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CITY OF REDWOOD CITY <br />FIRST TIME HOMEBUYER PROGRAM <br />FEDERAL TRUTH IN LENDING <br />DISCLOSURE STATEMENT <br />Date: July 25, 1995 <br />Name: CRESENCIANA CUA AND LIBERATO CUA, WIFE AND HUSBAND <br />Property Address: 1253 WARREN AVENUE, R=WOOD CITY, CA 94063 <br />Loan No.: 7206 <br />The AMOUNT OF YOUR SECOND LOAN identified in this transaction is: $11,692.00 <br />You will make NO payments on this loan for the first 60 months after you purchase your unit. <br />Beginning on the first day of the 61st month following the date in which you execute the Note for <br />this loan from the City, your monthly payment will be 1/300th of the principal loan amount over <br />the remaining 25 years of this loan. <br />The INTEREST RATE is 0%. This loan bears NO interest and no interest will accrue during the 30 <br />year term of this loan <br />The AMOUNT OF FINANCE CHARGE is based on the original loan amount since there is no <br />interest added to your loan. <br />SECURITY AND PROPERTY INTEREST <br />You are giving a SECURITY INTEREST IN YOUR RESIDENCE. The City will secure its <br />interest free loan with a second Deed of Trust on your unit at 1253 WARREN AVENUE, REDWOOD <br />CITY, CA 94063. <br />Someone buying your unit cannot assume the remainder of your loan on its original terms, <br />without having prior approval from the City of Redwood City. <br />ASSUMPTION <br />Your loan is not assumable unless the Residence is transferred to an Eligible Buyer as defined by <br />the Resale Agreement and Note. <br />LATE CHARGE <br />If a payment is over 15 days late, you will be charged 2 % of the payment. Payment will not be <br />accepted unless you include the late charge at the time you make the next payment. <br />See your loan documents for additional information about non-payment, <br />prepayment charges (premiums), default and any required repayment in full <br />before the scheduled date. <br />DISCW�U <br />