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<br />I <br /> <br />, <br /> <br />.. <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />1. <br /> <br />Amount of loan. <br /> <br />Owner agrees to borrow and Agency <br />dollars <br /> <br />agrees to lend <br /> <br />($ <br /> <br />) on the terms hereinafter set forth. (herein- <br /> <br />after referred to as "the loan"). <br /> <br />2. <br /> <br />Promissory note. <br /> <br />Prior to any disbursement of <br /> <br />the loan proceeds, owner shall execute and deliver to Agency a <br />promissory note in the above said principal amount as evidence of <br /> <br />the loan, containing the following provisions: <br /> <br />(1) <br /> <br />The loan shall be repaid with interest at the rate <br /> <br />of three per cent (3%) per annum from a date <br />months following execution of the note. <br /> <br />(2) <br /> <br />Principal and interest shall be payable in install- <br />dollars <br /> <br />ments of <br /> <br />($ <br /> <br />) or more on the <br /> <br />day of each month <br />month following execution of <br /> <br />beginning on the <br /> <br />the note and continuing until said principal and interest have been <br /> <br />paid. <br /> <br />(3) <br /> <br />Each payment shall be credited first on interest due <br /> <br />and the remainder on principal; and interest shall thereupon cease <br /> <br />upon the principal so credited. <br /> <br />(4) <br /> <br />Should default be made in payment of any installment <br /> <br />when due the whole sum of principal and interest shall become imme- <br />diately due at the option of the holder of the note. <br /> <br />3. <br /> <br />Security. <br /> <br />The promissory note shall be secured by <br /> <br />a deed of trust on the subject premises executed and delivered to <br />Agency by Owner concurrently with execution of the promissory <br /> <br />note. <br /> <br />Agency shall be responsible for recordation of the deed <br /> <br />of trust. <br /> <br />4. <br /> <br />Prepayinent. <br /> <br />Owner ,shall have the right to repay <br /> <br />the indebtedness evidenced by the promissory note in whole or <br /> <br />2. <br /> <br />'.., ::c", ',:. '..' -"-' :n--.'," .,."..-- <br /> <br />.qm~rr , <br /> <br /> <br />A <br />