TIANGO, EDUARDO D. - Laserfiche WebLink

NOTICE TO BORROWER: CO THIS DOCUMENT CONTAINS PROVISIONS RESTRICTING RESALES AND AS a'e her zby certi.y t is h e a true co `y .V ' - >r[yinai. PROMISSORY NOTE , Secured by Second Deed of Trust -- - Pleasanton, California $ 10,000.00 May 10 , 200 4 1.0 FOR VALUE RECEIVED, the undersigned Eduardo D. Tiangco and Aurora S. Tiangco ( "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 Ten Thousand & no/100-----, plus the additional sums including interest, in the 'manner described herein. 2.0 Borrower's Acknow]edgement. Borrower acknowledges the following: 2.1 City of Pleasanton Homeownership Assistance Program (PHAP). One of the components of the PI-IAP 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. Borrower(s) acknowledges that this Note is given in connection with the of the Residence as part of the PHAP to assist in the purchase of homes by low and moderate income persons. Consequently, this Note is not automatically assumable, but is subject to Section 711.5 of the California Civil Code which allows the City to accelerate all amounts due under this Note if any subsequent sale or transfer of the Residence of any kind does not comply with the provisions of the Resale Restriction Agreement and Option to Designate Eligible Purchaser recorded on the property specified above ( "Resale Agreement "). 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 10, 2004 and the Restrictive Covenants, Resale Restrictions and Option to Designate Eligible Purchasers Agreement date April 15, 2004 . The Borrower and the City have executed these documents mutually. Page I of 4 Revision as of 9/22/03