Laserfiche WebLink
9.A. - Page 43 <br /> Project Loan Program (the "Program") and the installation of an automatic fire sprinkler <br /> system in the multi-unit residential building located at in the City <br /> of Redwood City, San Mateo County, California (the "Property") as more particularly <br /> described in Exhibit A of the Deed of Trust. <br /> 4. Due on Sale; Restrictions on Assumption. This Note is payable in full upon sale or other <br /> transfer of the Property, and may be assumed only under the following circumstances: <br /> a) If an individual Borrower dies, and if the heir(s) to the Borrower elect(s) to assume <br /> ownership of the Property, the heir(s) may be permitted, upon approval of the City, to <br /> assume the Loan. <br /> 5. Events of Default; Acceleration of Payment. An Event of Default permitting Lender to <br /> declare all sums due hereunder immediately due and payable shall arise upon the occurrence <br /> of any of the items listed in Section 5 of the Loan Agreement. <br /> 6. Default Rate of Interest. Upon the occurrence of an Event of Default, the interest rate on <br /> the City's Loan will not increase. The accruing interest on the Loan will not deviate from the <br /> terms described in this Note upon an Event of Default. <br /> 7. Application of Payments. Any payments that may be received on account of this Note prior <br /> to maturity shall be first applied to accrued interest, and the remainder shall be applied to the <br /> reduction of principal. There is no penalty for paying the Loan in full prior to the Maturity Date. <br /> 8. Attorney's Fees. Borrower agrees to pay all costs and expenses, including reasonable <br /> attorney's fees, which Lender may incur in the collection or enforcement of this Note, whether <br /> or not suit is filed. <br /> 9. Late Charges. Lender reserves the right to take any and all actions necessary to collect any <br /> outstanding debt unpaid after the Maturity Date. Borrower will pay all costs of collection and <br /> reasonable attorneys' fees incurred by the Lender on account of such collection, whether or <br /> not suit is filed hereon. <br /> 10. No Offset; Borrower's Waivers. Borrower hereby waives any rights of offset it now has or <br /> may hereafter have against Lender, its successors and assigns, and agrees to make the <br /> payments called for hereunder in accordance with the terms of this Note. Borrower hereby <br /> waives diligence, presentment, protest, and demand, and notice of protest, notice of dishonor <br /> and notice of nonpayment of this Note, and expressly waives any rights to be released by <br /> reason of any extension of time or change in terms of payment, or change, alteration or <br /> release of any security given for the payments hereof, and expressly waives the right to plead <br /> any and all statutes of limitation as a defense to any demand on this Note. <br /> 11. Notices. Except as otherwise specified in the Loan Agreement, all notices to be sent pursuant <br /> to this Note shall be made in writing, and sent to the Parties at their respective addresses <br /> specified below or to such other address as a Party may designate by written notice delivered <br /> to the other Party in accordance with this Section. All such notices shall be sent by: <br /> a) personal delivery, in which case notice shall be deemed delivered upon receipt; <br /> b) certified or registered mail, return receipt requested, in which case notice shall be deemed <br /> delivered three (3) business days following deposit in the mail; <br /> ATTY/RESO.3085/CC RESO-RWC FIRE SAFETY FIRST PILOT PROGRAM ATTACHMENT B PROMISSORY NOTE <br /> REV:05-11-15 VR <br /> Page 2 of 4 <br />