Agmt01 City Attorney Agreements - Laserfiche WebLink

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PROMIS S OKY NOTE · California ,20__ The undersigned have(has) received a loan of Dollars ($. ) fi.om the City of Redwood City, a municipal corporation ("Note Holder") for the purpose of purchasing a single family residence located at , California ("subject property"), and promise to repay said loan at the Redwood City Hall, Atten: Finance Director, 1017 Middlefield Road, Redwood City, CA 94063, or such other place as may be directed by Note Holder. The undersigned also promise to pay to Note Holder interest, beginning on the date specified above (the "interest commencement date"), at the rate of five percent (5.00%) per year computed on the basis ora 360-day year, on that part of the loan not paid, subject to the deferral provisions set forth below. The undersigned acknowledge that during the term of the loan a portion of the interest accruing will be deferred resulting in a lump sum payment of deferred interest at a time specified below. Commencing with the interest commencement date and continuing thereai~er until paid in full, the unpaid balance of the principal shall accrue interest at the rate of 5.00% per annum. Commencing on , and on the day of each month thereafter, the undersigned shall pay to Note Holder principal and interest payments on the loan based on a 1.25% per annum interest rate as follows: Dollars and Cents ($ ) until paid in full. Principal and interest shall be amortized over thirty years beginning on the interest commencement date. Payment of principal and interest shall be made in 360 equal monthly installments and shall be C.*~Public~Redwood City - Promissory Note clean 7-24-01.wpd EXHIBIT