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<br />Apr-13-00 02:40P F;rst Hom9. Inc. <br /> <br />415 387 1369 <br /> <br />P.12 <br /> <br />1 A3~ <br /> <br />CITY OF REDWOOD CITY <br />REDRVELOPMENTAGENCY <br />FIRST TIME HOME BUYER PROGRAM <br /> <br />DISCLOSURE TO BORROWER <br /> <br />Vou are giving a SECURITY INTEREST in your Residence. <br /> <br />The AMOlJNT OF T.OAN in this transaction is $~. <br />The PURCHASE PRICE of the propel1y (bef(Jre closing costs) is $ <br />The DATE OF THE PROMISSORY NOTE secured with your purchase is <br />Th~ FIRST P A YMF.NT ON YOUR NOTE will be due on <br /> <br />Principal f4'orgiveness <br /> <br />Qualified borrowers, as defined in Schedule A attached to this disclosure, will have ten percent <br />(10%) of their PRINCIPAL FORGIVEN ON AN ANNUAL BASIS commencing year six (6) if, <br />and only if, the qualified borrow~r retains employment by a qualif1ed employer. Qualified <br />employers are listed in Schedule A attached to this disclosure. Forgiveness of principal will <br />sei7.e at the tim~ the employee, either voluntarily or involuntarily, leaves the employment of the <br />quali j~d employer. <br /> <br />Interest Rate And Monthly Payment Schedule <br /> <br />No payments arc required for the first five (5) years of the note term. No interest will accrue for <br />the first the (5) years ofthe note. Minimum EQUAL MONTIIL Y PAYMENTS of$ <br />-- wil1 conuncnec at the beginning of year six (6). Monthly payments will continue <br />over a period of 360 months or until such time that the full principal balance has been reduccd 10 <br />a zero dollar ($0.00) balance, either through monthly payments or the combination of monthly <br />payments and the principal forgiveness outlined in this addendum. The INTEREST RATE used <br />to amorti7.e the loan will be fixed for thirty (JO) years at a rate -- % <br /> <br />The minium monthly payment can be adjusted ¡{"the borrower is disqualified from the program <br />as r~ferenced in the attached need of Trust Addendum. <br /> <br />If fully amortized with no torgiveness provisions, the TOTAL PAYMENTS over a thirty (30) <br />year amortization period wi1l equal $, .-' This represents the total amortization cost of the <br />loan for 35 years. This does exclude any costs incurred through the shared appreciation or the <br />notc. <br /> <br />di£cl.rev 4/2000 <br /> <br />Page 1 <br />