Laserfiche WebLink
<br />CITY OF SANTA ANA <br />Neighborhood Stabilization Program Homeownership Program <br />PROMISSORY NOTE <br /> <br />$ <br /> <br />Santa Ana, California <br />,20_ <br /> <br />FOR VALUE RECEIVED, , the <br />("Borrower"), promises to pay to the City of Santa Ana, a charter cit <br />corporation ("Lender") at City Hall, 20 Civic Center Plaza, P.O. Box 1 <br />Ana, California 92702, or at such other address as Lender may direc em <br />writing, Dollars ($ ) (the "Note A r with <br />interest thereon at the rate set forth herein. All sums hereunde e in lawful <br />money of the United State of America and all sums shall b mterest then <br />due and the balance to principal. The obligation of the th respect to this <br />Note is secured by that certain Deed of Trust In ding Ie Housing Deed <br />Restrictions ("Deed of Trust"), executed by ower concurrently herewith. <br />Borrower shall be required to pay any and all es associated with the City <br />Loan. This Note evidences the obligation of oer for repayment of funds <br />loaned pursuant to California Redevelopment La ce the purchase of that certain <br />real property (the "Property") located at , Santa Ana, California. <br /> <br /> <br />orrower(s), jointly and severally, agree to pay the <br />with interest from <br />, on unpaid principal at the rate of 3% per annum. All principal <br />erred until subsequent sale or transfer of the Property. The Deed <br />3% interest rate, and will be due and payable in forty-five (45) years. <br />rgiven at a rate of 1/45th per year, at each anniversary date of the <br />with all interest forgiven at the end of the forty-five (45) year affordability <br />period. er the expiration of the affordability period, the principal amount of the Note <br />will be paid at transfer or sale. <br /> <br />The balance of all unpaid principal shall be due and payable on the date forty-five <br />years from the date hereof (the "Maturity Date"). Notwithstanding the foregoing, if on <br />the Maturity date the Borrower has complied with this Note and the Deed of Trust (as <br />such terms are defined below) and has not been in default under said documents, the <br />amount owed pursuant to this Note shall be considered mature, so long as all principal <br />and all related costs have been paid to the Lender. <br /> <br /> <br />1. Interest Rate. <br /> <br />Simple interest shall ac <br />for forty-five (45) years, e <br /> <br />e Amount at a rate of Zero (3 %) per annum <br />h below. <br /> <br />City.HO.PromNote.docx <br /> <br />I <br /> <br />2/8/1 0 <br /> <br />-"lU-"------ <br />