AgdaPkt 2000-06-12 - Laserfiche WebLink

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Apr-13-00 02:39P F;rst Home, Inc. 415 387 1369 P.I0 ¡!t32.. g. The following shall constitute Disqualifying Events: (i) Lease of the Home for a period of more than two months in anyone calendar year. (ii) Salc, conveyance, or other alienation of the Hoole (including a ~ale under a deed of Lrust in the event of foreclosure), if the remaining ownership intcrest of Panicipant and Co-Owner in the Homc is less than fifty percent (50%). (Hi) Neither Participant nor Co-Owner shall continue to reside in the Home as his or her Principal Residencc. (iv) A detàult shall occur under the tcnns of the Senior Dced of Trust and said <.lefault shall nOt be cured within sixty (60) days following the recordation of notice of default by the trustee under Lhe Senior Deed of Trust. 2. I.oan, Lender agrees to lend and Participant and Co-Owner agree to borrow the sum of $ . The loan will be evidenced by Lhe Note and will be secured by the Junior Deed of Trust upon the Home. 3. Disqualifying Evcnt. Upon the first <.lay of the calendar month following a Disqualifying Event, notwithstanding anything to the contrary contained in the Nme or the Junior Deed of Trust. the following shall occur. a. Interest on the NOle shall accrue at a rC:lte equal to the Eleventh District Cost of Funds plus 2.5 % per annum, and the principC:l1 balance of the Note shall be amortized in equal monthly installments including interest C:lnd principal over a period of thirty (30) years commencing upon the first day or the second month following the Disqualirying Event. b, At the opLion of the holder of the Nole, the entire remaining balance of Lhe principal and accmed interest shall become immediaLely due and payable. 4. Shared Appreciation. In addition to the repayment of the principal and payment of imerest as provided in the Note and this Agreement, Participant and Co-Owner agree to pay Lender a share of any appreciation in the value of the Home between the dare of its purchase hy Panieipant and Co-Owner and the daLe of sale, repaymem of the NoLe prior to a sale, or upon the happening of C:lnorher Disqualifying Event. The Shared Appreciation !oìhalll11can the Value less the Cost of the Home and any Additional Costs. The share appreciation calculation applied towards the loan is ouLlined in Lhe Borrower Di~xlosurc Addendum and supporting Schedule B. provided witl1 this Sharcd Appreciation Agreement. Cost of the Home shall mean the purchase price paid by Participant and Co-Owner plus any escrow fees and the COM of title insurance paid by them. The parties agree that Lhe Cost of the Home is $ Shared ¡pprc¡;ialinn ngl'cclnc:nl, rev 4/2(1110 Page 2