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• <br /> NOTICE TO B <br /> THIS DOCUMENT CONTAINS PROVISIONS RESTRICTING RESALES AND ASSUMPTIONS <br /> COPY <br /> PROMISSORY NOTE <br /> Secured by Second Deed of Trust <br /> Pleasanton, California <br /> MAY 24th , 2004 <br /> $20,000.00 <br /> 1.0 FOR VALUE RECEIVED, the undersigned JODY M. PETERS <br /> ( "Borrower ") <br /> promises to pay to the City of Pleasanton (the "City" or "Lender ") at 123 Main Street, ' <br /> Pleasanton, California, 94566, or at such other place as the City may from time to time designate <br /> in writing, in accordance with the provisions of this Promissory Note (the "Note "), the principal <br /> sum of TWENTY THOUSAND & "°/100 , plus the additional sums including interest, in the <br /> 'manner described herein. <br /> 2.0 Borrower's Acknowledgement. Borrower acknowledges the following: <br /> 2.1 City of Pleasanton Homeownership Assistance Program (PHAP). One of - <br /> the components of the PHAP is to provide and preserve affordable housing at prices <br /> which are below those otherwise prevailing in the market. The City intends to preserve <br /> the affordability of homes made available through the PHAP. Borrower(s) acknowledges <br /> that this Note is given in connection with the purchase of the Residence as part of the <br /> PHAP to assist in the purchase of homes by low and moderate income persons. <br /> Consequently, this Note is not automatically assumable, but is subject to Section 711.5 of <br /> the California Civil Code which allows the City to accelerate all amounts due under this <br /> Note if any subsequent sale or transfer of the Residence of any kind does not comply with <br /> the provisions of the Resale Restriction Agreement and Option to Designate Eligible <br /> Purchaser recorded on the property specified above ( "Resale Agreement "). <br /> 2.2 Resale Controls. To provide further assurance that the homes governed by the <br /> PHAP continue to be affordable to low and very low income households, the City has established <br /> resale controls contained in the Deed of Trust dated MAY 24, 2004 <br /> and the Restrictive Covenants, Resale Restrictions and Option to Designate Eligible Purchasers <br /> Agreement date MAY 24, 2004 <br /> The Borrower and the City have <br /> executed these documents mutually. <br /> • <br /> Page 1 of 4 <br /> Revision as of 9/22/03 <br />