HTET, ZIN M. - PROMISSORY NOTE - Laserfiche WebLink

NOTICE TO BORROWER: THIS DOCUMENT CONTAINS PROVISIONS RESTRICTING RESALES AND ASSUMPTIONS. PROMISSORY NOTE Secured by City Deed of Trust for Excess Proceeds (E. P.) CITY OF PLEASANTON INCLUSIONARY HOUSING PROGRAM Pleasanton, California 'Z 0 Gt' , 2018 FOR VALUE RECEIVED, the undersigned Zin M. Htet, an unmarried woman ("Borrower") promise to pay to the City of Pleasanton, a municipal corporation (the "City "), at 123 Main Street, Pleasanton, California 94566, Attn: Housing Division, or such other place as City may designate in writing, any amounts due the City as Excess Rental Proceeds pursuant to Section 2 of the Restrictive Covenants, plus any amounts due the City as Excess Sales Proceeds pursuant to Section 3 of the Restrictive Covenants. Purpose of City Note E. P.. Borrower is purchasing the Property located at 3454 Serra Circle, in the City of Pleasanton, Alameda County, California (the "Property") pursuant to the City of Pleasanton Inclusionary Housing Ordinance (as defined in the Restrictive Covenants), which provides for the purchase of homes by moderate, low, or very low income households at affordable prices. Pursuant to the Inclusionary Housing Ordinance, the purchase price of the Property has been set substantially below the market value so that the Property will be affordable for purchase by moderate, low, or very low income households. Because the purchase price has been set below the market value, the Borrower is required and has agreed to execute a Restrictive Covenants that restricts the price of the Property upon resale and requires the Borrower to pay any Excess Sales Proceeds at resale to the City. In addition, the Restrictive Covenants prohibit the Borrower from renting or leasing the Property and any portion thereof and requires the Borrower to pay any Excess Rental Proceeds to the City. This promissory note (the "City Note E. P.") evidences both: (a) the obligation of the Borrower to pay any Excess Rental Proceeds to the City pursuant to Section 2 of the Restrictive Covenants; and (b) the obligation of the Borrower to pay any Excess Sales Proceeds to the City pursuant to Section 3 of the Restrictive Covenants. 1. Definitions. The terms set forth in this section shall have the following meanings in this City Note E. P. (a) "Excess Rental Proceeds" shall have the meaning set forth in Section 2 of the Restrictive Covenants. (b) "Excess Sales Proceeds" shall have the meaning set forth in Section 3 of the Restrictive Covenants. 1