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Home My WebLink About1996-218 Resale Restr - Del Rio PROMISSORY NOTE SECURED BY DEED OF TRUST For value received, I promise to pay to the order of the City of Ashland, Oregon, ("City"), at City Hall or such other place. as the City may. designate, the principal sum of 'F:Ou.~' -r%ouson,~/ 0~'~: I4u~dred 4 l~;'r~9~{ 7~ur~/~,~($ 9/M/~/, (~//), plus accrued interest, upon the terms and conditions set forth below. 1. AFFORDABLE HOUSING AGREEMENT. This obligation is secured by a Trust Deed and is subject to all the terms and conditions of such Trust Deed. This ob!igation is given pursuant to a "CITY OF ASHLAND AFFORDABLE HOUSING RESALE RESTRICTION AGREEMENT (SDCs ONLY)" and is subject to all the terms and conditions of sucn agreement (f,,, ~her ~'eferred to in this note as "the Agreement"). The promisor shall have the right to prepay all or any portion of the unpaid principal of this note without penalty. However, any payments shall be applied first to accumulated interest and then to principal. 2. INTEREST. The unpaid principal balance of this note shall bear simple interest at the rate of six percent (6.0%) per year from the date of this note until paid. 3. REPAYMENT. 3.1. During the first 20 years after this note is executed, no payments of either principal or interest shall be due or payable so long as I continue to own and occupy the home as my primary residence, and so long as i am not in violation of any of the terms of this note or the trust deed securing it. As set forth in the Agreement, I may also make a qualified transfer of the home to an eligible buyer who shall assume this note without violating the terms of this note. 3.2. During the first 20 years after this note is executed, the total amount of the principal and accrued interest shall become immediately due and payable in full upon my transfer of the hu~ ne to, shy F~rco?. or ep.t~, other than an eligible buyer as defined in the Agreement or to an otherwise eligible buyer who does not assume this note and the trust deed securing it and agree to comply with all of its terms, or whenever I cease to occupy the home as my pdmary residence, or whenever I am in default for failure to comply with any of the terms of this note or the trust deed. At the end of 20 years following the date of execution of this note, if I am at that time the owner and occupier of the home and am not in default under any terms of this note or the trust deed, this note and my obligation to pay the principal and accrued interest shall be cancelled and forgiven by the City. 4. BINDING EFFECT; JOINT AND SEVERAL OBLIGATIONS. This note and its terms shall be binding upon my heirs, executors, administrators, personal representatives, successors, and assigns. Throughout this note, the terms "1," "me," and "my" refer PAGE 1 of 2-Promissory Note (p:pl~afitlg~m'fm'~v.ao0(P. cv'd!O/93) CITY OF ASHLAND SYSTEM DEVELOPMENT CHARGES .~e Address: Permit ~ None Single Family Residential Total SDC Charges: Land Use Code 210 SINGLE FAMILY DETACHED RESIDENCE 4,694.64 # Fixture Units WATER: SEWER: 18 Supply Dist/Collection Treatment Total Dist/Collection Treatment Total Cost/Unit Fee 48.44 871.92 62.94 1,132.92 32.11 577.98 2,582.82 9.35 168.30 14.11 253.98 422.28 (671-01-440.631) (671-01-440.632) (671-01-440.633) (676-01-440. 622) (676-01-440. 623) #Units TRANSPORTATION: 1 Unit/Measure PER UNIT STORM SEWER: Imperv sq ft 2,214 PARKS AND RECREATION: #Units 1 248.42 248.42 0.095 210.33 1230.79 1,230.79 (260-01-440. 652) (260-01-440..642) (410-01-440.661) CITY OF ASHLAND AFFORDABLE HOUSING RESALE RESTRICTION AGREEMENT (SDCs ONLY) Owner: Agreement date: Name' of development: paf~..are~.) Recording Requested by: When Recorded Return to: Property Address: Purchase Price: Date of Purch~e: C~ of Ashland Affordable Housing Coordinator~ C~ of Ashland, 20 E. Main Street, Ashland, Ore~on 97520 Agreement entered into on the date specified above by the City of Ashland ("City") and the Owner ialso referred to as "You") named above regarding certain improved real property located at the property address specified above ("the home"). RECITALS: A. The home referred to in this agreement is described more fully on the attached Exhibit A. B. The home is being made available for purchase by an eligible moderate-it come purchaser pursuant to the City's Affordable Housing Program ("Program"). The Owner is an eligible. moderate-income purchaser under the Program and intends to live in the home as an owner-occupant. C. The Owner recognizes that in purchasing the home, the Owner is receiving the benefits of the City's assistance to the developer of the property upon which the home is located, and that without such assistance the Owner would not have been able to purchase the home. The Owner understands that signing this Agreement and complying with 'ms terr,~s are nec~s.~sry to permit the City, :to fulfill its affordable housing goals. : .City and Owner agree: 1. Occupancy Requirement. You agree and acknowledge that the City's acceptance of your participation in the Program and purchase of the home is conditioned upon your continuing occupancy of the home. For purposes of this agreement, continuing occupancy includes renting of the home bY the Owner to others if you have established a temporary residence outside Jackson County, Oregon. Any such rental, however, shall not exceed 24 months in any five year period. PAGE 1-RES.~LE RESTRICTION AGREEMENT PROMISSORY NOTE SECURED BY DEED OF TRUST $ /"J'oq~, ~'~ Ashland, Oregon,&n~' For value received, I promise to pay to the order of the City of Ashland, Oregon, ("City"), at City Hall or such other place as the City may designate, the principal sum of TOur -r~ou&~n,H /--),F Au.dr~l ~l;,t~'~ 7~ur( ,~.~($ 91&.q,-J, ~.ltl ). plus accrued interest. upon the terms and conditions set forth below. 1. AFFORDABLE HOUSING AGREEMENT. This obligation is secured by a Trust Deed and is subject to all the terms and conditions of such Trust Deed. This ob!igation is given pursuant to a "CITY OF ASHLAND AFFORDABLE HOUSING .RESALE RESTRICTION AGREEMENT (SDCs ONLY)" and is subject to all the terms and conditions of such agreement (fu, ~her referred to in this note as "the Agreement"). The promisor shall have the right to prepay all or any portion of the unpaid principal of this note without penalty. However, any payments shall be applied first to accumulated interest and then to principal. 2. INTEREST. The unpaid principal balance of this note shall bear simple interest at the rate of six percent (6.0%) per year from the date of this note until paid. 3. REPAYMENT. 3.1. During the first 20 years after this note is executed, no payments of either principal or interest shall be due or payable so long as I continue to own and occupy the home as my primary residence, and so long as I am not in violation of any of the terms of this note or the trust deed securing it. As set forth in the Agreement, I may also make a qualified transfer of the home to an eligible buyer who shall assume this note without violating the terms of this note. 3.2. During the first 20 years after this note is executed, the total amount of the' principal and accrued interest shall become immediately due and payable in full upon my transfer of the h~ne ~c~ shy F=r:c~ or ept~ other than an eligible buyer as defined in the Agreement or to an otherwise eligible buyer who does not assume this note and the trust deed securing it and agree to comply with all of its terms, or whenever I cease to occupy the home as my primary residence, or whenever I am in default for failure to comply with any of the terms of this note or the trust deed. At the end of 20 years following the date of execution of this note, if I am at that time the owner and occupier of the home and am not in default under any terms of this note or the trust deed, this note and my obligation to pay the principal and accrued interest shall be cancelled and forgiven by the City. 4. BINDING EFFECT: JOINT AND SEVERAL OBLIGATIONS. This note and its terms shall be binding upon my heirs, executors, administrators, personal representatives, successors, and assigns. Throughout this note, the terms "1," "me," and "my" refer PAGE 1 of 2-Promissory Note note immediately due and payable and enforce any of the remedies set forth in the trust deed. 12. Binding Effectl Throughout this Agreement, the terms "Owner" and "you" refer individually and collectively to all persons who sign this Agreement and all persons signing this Agreement shall be jointly and severally liable for its obligations. 13. Attorneys' fees. If either party is required to initiate legal proceedings to enforce its rights under this Agreement, the prevailing party in such action shall be entitled to an award of reasonable attorneys' fees and costs in addition to any other recovery under this Agreement. OWNER: State of Oregon County of Jackson CITY OF ASHLAND: This instrument was acknowledged before me on by _~0, V~L ~Y~. '~[. i'~0 and ; ' .~ --O-~FI~iA¥- SEAL :-i L. '~'~ DANA D MAUNOF · i~t~v/ NOTARY PUBLIC-OREGON · ""'~' COMMISSION NO. 044840 ',~ COMMISSION EXPIRES JULY25, 1999 State~of"D, ~yu~l County of Jackson · My commission expires: This inst'.ument was acknowledged before me o by ~,.--.;.71~'./'~C;-~ .t-~.c~_.L/" as. ~.Zz.~/. ~'~_~. '~--q~,,.~h.., of the City of Ashland, Oregon. " 6/ ' ' SON. A N AKERMAN NOTARY PUBLIC- OREGON_ COMMISSION NO. ~21~_ MY ~M~N ~R~ PAGE 5-RESALE RESTRICTION AGREEMENT