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HomeMy WebLinkAbout2007-295 Promissory Note - Stahlman/Newman When Recorded Return Original to: Barbara Christensen, City Recorder 20 East Main Street, Ashland, Oregon 97520 PROMISSORY NOTE SECURED BY DEED OF TRUST $9732.53 , Ashland, Oregon, DeceDmer 3 ,2007 For value received in the amount of Nine Thousand Seven Hundred Thirty Two dollars and rlfty three cents ($9732.53) relating to the City of Ashland waiver of System Development Charges, Engineering Fees and Community Development Fees, and in compliance with Community Development Block Grant used to acquire the property, I promise to retain the designated housing unit as affordable under Ashland's Affordable Housing Program for a period of not less than 30 years. 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 obligation is given pursuant to a "CITY OF ASHLAND AFFORDABLE HOUSING RESALE RESTRICTION COVENANT" and is subject to all the terms and conditions of such covenant (further referred to in this note as "the Covenanf'). The promisor shall not have the right to repay any portion of the unpaid principal of this note to eliminate the affordability restrictions in whole or in part 2. 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 "I," "me," and "my"referindividually and collectively to all persons who sign this note, and all persons signing this note shall be jointly and severally liable for its obligations. 2. A TIORNEY FEES AND COSTS. If either party is required to initiate legal proceedings to enforce its rights under this Covenant, 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 Covenant. 4. SEVERABILITY: GOVERNING LAW. If any provision of this note is or becomes inconsistent with any applicable present or future law, rule or regulation, such provision will be deemed rescinded or modified in order to comply with the relevant law rule or regulation, and all other provisions of this note shall continue in full force and effect. This note shall be governed by and interpreted under the laws of the State of Oregon. 5. NO WAIVER. Failure by the City to require strict performance of any term of this note, including the extension of any payment or acceptance of any part of a payment, shall not affect the City's rights or be considered a waiver by the City of the strict performance of all conditions of this note. No waiver by the City of any default shall be considered a waiver of any subsequent default or a waiver of this paragraph. EXECUTED this &. day of or:en)6e-r NOllCE TO BUYER: THIS DOCUMENT CONTAINS PROVISIONS RESTRICTING RESALES AND ASSUMPll0NS. ,2007 Own~, SI9nalu~.. ~<tJ '. a&4~ Order No. 44g0445287 "EXHIBIT A" Lot Two (2), TERRACE COURT, a Planned Unit Development in the City of Ashland, Jackson County, Oregon, according to the official plat thereof, recorded in Volume 33, Page 65, Plat Records.