ANR INDUSTRIES, INC. (2)-2009 - Laserfiche WebLink

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No periodic payments are required hereunder. Borrower agrees to pay the unpaid principal balance, unpaid accrued interest, and any other amounts due under this Note upon the earlier of: I. at the end of the forty-five (45) year term of affordability; II. when the Property is sold; Ill. when the Property is not properly being used as the Borrower's principal residence; IV. The City discovers that Borrower knowingly or willfully made a misstatement or misrepresentation pertaining to Bo er's status as an Eligible Person or Family; and v. An uncured default in performance or breach y provision of this Promissory Note, the City Including Affordable Housing Deed Res I. The transfer of the Prop ing joint tenant by devise, descent or operation oft e death ofajoint tenant; II. A transfer of the P erty w spouse becomes an owner of the property; lll. A transfer of esulting from a decree of dissolution of marrIage r from an incidental property settleme which the spouse becomes an owner of the IV. er vivos trust in which the Borrower is and neficiary and occupant of the property. 3. Permitted Transfers. The City Loan is not assumable except under 4. nt of this loan, together with any then outstanding accrued come immediately due and payable, at the option of the holder or notice, upon the occurrence of any of the following events: In the event of a default under the terms of this Note or the Deed of Trust; II. In the event that the Borrower shall cease to occupy the Property as Borrower's principal place of residence; or Ill. In the event of any sale, transfer, lease, or encumbrance of the Property without Lender's prior written consent in violation of Paragraph 3 of this Note. City .HO.PromNote.docx 2 2/8/1 0 __,"_U_