RecDoc 612 Jefferson Ave. #403- - Laserfiche WebLink

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Principal Amount of this Note and any other amounts owed pursuant to this Note plus interest shall be due and payable in full, at the Lender's option, as set forth herein and in the Resale Restriction Agreement. (b) In the event of a repurchase of the Home by Habitat, or a Transfer to an Eligible Household permitted pursuant to the Resale Restriction Agreement, the transferee shall assume the rights and obligations of Borrower(s) under this Note and shall execute any and all documents, including a new Note and Deed of Trust necessary to effectuate the assumption of the rights and obligations hereunder, provided however in such event the interest accrued on the HOME Loan shall be forgiven such that Habitat or the Eligible Household shall assume the obligation to repay principal balance of the City Loan. (c) Upon a permitted Transfer as set forth in Section 5.1 of the Resale Restriction Agreement, the transferee shall assume the rights and obligations of Borrower(s) under this Note and shall execute any and all documents, including a new Note and Deed of Trust necessary to effectuate the assumption of the rights and obligations hereunder. (d) Upon acquisition of the Home by the City pursuant to the purchase option provided in the Resale Restriction Agreement, then this Note and all amounts due and owing to the City hereunder, shall be cancelled. In such event, the City shall execute and deliver for the benefit of Borrower(s) any documents necessary to effectuate such cancellation and release of the lien under this Note and the City Deed of Trust. (e) Upon any other sale or Transfer of the Home, as set forth in the Resale Restriction Agreement, all amounts owing under this Note and Deed of Trust, including the initial Principal Amount of this Note and any other amounts owed pursuant to this Note, shall be due and payable in full, at the Note Holder's option, as set forth herein and in the Resale Restriction Agreement. Address for Payments. I/we will make payments under this Note payable to the "City of Redwood City" and send any payments to: The City of Redwood City 1017 Middlefield Road Redwood City, CA 94063 Attention: City Manager or to a different place or different name, if required by the Note Holder. 6. BORROWER(S)'S RIGHT TO PREPAY The Borrower(s) may make payments of principal at any time before they are due. An additional payment of principal is a "prepayment." To make a prepayment, the Borrower(s) must tell the Note Holder in writing at the time of the prepayment that the Borrower(s) are making a prepayment. The Borrower(s) may make a full prepayment or partial prepayments without paying any prepayment charge. The Note Holder will use all of the Borrower(s) prepayments to reduce the amount of principal that is owed under this Note. If the Borrower(s) make a partial prepayment, there will be no changes in the Maturity Date for the Loan. Prepayment in full of the Loan shall not relieve the Borrower(s) of the obligations of the Resale Restriction Agreement and Deed of Trust will remain a lien on the Home to secure Borrower(s)'s obligations under the Resale Restriction Agreement. 7, BORROWER(S)'S FAILURE TO PAY AS REQUIRED (a) Late Charge for Overdue Payments. If the Note Holder has not received the full amount of any payment by the end of 15 calendar days after the date the payment was due, the Borrower(s) will pay a late charge to the Note Holder. The amount of the charge will be six percent (6%) of the REV: 07-26-22 SK ATTY/AGR.2022.192/Habitat 612 Jefferson - 403 (09—HOME - Promissory Note (Rodriguez) HGSF) (Page 2 of 4)