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NOTICE TO BORROWER. THIS DOCUMENT CONTAINS PROVISIONS RESTRICTING <br /> RESALES AND ASSUMPTIONS. <br /> PROMISSORY NOTE <br /> Secured by City Deed of Trust for Excess Proceeds (E. P.) <br /> CITY OF PLEASANTON INCLUSIONARY HOUSING PROGRAM <br /> Pleasanton, California <br /> ll-ltp , 2016 <br /> FOR VALUE RECEIVED, the undersigned Kelly A Reyes, an unmarried woman <br /> ("Borrower") promises to pay to the City of Pleasanton, a municipal corporation (the "City <br /> "), at 123 Main Street, Pleasanton, California 94566-0802, Attn Housing Division, or such <br /> other place as City may designate in writing, any amounts due the City as Excess Rental <br /> Proceeds pursuant to Section 2 of the Restrictive Covenants, plus any amounts due the <br /> City as Excess Sales Proceeds pursuant to Section 3 of the Restrictive Covenants <br /> 1 Purpose of City Note E P Borrower is purchasing the Property located at <br /> 91 E Creek Court, in the City of Pleasanton, Alameda County, California (the "Property") <br /> pursuant to the City of Pleasanton Inclusionary Housing Ordinance (as defined in the <br /> Restrictive Covenants), which provides for the purchase of homes by moderate, low, or <br /> very low income households at affordable prices Pursuant to the Inclusionary Housing <br /> Ordinance, the purchase price of the Property has been set substantially below the market <br /> value so that the Property will be affordable for purchase by moderate, low, or very low <br /> income households Because the purchase price has been set below the market value, <br /> the Owner is required and has agreed to execute a Restrictive Covenants that restricts the <br /> price of the Property upon resale and requires the Borrower to pay any Excess Sales <br /> Proceeds at resale to the City In addition, the Restrictive Covenants prohibit the Borrower <br /> from renting or leasing the Property and requires the Borrower to pay any Excess Rental <br /> Proceeds to the City This promissory note (the "City Note E P ") evidences both (a) the <br /> obligation of the Borrower to pay any Excess Rental Proceeds to the City pursuant to <br /> Section 2 of the Restrictive Covenants, and (b) the obligation of the Borrower to pay any <br /> Excess Sales Proceeds to the City pursuant to Section 3 of the Restrictive Covenants <br /> 2 Definitions The terms set forth in this section shall have the following <br /> meanings in this City Note E P <br /> (a) "Excess Rental Proceeds" shall have the meaning set forth in Section <br /> 2 of the Restrictive Covenants <br /> (b) "Excess Sales Proceeds" shall have the meaning set forth in Section 3 <br /> of the Restrictive Covenants <br /> 1 <br />