CHFA LOAN CLOSING - Laserfiche WebLink

$ , 19, FOR VALUE RECEIVED, the undersigned, , a California with its principal office at California (the "Borrower ") hereby promises to pay to the order of California Housing Finance Agency, 1121 L Street, 7th Floor, Sacramento, CA 95814 (the "Agency ") or Holder, a principal amount equal to ($ ), such obligation of the Borrower being upon and subject to the terms of all the Loan Documents as such term is defined in that certain document entitled "California Housing Finance Agency, Regulatory Agreement, CHFA Development No. " executed between the Borrower and the Agency and imposed upon the Development as defined below (the "Regulatory Agreement "). The Agency, and the Borrower also promises to pay to the order of the Agency interest at the rates, in the amounts and at the times hereinafter provided. 1. Borrower's Obligation. This Note evidences the obligation of the Borrower to the Agency for the repayment of funds loaned to the Borrower by the Agency to finance the real property described in the Loan Documents and operation thereon of a multifamily rental housing development (the "Development ") pursuant to the Loan Documents. 2. Prohibition Against Transfer of Interest. The Borrower shall not make any sale, assignment, conveyance or transfer in any other form, nor any further pledge, encumbrance or mortgaging of the Development or any part thereof or of any of its interest therein, without the prior written consent of the Holder hereof. 3. Amount of Payment. The Borrower agrees to pay the indebtedness hereunder as follows: (a) From and after the advance of funds to the by the Agency and until the date the principal amount paid on this Note, interest shall accrue on the amounts by the Agency or Holder to the Borrower, from time to an annual percentage rate of percent (_ %). Borrower shall be advanced time, at CHFA 51P (RIDGE VIEW /SECOND) 12/06/88 Y01380 CALIFORNIA HOUSING FINANCE AGENCY PROMISSORY NOTE CHFA Development No. (Permanent Financing) -1-