REYES, KELLY A. PROMISSORY NOTE - Laserfiche WebLink

(c) "First Lender Loan" shall mean that loan evidenced by a deed of trust (collectively the "First Lender Deed of Trust") executed by Borrower to secure the promissory note (collectively the "First Lender Note") executed by Borrower to assist in the purchase of the Property (d) "Property" shall mean the dwelling and the real property on which the dwelling is located, which secure the deed of trust executed in connection with this City Note E P of even date herewith, and as defined the Restrictive Covenants (e) "Restrictive Covenants" shall mean the Restrictive Covenants, Resale Restrictions, and Option to Designate Eligible Purchasers, "Canyon Oaks" Subdivision, Tract 7374, Lot 80, executed by City and KB HOME South Bay, Inc on July 27, 2004 and recorded in the Alameda County Records as Series No 2004349816, as amended by the Amendment of Restrictive Covenants (f) "Transfer" shall have the meaning set forth in Section 3 of the Restrictive Covenants 3 Payments In the event any Excess Rental Proceeds or Excess Sales Proceeds become due and payable under Section 2 or Section 3 of the Restrictive Covenants, such amounts shall be immediately due and payable hereunder Any amounts due under this City Note E P shall be due and payable in full on the date of any Transfer of the Property Failure to declare such amounts due shall not constitute a waiver on the part of the City 4 Security This City Note E P is secured by a deed of trust dated the same date as this City Note E P (the "City Deed of Trust E P ") Borrower and City have also executed the Restrictive Covenants 5 No Assumption of City Note E P by Subsequent Buyers Borrower acknowledges that this City Note E P is given in connection with the purchase of the Property as part of a program of the City to assist in the purchase of homes by moderate, low, or very low income households Any Excess Rental Proceeds and/or Excess Sales Proceeds due under this City Note E P and under Section 2 and Section 3 of the Restrictive Covenants are due and payable at Transfer Consequently, this City Note E P shall not be assumable by subsequent purchasers nor by the successors and assigns of the Borrower 6 Default and Acceleration The Borrower shall be in default under this City Note E P if he or she is in default under the Restrictive Covenants Upon the occurrence of a default under this City Note E P , the full amount of any Excess Rental Proceeds or Excess Sales Proceeds due under the Restrictive Covenants shall be immediately due and payable 7 Indemnity Borrower agrees to defend, indemnify, and hold City, the City of Pleasanton, and their employees, agents, officers, board members and/or council members harmless from all losses, damages, liabilities, claims, actions, judgments, costs, and reasonable attorneys fees that City may incur as a direct or indirect consequence of 2