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C1 <br />4 Prot; <br />CITY OF REDWOOD CITY <br />1017 MIDDLEFIELD ROAD <br />REDWOOD CITY, CA 94063 <br />CONSTRUCTION LOAN AGREEMENT - LOAN NO.HCD252036 <br />This agreement, October 18, 2005 dated for convenience as of by and between the Home <br />Improvement Loan Program of the City of Redwood City, "Lender," hereinafter referred <br />to as CITY, and James E. Beaumont and Irene Bender, the Owner(s) of that real property <br />located at 726-730 Allerton Street, Redwood City, CA 94063, hereinafter referred to as <br />OWNER(S). <br />This agreement is entered into pursuant to a program administered by the CITY for <br />housing rehabilitation within certain areas of the City. The goal of the program is to <br />upgrade single and multifamily rental dwellings where physical deficiencies and major <br />system failures exist, and to provide affordable housing to low income tenants residing <br />within the City. The purpose of this instrument is to provide for a binding agreement <br />between the OWNER and the CITY. <br />AGREEMENT <br />Therefore, the CITY and OWNER agree to the following: <br />1. OWNER agrees to have the following repairs made to the property located at 726- <br />730 Allerton Street, Redwood City, CA 94063. <br />2 Units: <br />Bill Mick Construction ($23,755.00) <br />Betterview Windows ($6,315.00) <br />Western Exterminators ($1,240) <br />Contingency $8,056.00 <br />Emergency Loan $5,000 <br />The total cost estimate is $44,366.00 <br />All rehabilitation on the property by the general contractor or supplemental <br />contractor chosen by the owner shall be completed by January 31, 2006. <br />All funds in the construction Escrow by February 28, 2006 will be credited to the <br />principal balance of the loan and will be unavailable for construction or reimbursement. <br />