Agmt21 Home Program Affordable Housing Regulatory

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Exhibit E FORM OF HOME HOMEBUYER PRONUSSORY NOTE HOME INVESTMENT PARTNERSHIP PROGRAM (HOME) PROMISSORY NOTE SECURED BY DEED OF TRUST $cCity_Loan_num» as of 20 Property Address: «Current Street Addressi) aCurrent City.v, «Current Statep «Current Zip_codeN 1. BORROWER'S PROMISE TO PAY In return for a loan that I/we, uHomeowner A and_B» (the "Borrower(s)" or "/five") have received (the "City Loan"), the undersigned Borrower(s), jointly and severally, promise to pay to the order of the Lender the principal amount of U.S. $,KCity_Loan_numD plus any Excess Sales Proceeds as that term is defined in the Grant of Option to Repurchase and Resale Restriction Agreement ("Option Agreement") executed by the Borrower and the Lender concurrently with this Note. The "Leader' is the City of Redwood City (the "City'). The Lender may transfer this Note. The Lender, and anyone who takes this Note by transfer and is entitled to payments under this Note is a "Note Holder." 2. AFFORDABILITY COVENANTS, OPTION AGREEMENT This Note is part of an affordable housing program designed to create, preserve, maintain and protect housing for persons of low and moderate income (collectively, the "Program") approved by the City. In exchange for the City Loan and the right to purchase the property identified above (the "Home") at the affordable mousing purchase price, Borrower assumes title subject to the Option Agreement executed by Borrower(s), the City, and Habitat for Humanity Greater San Francisco, Inc. ("Habitat"), recorded in the Official Records of San Mateo County, California. Capitalized terms used herein and not defined in this Note shall have the meanings set forth in the Option Agreement. 3. INTEREST The outstanding principal balance of this Note shall bear simple interest at the rate of three percent (3%) per annum from the date of disbursement until paid. 4. LOAN TERM (a) Maximum Term. The maximum term of this Note is Fifty -Five (55) years starting on execution date hereof (the "Loan Tenn"). (b) Matunty Date. The "Maturity Date" of the City Loan shall be either (1) the date of transfer of the Home secured by the deed of trust securing this Note (the "Deed of Trust') other than a transfer to an Eligible Household or Habitat in accordance with Section 5(b) below, a transfer to a permitted Transferee in accordance with 5(c) below or a transfer to the City in accordance with 5(d) below; or (2) the expiration of the Loan Term. 5. PAYMENTS There shall be no payments due under this Note, unless payments are otherwise due pursuant to the provisions of Sections 5 (a) through (e) of this Note and/or the Option Agreement. The last payment of principal on this Note, if any, is due no later than the Maturity Date, and, if on that date Ilwe still owe any amount under this Note, Itwe will pay those amounts in full on that date, provided, however, if upon the expiration of the Loan Term, the Borrower has not Transferred the Home and is still the legal owner of the Home and the Borrower has materially complied with its obligations under the Deed of Trust and Option E-1 SF #4821-4436-6284 v2 1619\0113064651.1 REV: 05-19-2021 SK