Laserfiche WebLink
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 /> i r;( ay , 2018 <br /> FOR VALUE RECEIVED, the undersigned Eun Yeung Lim ("Borrower") promise to <br /> pay to the City of Pleasanton, a municipal corporation (the "City "), at 123 Main Street, <br /> Pleasanton, California 94566, Attn: Housing Division, or such other place as City may <br /> designate in writing, any amounts due the City as Excess Rental Proceeds pursuant to <br /> Section 2 of the Restrictive Covenants, plus any amounts due the City as Excess Sales <br /> Proceeds pursuant to Section 3 of the Restrictive Covenants. <br /> Purpose of City Note E. P.. Borrower is purchasing the Property located at 1985 <br /> Taboada Lane, 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 very <br /> 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, the <br /> Borrower 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 any portion thereof and requires the Borrower to <br /> pay any Excess Rental Proceeds to the City. This promissory note (the "City Note E. P.") <br /> evidences both: (a) the obligation of the Borrower to pay any Excess Rental Proceeds to the <br /> City pursuant to Section 2 of the Restrictive Covenants; and (b) the obligation of the <br /> Borrower to pay any Excess Sales Proceeds to the City pursuant to Section 3 of the <br /> Restrictive Covenants. <br /> 1. 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 /> 1 <br />