35 50.57 6,654.33
131 6,654.33 72.92 22.18 50.74 6,603.59
132 6,603.59 72.92 22.01 50.91 6,552.68
133 6,552.68 72.92 21.8f, 61.01 0.501.60
Page 2
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Bozeman Interfaith II Impact Fee Loan Amortization
134 6,501.60 72.92 21.67 51.25 6,450.35
135 6,450.35 72.92 21.50 51.42 6,398.94
136 6,398.94 72.92 21.33 51.59 6,347.35
137 6,347.35 72.92 21.16 51.76 6,295.58
138 6,295.58 72.92 20.99 51.93 6,243,65
139 6,:243.65 72.92 20.81 52.11 6,191.54
140 6,191.54 72.92 20.64 52.28 6,139.26
141 6,139.26 72.92 20.46 52.46 6,086.80
142 6,086.80 72.92 20.29 52.63 6,034.17
143 6,034.17 72.92 20.11 52.81 5,981.37
144 5,981.37 72.92 19.94 52.98 5,928.38
145 5,928.38 72.92 19.76 53.16 5.875.23
146 5,875.23 72.92 '19.58 53.34 5,821.89
147 5,821.89 72.92 19.41 53.51 5,768.38
148 5,768.38 72.92 19.23 53.69 5,714.68
149 5,714.68 72.92 19.05 53.87 5,660.81
'150 5.660.81 72.92 18.87 54.05 5,606.76
151 5,606.76 72.92 18.69 54.23 5,552.53
152 5,552.53 72.92 18.51 54.41 5,498.12
153 5,498.12 72,92 18.33 54.59 5,443.53
154 5,443.53 72.92 18.15 54.77 5,388.75
155 5.388.75 72.92 17.96 54.96 5,333.79
156 5,333.79 72.92 17.78 55.14 5,278.65
157 5,278.65 72.92 17.60 55.32 5,223.33
158 5,223.33 72.92 17.41 55.51 5,167.82
159 5,157.82 72.92 17.23 55.69 5,112.13
160 5,112.13 72.92 17.04 55.88 5,056.25
161 5,056.25 72.92 16.85 56.07 5,000.18
162 5,000,18 72.92 16.67 56.25 4,943.93
163 4,943.93 72.92 16.48 56.44 4,887.49
164 4,887.49 72.92 16.29 56.63 4,830.86
165 4,830.86 72.92 16.10 56.82 4.774.04
166 4,774.04 72.92 15.91 57.01 4,717.04
167 4,717 .04 72.92 15.72 57.20 4,659.84
168 4,659.84 72,92 15.53 57.39 4,602.45
169 4,602.45 72.92 15.34 57.58 4,544.87
170 4,544.87 72.92 15.15 57.77 4,487.10
171 4,487.10 72.92 14.96 57.96 4,429.14
172 4,429.14 72.92 14.76 58.16 4,370.98
173 4,370.98 72.92 14.57 58.35 4,312.63
174 4,312.63 72.92 14.38 58.54 4,254.09
175 4,254.09 72.92 14.18 58.74 4,195.35
176 4,195.35 72.92 13.98 58.94 4,136.41
177 4,136.41 72.92 13.79 59.13 4,077.28
178 4,077 .28 72.92 13.59 59.33 4,017.95
179 4,017.95 72.92 13.39 59.53 3,958.43
180 3,958.43 72.92 13.19 59.73 3,898.70
181 3,898.70 72.92 13.00 59.92 3,838.78
182 3,838.78 72.92 12.80 60.12 3,778.65
183 3,778.65 72.92 12.60 60.32 3,718.33
184 3,718.33 72.92 12.39 60.53 3,657.80
185 3,657.80 72,92 12.19 60.73 3,597.08
186 3,597.08 72.92 11.99 60.93 3,536.15
187 3,536.15 72.92 11.79 61.13 3,475.01
188 3,475.01 72.92 11.58 61.34 3,413.68
189 3,413.68 72.92 11.38 61.54 3,352.14
190 3,352.14 72.92 11.17 61.75 3,290.39
191 3,290.39 72.92 10.97 61.95 3,228.44
192 3,228.44 72.92 10.76 62.16 3,166.28
193 3,166.28 72.92 10.55 62.37 3.103.91
194 3,103.91 '72.92 10.35 62.57 3,041.34
195 3,041.34 72.92 10.14 62.78 2,978.56
196 2,978.56 72.92 9.93 62.99 2,915.57
197 2,915.57 72.92 9.72 63.20 2,852.36
198 2,852.36 72.92 9.51 63.41 2,788.95
199 2,788.95 72.92 9.30 63.62 2,725.33
200 2,725.33 72.92 9.08 63,84 2,661.49
201 2,661.49 72.92 8.87 64.05 2,597.44
202 2,597.44 72.&2 1.66 64.:>> 2,533.18
Page 3
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Bozeman Interfaith II Impact Fee Loan Amortization
203 2,533.18 72.92 8.44 64.48 2,468.71
204 2,468.71 72.92 8.23 64.69 2,404.02
205 2,404.02 72.92 8.01 64.91 2,339.11
206 2,339.11 72.92 7.80 65.12 2,273.99
207 2,273.99 72.92 7.58 65.34 2.208.65
208 2,208.65 72.92 7.36 65.56 2,143.09
209 2,143.09 72.92 7.14 65.78 2,077.31
210 2,077.31 72.92 6.92 66.00 2,011.32
211 2,011.32 72.92 6.70 66.22 1,945.10
212 1,945.10 72.92 6.48 66.44 1,878.66
213 1,878.68 72.92 6.26 66.66 1,812.01
214 1,812.01 72.92 6.04 66.88 1,745.13
215 1,745.13 72.92 5.82 67.10 1,678.02
216 1,678.02 72.92 5.59 67.33 1,610.70
217 1,6'10.'70 72.92 5.37 67.55 1,543.15
218 1,543.15 72.92 5.14 67.78 1,475.37
219 " ,475.37 72.92 4.92 68.00 1,407.37
220 1,407.37 72.92 4.69 68.23 1,339.14
221 1,339.14 72,92 4.46 68.46 1,270.68
222 1,270.66 72.92 4,24 68.68 1,202.00
223 1,202.00 72.92 4.01 68.91 1,133.08
224 1,133.06 72.92 3.78 69.14 1,063.94
225 1,063.94 72.92 3.55 69.37 994.57
226 994.57 72.92 3.32 69.60 924.96
227 924.96 72.92 3.08 69.84 855.13
228 855.13 72.92 2.85 70,07 785.06
229 785.06 72.92 2.62 70.30 714.75
230 714.75 72.92 2.38 70.54 644.22
231 644.22 72.92 2.15 70.77 573.44
232 573.44 72.92 1.91 71.01 502.44
233 502.44 72.92 1.67 71.25 431.19
234 431.19 72.92 1.44 71.48 359.71
235 359.71 72.92 1.20 71.72 287.99
236 287.99 72.92 0.96 71.96 216.03
237 216.03 72.92 0.72 72.20 143.83
238 143.63 72.92 0.48 72.44 71.39
239 71.39 71.62 0.24 71.36 0.00
Page 4
(/i'\ . '. .
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~ ' filM 179PACl4299 ('7)
KOIIITARA TRUST IJiDBHTURB
~ THIS TRUST INDENTURE, Made this l'fA day of f'/Oile-7h'3d( ,
~ 1997, between BOZEMAN INTERFAITH HOUSING, INC. [II] (INTERFAITH)
~ whose mailing address is P.O. Box 7090, Bozeman, Montana 59771-
, t
~
\:j':, 7090, as GRANTOR, PAUL J. LUWE, Bozeman City Attorney, with
~ principal office at 411 East Main Street, as TRUSTEE, and CITY OF
~ BOZEMAN, with principal office at 411 East Main Street, Bozeman,
Y) Montana, as BENEFICIARY,
WITNESSETH: That Grantor hereby irrevocably GRANTS, BARGAINS,
SELLS, CONVEYS AND WARRANTS TO TRUSTEE IN TRUST, nevertheless, WITH
POWER OF SALE, that certain real property, which does not exceed
thirty (30) acres in area, situated in the County of Gallatin,
State of Montana, particularly described as follows, to-wit:
.~.iilil:il\"'_T.
..........................
........ ..
TOGETHER WITH: (1) All buildings, fixtures and improvements
thereon and all water rights, rights-of-way, tenements,
hereditaments, privileges and appurtenances thereunto belonging,
now owned or hereafter acquired, however evidenced, used or enjoyed
with said premises or belonging to the same; (2) All right, title
and interest hereafter acquired in or to any of said premises,
hereby also releasing, relinquishing and waiving all exemptions,
rights of surviving spouse and homes'tead in or to said premises,
vested or inchoate; (3) All heating, air conditioning, plumbing and
lighting facilities, equipment and fixtures now or hereafter
installed upon or within said premises, used or proper or necessary
to constitute the said premises a habitable, usable or operating
unit-all of said property being designated and deemed for the
purposes of this instrument a part of the realty: and (4) All of
the rents, issues and profits of said premises, SUBJECT, HOWEVER,
to the right, power and authority hereinafter conferred upon
Beneficiary to collect and apply such rents, issues and profits;
FOR THE PURPOSE OF SECURING: (1) Payment of the principal sum
of Twelve Thousand and No/IOO Dollars ($12,000.00) with interest
1
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"
Hl ~ 179 PACf43bJ
, .
thereon according to the terms of a promissory note, dated August
28, 1997, (and any extensions and/or renewals or modifications
thereof), made by Grantor payable to the order of Beneficiary in
monthly installments of Seventy-two and 92/100 Dollars ($72.92),
and the last payment of Seventy-one and 73/100 Dollars ($71.39);
(2) Payment of all sums expended or advanced by Beneficiary under
or pursuant to the terms hereof, together with interest thereon as
herein provided; and (3) Performance of each agreement of Grantor
herein and in said note contained.
TO PROTECT THE SECURITY OF THIS TRUST INDENTURE, AND FOR OTHER
PURPOSES, GRANTOR AGREES:
1. To keep said property in good condition and repair; not
to remove or demolish any building thereon; to complete and restore
promptly and in a good and workmanlike manner any building which
may be constructed, damaged or destroyed thereon, and to pay when
due all claims for labor performed and materials furnished
therefor; to comply with all laws, covenants and restrictions
affecting said property; not to commit or permit waste thereof; not
commit, suffer or permit any act upon said property in violation of
the law; to do all other acts which from the character or use of
said property may be reasonably necessary, the specific
enumerations herein not excluding the general; and if the loan
secured hereby or any part thereof is being obtained for the
purpose of financing construction of improvements on said property,
Grantor further agrees:
(a) To commence construction promptly and to pursue the same
with reasonable diligence to completion in accordance with
plans and specifications satisfactory to the Beneficiary, and
(b) To allow Beneficiary to inspect said property at all
times during construction.
Trustee, upon presentation to it of an affidavit signed by
Beneficiary, setting forth facts showing a default by Grantor under
this numbered paragraph, is authorized to accept as true and
conclusive all facts and statements therein, and to act thereon as
provided in this instrument, and as allowed by law.
2. To provide, maintain and deliver to Beneficiary,
insurance of such type or types and amounts as Beneficiary may
require, on the improvements now existing or hereafter erected or
placed on said property. Such insurance shall be carried in
companies approved by the Beneficiary with loss payable clause in
favor of and in form acceptable to Beneficiary. In the event of
loss, Grantor shall give immediate notice to Beneficiary, who may
make proof of loss and each insurance company concerned is hereby
authorized and directed to make payment for such loss directly to
Beneficiary instead of to Grantor and Beneficiary jointly, and the
insurance proceeds, or any part thereof, may be applied by
2
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.
. l
filM 179 PAtl430'-
Beneficiary, at its option, to the reduction of the indebtedness
hereby secured or to the restoration or repair of the property
damaged.
J. To deliver to, pay for and maintain with Beneficiary
until the indebtedness secured hereby is paid in full, such
evidence of title as Beneficiary may require, including abstracts
of title or policies of title insurance and any extensions or
renewals thereof or supplements thereto.
4. To pay before delinquent all taxes and assessments,
including interest and penal ties, affecting said premises and
improvements; to promptly pay and discharge all encumbrances,
charges and liens on said property which at any time are, or appear
to be, prior or superior hereto. In addition to the payments due
in accordance with the terms of the note hereby secured, Grantor
shall, at the option and on demand of the Beneficiary, pay to the
Beneficiary monthly and concurrently with payment of principal and
interest, a sum equal to one-twelfth (1/12) of the annual taxes,
assessments, insurance premiums, maintenance and other charges upon
the property, as estimated by the Beneficiary, in trust
nevertheless for Grantor's use and benefit and for payment by
Beneficiary of any such items when due. The failure of Grantor to
make any such payments shall constitute a default under this trust.
5. Except as otherwise expressly provided herein, to pay all
costs, fees and expenses of this trust, including cost of search
and evidence of title, advertising and recording expense,
documentary taxes and Trustee's and attorney's fees as allowed by
law.
6. Should Grantor fail to make any payment or to do any act
as herein provided, then Beneficiary or Trustee, without obligation
so to do and without notice to or demand upon Grantor and without
releasing Grantor from any obligation hereof, may make or do the
same in such manner and to such extent as either may deem necessary
to protect the security hereof, Beneficiary or Trustee being
authorized to enter upon said property for such purposes.
7. To pay immediately and without demand all sums expended
hereunder by Beneficiary or Trustee, with interest from date of
expenditure at the rate of eight percent (8%) per annum until paid,
and the payment thereof shall be secured hereby.
IT IS MUTUALLY AGREED THAT:
8. Without affecting the liability of any person, including
Grantor, for the payment of any indebtedness secured hereby, or the
lien of this Trust Indenture on the remainder of the property for
the full amount of any indebtedness unpaid, Beneficiary and Trustee
are respectively empowered as follows; Beneficiary may from time to
3
,. .
~ .,
.
time and without notice: filM 179fACf43ti2
(a) Release any person liable for payment of any of the
indebtedness,
(b) Extend the time or otherwise alter the terms of payment
of any of the indebtedness,
(c) Alter, substitute or release any property securing the
indebtedness:
Trustee may, at any time and from time to time, upon the
written request of Beneficiary:
(a) Consent to the making of any map or plat of the property,
(b) Join in granting any easement or creating any restriction
thereon,
(c) Join in any subordination or other agreement affecting
this Trust Indenture or lien or charge thereof,
(d) Reconvey, without warranty, all or any part of the
property.
9a. Both parties agree that Beneficiary may, if Beneficiary
so elects, procure and thereafter continue during the term of this
Indenture, for as long as Beneficiary desires, a form of insurance
acceptable to Beneficiary insuring Beneficiary against any loss
sustained by Beneficiary by reason of any default in payment by
Grantor of the secured indebtedness. If Beneficiary elects to
procure such insurance, Grantor shall promptly reimburse
Beneficiary the full amount of the initial premium for such
insurance. During the term of this Indenture, Grantor shall each
month deposit in escrow with Beneficiary 1/12th of the next
following anticipated annual premium for such insurance, said
deposit to be made at the same time and place as Grantor makes
monthly payments on the aforementioned promissory note.
Beneficiary may thereafter pay all annual renewal premiums from
such escrow. Should the amount deposited in escrow be insufficient
to pay any renewal premium in full as the same become due, Grantor
shall immediately upon demand deposit with or pay to Beneficiary
such additional amount as may be sufficient to pay the renewal
premium in full. Failure of Grantor to payor deposit any of the
amounts referred to herein shall constitute a default of the terms
of this Indenture. Mortgagor further agrees to deposit in escrow
with Beneficiary 1/12 of the annual premium for hazard insurance
coverage and annual taxes and assessments each month. Failure of
the Grantor to deposit any of the above amounts in the escrow
account shall constitute a default of the terms of this indenture.
9b. Upon written request of Beneficiary stating that all sums
4
.,", ~ l ,I.
~ l .
, .
nLH 179 PAcr 4Jii.l
secured hereby have been paid, and upon surrender of this Trust
Indenture and said note to Trustee for cancellation and retention
and upon payment by Beneficiary of its fees, Trustee shall reconvey
to Grantor, without warranty, the property then held hereunder.
10. As additional security, Grantor hereby assigns to
Beneficiary, during the continuance of these trusts, all rents,
issues, royalties, and profits of the property affected by this
Trust Indenture and of any personal property located thereon.
Until Grantor shall default in the payment of any indebtedness
secured hereby or in the performance of any agreement hereunder,
Grantor shall have the right to collect all such rents, issues,
royalties, and profits earned prior to default as they become due
and payable. If Grantor shall default as aforesaid, Grantor's
right to collect any of such monies shall cease and Beneficiary
shall have the right, with or without taking possession of the
property affected hereby, to collect all rents, royalties, issues,
and profits. Failure or discontinuance of Beneficiary at any time
or from time to time to collect any such monies shall not in any
manner affect the subsequent enforcement by Beneficiary of the
right, power, and authority to collect the same. Nothing contained
herein, nor the exercise of the right by Beneficiary to collect,
shall be, or be construed to be, an affirmation by Beneficiary of
any tenancy, lease or option, nor an assumption of liability under,
nor subordination of the lien or charge of this Trust Indenture to
any such tenancy, lease or option.
11. Upon any default by Grantor hereunder, Beneficiary may at
any time without notice, either in person, by agent, or by a
receiver to be appointed by a court (Grantor hereby consenting to
the appointment of Beneficiary as such receiver), and without
regard to the adequacy of any security for the indebtedness hereby
secured, enter upon and take possession of said property or any
part thereof, in its own name sue for or otherwise collect said
rents, issues, and profits, including those past due and unpaid,
and apply the same, less cost and expenses of operation and
collection, including reasonable attorney's fees, upon any
indebtedness secured hereby, and in such order as Beneficiary may
determine.
12. The entering upon and taking possession of said property,
the collection of such rents, issues, and profits or the proceeds
of fire or other insurance policies, or compensation or awards for
any taking or damage of said property, and the application or
release thereof as aforesaid, shall not cure or waive any default
or notice of default hereunder or invalidate any act done pursuant
to such notice.
13. Time is of the essence hereof. Upon default by Grantor
in the payment of any indebtedness secured hereby or in the
performance of any agreement hereunder, all sums secured hereby
shall immediately become due and payable at the option of the
5
)... ~) J,
.I I 'j A
, .
nut 179,aC{4Jt)1
Beneficiary. Beneficiary shall deposit with Trustee the note and
all documents evidencing expenditures secured hereby.
14. After the lapse of such time as may then be required by
law following the recordation of notice of sale, Trustee, or its
attorney, without demand on Grantor, shall sell said property on
the date and at the time and place designated in said notice of
sale, either as a whole or in separate parcels, and in such order
as it may determine (but subject to any statutory right of Grantor
to direct the order in which such property, if consisting of
several known lots or parcels, shall be sold), at public auction to
the highest bidder, the purchase price payable in cash in lawful
money of the United states at the time of sale. The person
conducting the sale may, for any cause he deems expedient, postpone
the sale for a period not exceeding fifteen (15) days, or such
additional period as may be allowed by law, by public proclamation
by such person at the time and place fixed in the notice of sale,
and no other notice of the postponed sale need be given. Trustee
shall execute and deliver to the purchaser its deed conveying said
property so sold, but without any covenant of warranty, express or
implied. The recitals in the deed of any matters or facts shall be
conclusive proof of the truthfulness thereof. Any person including
Beneficiary (but excluding Trustee) may bid at the sale. After
deducting all costs and expenses of exercising the power of sale
and of the sale, including cost of search and evidence of title,
advertising and recording expense, documentary taxes and Trustees'
and attorney's fees, Trustee shall apply the proceeds of sale to
payment of all amounts secured hereby and due hereunder, including
all sums expended by the Trustee and Beneficiary, or either of
them, with accrued interest thereon at the rate of eight percent
(8%) per annum from the date of expenditure thereof, and the
surplus, if any, to the person or persons legally entitled thereto;
provided that the Trustee, in its discretion, may deposit such
surplus with the County Clerk and Recorder of the county in which
the sale took place.
15. Grantor agrees to surrender possession of the hereinabove
described trust property to the purchaser at the aforesaid sale on
the tenth (10th) day following said sale, in the event such
possession has not previously been delivered by Grantor.
16. Each abstract of title, title insurance policy and all
other evidences of title, and all hazard insurance policies placed
or deposited with the Beneficiary shall be deemed an incident to
the title to the trust property and upon foreclosure by exercise of
power of sale, or otherwise, shall pass to the purchaser and the
same are hereby pledged as additional security for payment of the
indebtedness secured hereby.
17. Upon the occurrence of any default hereunder, Beneficiary
shall have the option to declare all sums secured hereby
immediately due and payable and foreclose this Trust Indenture in
6
'" .." ,l
L ~ · ., ...
. ..
. ,
nu~ 179 PACf4JQ5
the manner provided by law for the foreclosure of mortgages on real
property and Beneficiary shall be entitled to recover in such
proceedings all costs and expenses incident thereto, including a
reasonable attorney's fee in such amount as shall be fixed by the
Court.
18. Except as may be otherwise provided herein, Grantor
agrees to pay to Beneficiary or Trustee the costs and expenses,
including a reasonable attorney's fee, incurred by either of them
in instituting, prosecuting or defending any Court action in which
Grantor does not prevail, if such action involves the
interpretation hereof or performance hereunder by a party hereto or
the breach of any provision hereof by a party hereto, including but
not limited to an action to obtain possession of the above
described property after exercise of the power of sale granted
hereunder.
19. This Trust Indenture shall apply to, inure to the benefit
of and bind all parties hereto, their heirs, legatees, devisees,
administrators, executors, successors and assigns. All obligations
of the Grantor hereunder are j oint and several. The term
"Beneficiary" shall mean the owner and holder, including any
pledgee, of the note secured hereby. In this Trust Indenture,
whenever the context so requires, the masculine gender includes the
feminine and/or neuter, and the singular number includes the
plural.
20. Trustee accepts this Trust when this Trust Indenture,
duly executed and acknowledged, is made a pUblic record as provided
by law. Trustee is not obligated to notify any party hereto of a
pending sale under any other trust indenture or of any action or
proceeding in which Grantor, Beneficiary, or Trustee shall be a
party, unless brought by Trustee.
21. This Trust Indenture is made within the State of Montana
pursuant to the Small Tract Financing Act of Montana and is not
made or taken in substitution for any mortgage in existence on the
effective date of said Act.
22. Grantor requests that a copy of any notice of default and
of any notice of sale hereunder be mailed to him at the address
hereinabove set forth.
23. Upon recordation of any security instrument, including
but not limited to a trust indenture or mortgage, between Grantor
and the Montana Board of Housing or between Grantor and the Montana
Department of Commerce, this trust indenture shall be subordinate
to the lien of the Montana Board of Housing or Montana Department
of Commerce security instrument or instruments.
IN WITNESS WHEREOF, the Grantor has hereunto set his hand the
day and year first hereinabove written.
7
~ , , .
" " . , .
. .
fftH I
179 PAGf4.~
I
~. ~ t..-::>....z,.-'-'
7-.........-. . 13 t N- J...1.J
STATE OF MONTANA )
) ss,
County of Gallatin )
On this /q~ day of N DIl riYlW , 1997, before me, a
Notary Public for the State of Montana, personally appeared the
REVEREND GLOVER WAGNER, known to me to be the President of the
Bozeman Interfaith Housing, Inc. (II) and the person(s) whose name
is subscribed to the within instrument, and acknowledged to me that
he executed the same for and on behalf of the Bozeman Interfaith
Housing, Inc. (II)
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
Notarial !l1l1\1 the day and year first above cen.
.....'i~ 8..... J!u) ..
,l~~ gg../~/;... ':rJA ( . '~
'It' ..'.g .. ~~ ,- 'tJ/Ii
:A.." ... \
:,": q' / TARIA \ o. Notary Public for the ftate of
;; "" i ~O L l"': Montana. res id ing at bo~ e '" f:; I-l M'ffM C~
::: ~ SE.Al, i : My commission Expires .'I.J'rd(j
\ t;()~~, ,'; I
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..~ ~,..... ~.. ~ !II'
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8
'.. ' ~ .
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. . . "
fltM 179 PACf 4JW
REQUEST FOR FULL RECONVEYANCE
TO: TRUSTEE 1997
The undersigned is the legal owner and holder of the note and
all other indebtedness secured by said Trust Indenture, has been
fully paid and satisfied and you are hereby requested and directed
on payment to you of any sums owing to you under the terms of said
Trust Indenture, to cancel said note above mentioned and all other
evidences of indebtedness secured by said Trust Indenture delivered
to 11111you herewith, together with said Trust Indenture and to
reconvey, without warranty, to the parties designated by the terms
of said Trust Indenture, all the estate now held by you thereunder.
Mail reconveyance to:
city of Bozeman, P.O. Box 640, Bozeman, Montana 59771-0640
356255
State of MORt.. County of Gallatin. ss Filed fGr reoord DECEMBER 19 _.' 19-!ll-
at 3: 55 .J~j' ~JfSJrdf)d In Book -1l..L of MORT~S page 4299
___ ' Ricardar. By qJlJU~ nillun ' Deputy
FEE: $54.00
RT: SECURITY TITLE CO
9