HONG, CHOON YUN LEE - Laserfiche WebLink

COPY NICE TO BORROWER: f S DOCUMENT CONTAINS PROVISIONS RESTRICTING RESALES AND ASSUMPTIONS • PROMISSORY NOTE Secured by Second Deed of Trust Pleasanton, California $ 20,000.00 Septemher 75 20CP 1.0 FOR VALUE RECEIVED, the undersigned Choon Yun Lee Hong ( "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 y • , . . -Os -no .. . . , plus the additional sums including interest, in the manner described herein. 2.0 Borrower's Acknowledgement. Borrower acknowledges the following: 2.1 City of Pleasanton Homeownership Assistance Program (PHAP). One of the components of the PHAP is to provide and preserve affordable housing at prices which are below those otherwise prevailing in the market. The City intends to preserve the affordability of homes made available through the PHAP. 2.2 Resale Controls. To provide further assurance that the homes governed by the PHAP continue to be affordable to low and very low income households, the City has established resale controls contained in the Deed of Trust dated _s_e_pr 25, and the Restrictive Covenants, Resale Restrictions and Option to Designate Eligible Purc &1a rs Agreement date September 24, • The Borrower and the City have executed these documents mutually. 2002 2.3 Source of Funds Loaned to Borrower. To further assist the Borrower in the purchase of property located at 1571 East Gate way Pleasanton, California (the "Property ") the City is using money from its Lower Income - Housing Fund as the source of a loan from the City to Borrower in the amount of $20,000.00 • 2.4 Information Provided to City. Financial and other information previously provided to the City by Borrower for the purpose of qualifying to purchase the property was true and correct at the time it was given to the City and it remains true and correct on the date this Note is executed. 3.0 Borrower is Required to Make Monthly Principal and Interest Payments to Repay the City for this Loan. Principal and interest payments shall be fully amortized on a simple interest schedule over a period of fifteen (15) years with principal and interest payments and interest accruals commencing sixty (60) months after the date of this note. The outstanding principal balance of this Note may be paid in full at any time without any prepayment penalty. The annual interest rate shall be $ 4.32% which is seventy-five (75) percent of the interest rate of the Borrower's first mortgage. Page 1 of 3