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80A - TRANSIT CODE AND STATION DISTRICT - EXHIBIT J
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80A - TRANSIT CODE AND STATION DISTRICT - EXHIBIT J
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Last modified
1/3/2012 4:05:19 PM
Creation date
6/10/2010 1:10:58 PM
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City Clerk
Doc Type
Agenda Packet
Item #
80A
Date
6/7/2010
Destruction Year
2015
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~omehuye~~ Assistax~ce I~oatt Amotil~#; Iiiteres~ ~)efe~'re~i U~r#ii ~ceeie~'a#ioza, <br /> The Hornebt~yet' Assistallce Loan Alnautlt shall accrue zer'a percent ~~°Io} inte~'est unless and <br /> ~~lltil an e~erlt afacceleration occurs as set forth in ectiotl ~ in wllich e~et~t ~ contingent Equit}r <br /> Par'ticipatiol~ Anount as described lr~ Sectrot~ ? sl~all beco~ne due and payable y the faker. <br /> ~orneb~~ye~• ~ssis~az~ee I~o~n ~IY~olltl#; Time of Pay~nel~~ and ~ar'givetiess~ <br /> No repayment of t~~e Hoinebuyer Assistance Loan Amaatrlt sl~all be required uiless and until the <br /> Nate Arnaunt becomes due and payable, as pi'o~ided Iii subparagrapl~ ~f} belo~~?, ~n tl~e e~eilt tllat <br /> the Homeb~tyi' Assistance Loan Alnount does not becotne d~~e azld payable prior' to the <br /> forty-file ~~tl~} Atli~i~ersaliy of the date of Phis Promissory Note, the fizll alnount of the <br /> ~'ronlissory Nate sl~all be fari~~er~, at~d there sl~all be loo frti'tller obligations llereunder, <br /> G, ~cceiet'a#iori. The whale of the Note Arno~~nt anal all athet' paylllents due <br /> hereunder' ar~d under the Agreen~et~t sl~al~ became drte all[ be immediately payable to tl~e Holder <br /> by file N~aker upon the occurrence of a.t~~r one of file fallowing events of acceleration; <br /> ~a} the sale or transfer of the Propet'~y for' try path tllei'eaf} by any meatls, <br /> 1t~Cludtt~g, witl~o~it iiil~it~tioi3, the lease, exchange ar other disposition of tl~e Px'aperty of ally <br /> Interest tiler*e~n, whether' ~olut~tary or' iri~ol~it~tary, except a sale of <br /> tl~e PraperFty to a q«alified <br /> aderate ~tlcorlle ~ausehold at an Affordable Housing host witll file Agency's prior' ~~~ritter~ <br /> appr'o~.l accor~lpisiled iii strict coilfortnlty wrtll section ~ of tl~e Agreernetlt, oi' the trailsfer <br /> of the Pr'oper'ty solely as a result of the ll~arriage, di~arce, incotnpetenee or death of ailo or 11141'e <br /> iildl~iduals cons#lt~ttln file ~orneb~iyer, so loi~g as the transferees} give wi'itter~ riotiee <br /> supported by reasonable e~ideiice of such e~etit to file Agetlcy wrthiil thirty X30} days of its <br /> occ~~r'r'et~ce and file ti'at~sfer'ee~s} assltlne~s} the ~ornebuyer's obtratror~s Utldel' the Agreeilleiit, <br /> by execution of atl assigll~nellt aid assuinptiarl agreetnetit to be provided by tl~e Agency, ar a <br /> sale or' transfer whieli ~inclei' federal law world ilot, by itself, permit the Agency to exercise a due <br /> Dli Sale ~i' due on etic~imbratice clause; <br /> file faker re~llances any purchase money lien or' el~c~ilnbrailce to wllich <br /> the Ager~ey Deed of 'rust i ulaordiilate beach such lien, a "first Lien") for' a loai~ allloutlt in <br /> excess of the then current loan balance see~it'ed by such lien or encumbrance and laaii elosir7g <br /> casts; andlor . <br /> ~c} the faker hand all co-signors acrd co-mor~tgagai's, if any} -fails to owii and <br /> occupy the Praper'~y as their' principal t'esidetlce pursltant to ~ectian 7 of the Agreerrtent ar' is Itl <br /> Ownership Def «lt as defined. in ectioxl 1 ~ of the A~~eernent. <br /> At file ~'equest of the Maker, acrd far a specific occasior~~ the Holdei+ may, its its <br /> sole and absal~ite disct'etion, iii writitlg waive t.lie regitireinents of these s~~bpat'agr;api~s and dofer <br /> repay~ner~t a~ld~ar exterid the ter'rn of this Note At~y wai~~ei' al' defei'nlent shall be an a case by <br /> case basis, ~rld 11D fitture rights far ~vaivei' or deferment shall al'ise ar' be implied, <br /> <br /> Not~vitlistandirig the for'egortlg, file alCei' t~lay, itporl prior ~vritteii approval by file Holder', <br /> refitlatlce any Prrst Lien far' a loan an~o~int equal to oi' less thal~ the then current lawn ~b.lnce <br /> secured. by s~rcl~ ~'ii'st Lien, <br /> E~I~~T TO ATTAHENT ND. l l <br /> Promissory Note <br /> <br /> ~~CSO~l1 ~~07~~ ~ 31~~~~7~-~~D ~ <br /> <br />
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