DANCOFF, LAURIE T. - Laserfiche WebLink

NOTICE TO BORROWER: THIS DOCUMENT CONTAINS PROVISIONS RESTRICTING RESALES AND ASSUMPTIONS PROMISSORY NOTE Secured by Second Deed of Trust Pleasanton, California $ 20,000.00 May 12 ,2003 1.0 FOR VALUE RECEIVED, the undersigned Laurie T. Dancoff ( "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 Twenty Thousand and No /100 Dollars su m of , plus tie a 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 May 12, 2003 and the Restrictive Covenants, Resale Restrictions and Option to Designate Eligible Purchasers Agreement date May 12, 2003 . The Borrower and the City have executed these documents mutually. 2.3 Source of Funds Loaned to Borrower. To further assist the Borrower in the purchase of property located at 1347 Valley Avenue 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 Twenty Thousand and No /100 Dollars Page 1 of 4