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 Borrowe'r 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) Commencing on and continuing on the first day of each and every month thereafter until payment in full of the principal amount together with interest thereon, the Borrower shall make payments to the order of the Agency of principal and interest at an annual percentage rate equal to percent ( %) on a level amortization basis. The CHFA 51P 6/1/88 V01640 CALIFORNIA HOUSING FINANCE AGENCY PROMISSORY NOTE CHFA Development No. (Permanent Financing) -1-