LAVELL, MELISSA A. - Laserfiche WebLink

purchase of homes by low and moderate income persons. Consequently, this Note is not automatically assumable, but is subject to Section 711.5 of the California Civil Code which allows the City to accelerate all amounts due under this Note if any subsequent sale or transfer of the Residence of any kind does not comply with the provisions of the Restrictive Covenants, Resale Restrictions and Option to Designate Eligible Purchasers Agreement executed between the Borrower and the City and dated the same date as this Note. 3.5 Waiver; Binding. Notice of dishonor or protest is hereby waived by all makers, sureties, guarantors and endorsers of this Note. This Note shall be joint and several obligations of all makers, sureties, guarantors and endorsers, and shall be binding upon them and their successors and assigns. 3.6 Notice. Any notice required under this Note shall be given by mailing such notice by certified mail to the addresses below: Address of City: Borrower: City of Pleasanton Housing Division \ _A \t iL 123 Main Street Melissa A. Lavell Pleasanton, CA 94566 -0802 1355 Valley Avenue Pleasanton, CA 94566 4.0 Miscellaneous. 4.1 The indebtedness evidenced by this Note is secured by a Deed of Trust, dated May 28 , 200 3 , and reference is made to the Deed of Trust for rights as to acceleration of the indebtedness evidenced by this Note, including Section 20 of the Deed of Trust, which provides as follows: Transfer of the Property. Subject to Section 23, if all or any part of the Property or an interest in it is sold or transferred by Borrower, excluding permitted transfers to a spouse or other person signing the Note in the manner described in Section 6 above, all the sums secured by this Deed of Trust shall be immediately due and payable. In the event of such an acceleration, Lender shall mail Borrower notice of the acceleration in accordance with Section 17 hereof. Such notice shall provide a period of not fewer than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice of demand on Borrower; invoke any remedies permitted by Section 21 hereof. 4.2 Non - recourse. Borrower shall have no personal liability for any deficiency on this Note and the only remedy available to the City or any holder in due course shall be foreclosure pursuant to law as provided in the Deed of Trust securing this Note. The City may assign its right to receive the proceeds under this Note to any person and upon notice to Borrower by the City all payments shall be made to the assignee. Page 3 of 4