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<br />Apr-13-00 02:40P F;rst Hams, Inc. <br /> <br />415 387 1369 <br /> <br />P.14 <br /> <br />--¡ A -=36 <br /> <br />ADDENDUM TO DEED OF TRUST <br /> <br />Dated <br />Made By: <br /> <br />.200_, <br /> <br />and <br /> <br />as Trustors <br /> <br />To: <br /> <br />I Trustee <br /> <br />For the Benefit of Redwood City Redevelopment Agency as Beneficiary <br /> <br />This Deed of Trust and the Note secured hereby are made in accordance with a certain <br />Shared Appreciation Loan Agreement of even date by Trustors and Beneficiary ("Loan <br />Agreement"). The Loan Agreement provides, among other things. that the following shall <br />constitute Disqualifying Events: <br /> <br />(a) <br /> <br />Lease of the Horne for a period of mure than two months in anyone calendar year. <br /> <br />(11) Sale, conveyance, or other alienation of the Home, if the remaining ownership <br />interest of Participant and Co-Owner in the Home is less than fifty percent (50%). <br />(c) Neither Participant nor Co-Owner shall continue to reside in the Home as his or her <br /> <br />Principal Residence. <br />(d) A default shall occur under the tenus of the Senior Dced of Trust and said default shall <br />not be cured within sixty (60) days following the recordation of notice of default. by the trustee <br /> <br />under the Senior Deed of Trust. <br /> <br />Upon the first day of the calendar month following a Disqualifying Event, <br />norwithstanding anything to the contrary contained in the Note or the Junior Deed of Trust, the <br />following shall occur. <br /> <br />(a) <br /> <br />Interest un the Note shall accrue at a rate equal to the Eleventh District Cost of <br /> <br />Funds plus 2.5 % per annum, and the principal balance of the Note shall be amortized in equal <br />monthly installments including imerest and principal over a period of thirty (30) years <br />conunencing upon the first day of the second month following the Disqualifying Event.. <br />(h) At the option of the holder oftbc Note, the entire remaining balance of the principal <br />and accl1Jcd interest shall become immediately due and payable. <br /> <br />R~¡ wlllld City Redeveln 1mclII Agency. ^Iwil 2000 <br /> <br />Page 1 <br />