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NOTICE TO BORROWER: <br /> THIS DOCUMENT CONTAINS PROVISIONS RESTRICTING RESALES AND ASSUMPTIONS <br /> PROMISSORY NOTE <br /> Secured by Second Deed of Trust <br /> Pleasanton, California <br /> $ 14,000.00 January 21 ,200 3 <br /> 1.0 FOR VALUE RECEIVED, the undersigned Ignacio Jimenez and Maria Guadalupe <br /> Jimenez ( "BorroweI ") <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 /> Fourteen Thousand and no/100 d lla <br /> sum of , p 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 the <br /> components of the PHAP is to provide and preserve affordable housing at prices which are <br /> below those otherwise prevailing in the market. The City intends to preserve the affordability of <br /> homes made available through the PHAP. <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 January 21, 2003 and the <br /> Restrictive Covenants, Resale Restrictions and Option to Designate Eligible Purchasers <br /> Agreement date January 21, 2003 . The Borrower and the City have executed <br /> these documents mutually. <br /> 2.3 Source of Funds Loaned to Borrower. To further assist the Borrower in the <br /> purchase of property located at 1445 Whipsering Oaks Way <br /> Pleasanton, California (the "Property ") the City is using money from its Lower Income - Housing <br /> Fund as the source of a loan from the City to Borrower in the amount of $14,000.00 <br /> 2.4 Information Provided to City. Financial and other information previously <br /> provided to the City by Borrower for the purpose of qualifying to purchase the property was true <br /> Page 1 of 4 <br />