MIRAGLIO, VICTORIA J. - Laserfiche WebLink

Copy NOTICE TO BORROWER: THIS DOCUMENT CONTAINS PROVISIONS RESTRICTING RESALES AND ASSUMPTIONS PROMISSORY NOTE Secured by Second Deed of Trust Pleasanton, California S 43.835.00 June 3 , 1998 1.0 FOR VALUE RECEIVED, the undersigned Victoria J. Miraglio ( "Borrower ") promises to pay to the City of Pleasanton (the "City" or "Lender ") at 123 Main Street, Pleasanton, California, 94566, or at such other place as the City may from time to time designate in writing, in accordance with the provisions of this Promissory Note (the "Note "), the principal sum of Forty -Three Thousand Eight Hundred Thirty -Five and 00 /100 Dollars (S43.835.00), plus the additional sums including interest, in the manner described below: The principal and interest payments due shall be determined on an annual basis. Principal and interest payments shall be fully amortized over a period of fifteen (15) years commencing at the time Borrower is required to begin payments in accordance to Section 4.0, 4.1 and 4.2 of this Note. Upon notification by the City for the Borrower to comtnence principal and/or interest payments, the City shall determine the annual interest percentage rate. That will be applied to the outstanding principal balance. The annual interest percentage rate shall be equal to the average percentage rate of investment for the City's general investment pool for the previous City fiscal year ending June 30. At the time of the execution of this Note, the estimated interest rate for the fiscal year ending June 30, 1998. is 5.87 %. The interest rate is subject to change on an annual basis. Any interest rate and payment change shall become effective January 1st of each year. City will attempt to send Borrower a written notice of the monthly principal and interest due for the year beginning January 1st, no later than December 1st of each year. Failure to send written notice shall not eliminate the requirement to pay interest and principal as stated above. Any principal and/or interest payment due shall be made on the first day of each month and shall continue until the principal and interest are fully paid. All payments shall be credited first to Interest and the remainder to principal. All payments hereunder shall be made in lawful money of the United States of America. All of the outstanding principal and Interest due under the Note shall be due and payable to the City upon the date of "Transfer" of the Residence, as described in Section 2.3 herein. Page 1