HomeMy WebLinkAboutPetz, Barbara; 2000-06-12;HOUSING AUTHORITY OF THE COUNTY OF SAN DIEGO
NOTICE TO BORROWER
THIS DOCUMENT CONTAINS PROVISIONS RESTRICTING ASSUMPTIONS
AND HAS A BALLOON PAYMENT
PROMISSORY NOTE CITY OF CARLSBAD
$5,000.00 Date : June 12, 2000
FOR VALUE RECEIVED, the undersigned (individually or collectively
"Borrower") promises to pay the Housing Authority of the County of
San Diego on behalf of THE CITY OF CARLSBAD (referred to as the
"Lender"), or Holder, the principal sum of FIVE THOUSAND AND
NO/1 00'S---DOLLARS, ($5,000.00), without interest on the unpaid
principal bal ance from the date of this Promissory Note ("Note")
until paid, at the rate of zero percent (0%) per annum. Pri ncipal
shall be payable at the principal office of the holder hereof,
3989 Ruffin Road, San Diego, California 92123 or such other place
as such holder may designate. One payment of principal and
accrued interest shall be due in a single payment upon any
occurrence outlined in paragraph #3.
1'. Borrower's Obligation. This Note evidences f unds loaned to
Borrower to rehabilitate that certain property owned and occupied
by the .Borrower and described as follows:
Legal Description:
Mobilehome Description: DECAL NO.:AAJ5781 SERIAL NO.:S5362
TRADE NM. : BILTMORE DOM . : 6 8
2 . Principal Place of Residence. BORROWER WARRANTS THAT
BORROWER WILL OCCUPY THE PROPERTY AS BORROWER'S PRINCIPAL
RESIDENCE AND THAT FAILURE TO DO SO SHALL CAUSE ALL PRINCI PAL AND
INTEREST ON THIS NOTE TO BECOME IMMEDIATELY DUE AND PAYABLE.
3. Due on Sales Clause. THE UNPAID BALANCE IS DUE AND PAYABLE
UPON DEATH OF THE BORROWER, CHANGE OF RESIDENCY OF BORROWER, OR
SALE, CONVEYANCE, AL I ENATION OR TRANSFER OF THE PROPERTY DESCRIBED
ABOVE AND FURTHER DESCRIBED IN THE DEED OF TRUST, OWNERSHIP
CERTIFICATE (PINK SLIP) OR CERTIFICATE OF TITLE SECURING THIS
NOTE, TO OTHER THAN THE PRESENT OWNER OF RECORD OR SURVIVING
SPOUSE.
4. Late Charge. The Borrower agrees that it would be
impracticable or extremely difficult to fix the actual damage to
the holder hereof in the event the Borrower shall be late in the
making of any payment due hereunder, and that the ref ore in the
event the Borrower shall fail to make any such payment within
fifteen (15) days after the due date thereof, the holder hereof,
at its option and addition to any other remedy hereunder, may