Laserfiche WebLink
All payments shall be credited first to Interest and the <br /> remainder to principal. All payments hereunder shall be made in <br /> lawful money of the United States of America. All of the <br /> outstanding principal and Interest due under the Note shall be <br /> due and payable to the City upon the date of "Transfer" of the <br /> Residence, as described in Section 2.3 herein. <br /> 2.0 Definitions. The terms in this Note set forth in this <br /> section shall have the following meanings: <br /> 2.1 Closing Costs. "Closing Costs" shall mean the <br /> actual reasonable costs to Borrower, including real estate <br /> transfer taxes, title insurance, and escrow costs incurred by <br /> City by reason of the purchase or sale of the Residence by <br /> Borrower. <br /> 2.2 Net Appreciation. "Net Appreciation" shall mean <br /> the sale price of the Residence upon its Transfer by Borrower <br /> minus (i) Closing Costs attributable to such Transfer, and (ii) <br /> the purchase price of the Residence when originally acquired by <br /> Borrower. <br /> The sale price shall be limited to the lower of either <br /> (1) the percentage increase in the growth of the Oakland Primary <br /> Metropolitan Statistical Area ( "PMSA ") median family income as <br /> determined by the Department of Housing and Urban Development <br /> (HUD) or HUD's successor, from date of purchase until date of the <br /> Borrower's issuance of the Notice of Intended Transfer or <br /> Vacation; or (2) the fair market value as determined by an <br /> independent licensed real estate appraiser. The intent of this <br /> definition is for the unit to appreciate at the same rate as <br /> median family income and not to appreciate at the same rate as <br /> the real estate market. <br /> 2.3 Transfer. "Transfer" shall mean any voluntary or <br /> involuntary sale, assignment or transfer of ownership of the <br /> Residence or of any interest in the Residence, including, but not <br /> limited to, a fee simple interest, a joint tenancy interest, a <br /> life estate, a leasehold interest, or an interest evidenced by a <br /> land contract by which possession of the Residence is transferred <br /> and Borrower retains title, except transfers by gift, devise or <br /> inheritance to an existing spouse, surviving joint tenant, or a <br /> spouse as part of a dissolution proceeding or in connection with <br /> marriage. <br /> 3.0 Borrower's Acknowledgements. Borrower acknowledges the <br /> following: <br /> - 2 - <br />