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<br />Apr-13-00 02:41P First Home, Inc. <br /> <br />415 387 1369 <br /> <br />P.16 <br /> <br />1 PI 3ß <br /> <br />NOTE <br /> <br />$_,_,00 <br /> <br />Redwood City, California <br />, 199- <br /> <br />The undcr~igned, ("Participant") ("Maker") promises to pay to <br />Redwood City Redevelopment Agency ("Lender"), or order, at Redwood City, California, the <br />principal sum of $_,_,00. <br /> <br />Except as hereinafter provided. no interc~t shall accrue upon the principal until the fifth <br />(5th) anniversary of the date of this Note. Thereafter, interest shall accrue at the rate of four <br />percent (4%) per annum upon the unpaid principal, and interest and principal shall be payable in <br />three hundred ~ixty (360) equal monthly installments of $-,- commencing sixty-one (61) <br />months from the date of this Note. <br /> <br />In the event that any installment of' interest or principal is not made when due, and such <br />dcfault continued for a period of fifteen (15) days thereafter, Maker promises to pay a 1<lte charge <br />equal to 5 % or the delinquent payment, <br /> <br />If default shall be n1.'\de in the payment of any installment when due and said default shall <br />continue for a period of fifteen (15) days thereafter, at the option of the holder of this NOtc, the <br />entire remaining balance of the principal and accrued interest shall become immediately due and <br />payable. <br /> <br />In the event that default shall be n1.'\de in the payment of this Note when due, and <br />proceedings shall be commenced to foreclose under the lemu of the deed of trust securing this <br />Note. Maker promises to pay to the holder of this Note a reasonable attorney's tee incurred in <br />such foreclosure proceedings. <br /> <br />This Note may be prepaid at any time withoUt penalty, <br /> <br />This Note is made pursuant to a Shared Appreciation Loan Agreement between Maker and <br />Lender of even date ("Loan Agreement"). The Loan Agreement provides. among other things, <br />that the following shall constinue Disqualifying Events: <br /> <br />(a) <br /> <br />Lease of the Home for a period of more than two months in anyone calendar year. <br /> <br />(b) Sale, conveyance, or other alienation of the Home (including a sale under a deed <br />of tnIst in the event of foreclosure), if the remaining ownership inLerest of ParticipanL in the Home <br />is less than fifty percent (50%). <br /> <br />(c) <br /> <br />Participant ceases to reside in the Home' as his or her Principal Residence. <br /> <br /><1~d"""," '.:;r\, N,.,t....".v ~n~lrll <br />