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PROMISSORY NOTE <br /> Deferred Payment Loan <br /> Applicant Name(s):. GREGORY & GAY DUNN HRS: CGG ID#:04123 <br /> Property Address: 3112 CRANWOOD CT.. PLEASANTON. CA 94588 <br /> DATE: MAY 11. 2005 PHONE #: (925) 484 -5483 <br /> FOR VALUE RECEIVED, the undersigned hereby promises to pay to the City of Pleasanton, or other holder, <br /> the principal sum of Twenty-Nine Thousand One Hundred Seventeen Dollars and 68/100 ($29,117.68). This <br /> Note will accrue simple interest at a rate of five (5) percent annually for a term of ten (10) years. However, the <br /> undersigned shall pay interest at the rate of seven (7) percent per year if this Note shall not be paid when due. <br /> This Note is due and payable upon the sale, conveyance, assignment, hypothecation, or any other transfer to any <br /> party(ies) of any interest of the undersigned in the property described in the Deed of Trust executed this date by <br /> the undersigned and the described below. In addition, this Note is due and payable if the property shall cease to <br /> be the principal residence of the undersigned, except as may be necessitated from medical reasons. All payments <br /> hereunder shall be made in lawful money of the United States of America at the office of Holder at the City of <br /> Pleasanton, Planning Department, 123 Main Street, Pleasanton, Ca 94566, or other places as Holder may from <br /> time to time designate in writing. <br /> Any prepayment of this loan shall require payment of the entire amount of principal plus interest accrued to the <br /> nearest date. <br /> Any refinancing and/or subordination must be approved in advance by HCD. Cash out from the refinancing is <br /> generally not allowed (repayment of unsecured debt from refinancing is considered cash out). <br /> HCD generally prohibits transfer of title into a living trust, unless HCD redetermines the trust benefactors meet <br /> our program eligibility criteria. <br /> Presentment, demand, protest, and notice are hereby expressly waived by the undersigned. Should payment <br /> hereof not be made when due, the undersigned further promises to pay all costs of collection, including, without <br /> limitation, attorney's fees, incurred by Holder in connection herewith. <br /> The Note is secured by a Deed of Trust, and Holder, as beneficiary, reference to which is hereby made for <br /> additional terms and conditions affecting this Note. <br /> This Note shall be governed and construed in accordance with the laws of the State of California. If the <br /> undersigned is more than one, each covenant and obligation contained herein shall be joint and several. <br /> L ,;7/ � S /1 200c <br /> G RE� RY tJUN Date G • Y '. D Date <br /> The Principal on this Promissory Note is hereby reduced to $ 22,753.78 due to unused contingency funds. <br /> All other terms and conditions of this Promissory Note and Deed of Trust executed in conjunction with this <br /> Promissory Note remain the same. <br /> 01 <br /> elder Date <br />