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CITY OF SANTA ANA <br />HOMEBUYERDOWN PAYMENT ASSISTANCE LOAN PROGRAM <br />INCLUSIONARY HOUSING FUNDS <br />PROMISSORY NOTE <br />NOTICE TO BORROWER <br />THIS DOCUMENT CONTAINS PROVISIONS <br />RESTRICTING ASSUMPTIONS AND IS SECURED BY <br />A SECOND DEED OF TRUST ON RESIDENTIAL PROPERTY <br />,20 <br />FOR VALUE RECEIVED, the undersigned, (the `Borrower') hereby promises <br />to pay to the order of THE CITY OF SANTA ANA, a charter city and municipal,coiporation duly <br />organized and existing under the Constitution and laws of the State of California ("tender") at the <br />following address or at such other place as the Lender may from <br />time to time designate by written notice to Borrower, in lawful money of the United States, the sum <br />of Dollars ($ ) with zero percent (0%) interest, <br />until due and payable. The obligation of the"Borrower;viith respect to this Note is secured by that <br />certain First -Time Homebuyer Down Payment Assistance Loan Program Deed of Trust loan No. <br />(the "Deed of Trust"), and executed by the Borrower concurrently herewith. <br />1. Borrower's Obligation. This Note evidences the obligation of the Borrower to the Lender <br />for the repayment of funds loaned (the "City Loan") to finance the down payment money <br />for the purchase of that certain real property (the "Property"), which has the address of <br />Santa Ana, California, more fully described in Exhibit A <br />of the Dee&of Trust. <br />2. Borrower's Acknowledgment. Borrower acknowledges and agrees that the City Loan is <br />subject to the terms, conditions; and restrictions of the City's Homebuyer Down Payment <br />Assistance Program, Inclusionary Housing Programs, and all applicable implementing <br />guidelines or regulations. <br />3. Repayment of Loan Principal and Interest. No periodic payments are required <br />hereunder. Borrower agrees to pay the unpaid principal balance, and any other amounts due <br />under this Note upon the earlier of <br />i. at the end of the 45 year term of affordability; <br />ii. when the Property is sold; <br />iii. when the Property is not properly being used as the Borrower's principal <br />residence; <br />iv. the City discovers that Borrower knowingly or willfully made a <br />misstatement or misrepresentation pertaining to Borrower's status as an <br />Eligible Person or Family; or, <br />25b-18 <br />