DUVALL - Laserfiche WebLink

HOUSING REHABILITATION PROGRAM PROMISSORY NOTE (Deferred Payment Loan) Secured by a Notice to Encumber (HCD) $10,055.50 Dated: 9/5/13 3231 Vineyard Ave. #43 Pleasanton, California 94566 FOR VALUE RECEIVED, the undersigned Bette Anne Duvall, Todd Duane Willliams, Lincoln Lee Williams ("Borrower"), whose address is 3231 Vineyard Ave. #43, promises to pay to the order of City of Pleasanton, a municipal corporation (the "City") at 123 Main Street, Pleasanton, California, or such other place as the City may designate in writing, the principal sum of Ten thousand fifty five dollars and fifty cents ($10,055.50) together with interest thereon, pursuant to the Loan Agreement as set forth below ("Note"). This is a deferred payment Note that will accrue three percent (3%) simple interest annualized for a maximum of thirty (30) years. This loan is due and payable thirty (30) years from the date this Note is signed. 1. Security. Borrower acknowledges that this Note is given in connection with the rehabilitation of the property and all improvements thereon, located at 3231 Vineyard #43, Pleasanton, CA 94566 (the "Property") as part of a City of Pleasanton's Housing Rehabilitation Program which provides deferred payment, low-interest loans funded through federal Community Development Block Grant ("CDBG)") Program or HOME Investment Partnerships ("HOME") Program funding to qualified very low- and low- income homeowners for the rehabilitation and repair of their owner-occupied residences. This Note is secured by a Notice to Encumber executed by the Borrower in favor of the City, reference to which is hereby made for additional terms and conditions affecting this Note. 2. Occupancy. Borrower understands that occupancy of the Property as Borrower's principal residence is a material condition for the Loan. Borrower agrees to occupy the Property as Borrower's principal residence at all times during the term of this Note until it is paid in full. Borrower shall be considered as occupying the Property as his/her principal residence ("Principal Residence") if Borrower is living in the Property for at least ten months out of each calendar year. The City may grant a temporary waiver of this occupancy requirement for good cause in its sole discretion. Without limiting the generality of the foregoing, any absence from the Property by Borrower for a period 60 days or more days shall be deemed an abandonment of the Property as the Principal Residence of Borrower in violation of the conditions of this Section 2. City of Pleasanton Rehabilitation Program Promissory Note Page 1