DEE
$ 15,000.00 Redondo Beach, Ca'l ifornia
For value received, I/l,le promise to pay to the City of Pedondo Beach, or order, at Redondo Beach, Caiifornia, the sum 9f FIFTEEN THOUSAND AND NO Sr*':*i""
PROMIS\0RY NOTE SECURED BY
&. u
D OF TRUIT
MoRE (SI5 000.00 DoLLARS, with interest at the rnte of oh This simple interest loan shall not bear interest after ten years.
This note is payable, at the option of the holder, upon the sale or transfer of all or part of the property, which is secured by the Deed of Trust, whether voluntary, involuntary or by operation of iaw, or upon the death of the surviving signor of this note.
This note is given in consideration for a special Deferred Payment Loan by the City of Redondo Beach, the proceeds of which are from a Conrnunity Developmen! Block Grant designed to provide funds for rehabi litation of residential or income property. As such, the parties acknowledge a special relaiionship beth,een the parties. The City of Redondo Beach, in making this 'loan, follows the guidelines of HUD and cannot demand pay ent unti l the property subject to the Deed of Trust is transferred or soid, whether vo1 untarily, involuntarily or by operat'ion of 1aw.
Payment shalI be made in iawful rnoney of the United States. Should default be nnde .in payment when due and action is instituted on this note' the undersigned promises to pay such sums as the court may fix as attorney's fees. Th.i s note is secured by Deed of Trust to: UNITED STATES ESCRoW CoMPANY' a Cal ifornia Corporation as Trustee.
Dated
Da ted
S i gned
S i gned
DEFERRED PAYMENT L0AN (Interest-Bearing)
per annum.
D
Grrv op RppoND,o Bga,o:r:
Gazrpon^Yrrr
415 DIAMOND STREET
REDONOO BEACH, CALIFOBNIA 90277
AGREEMENT
DEFERRED PAYMSNT LOAN - INTEREST BEARING
The undersigned,
of the property
Gloria Anne spence
located at 2501 Curtis Avenue, Redondo Beach
do(es) hereby authorize the city of Redondo Beach to cause to be recorded as a Lien against subject ProPerty a Trust Deed securing a promissory note in the amount of $ 1000)
bearing interest at an Annual Percentaqe Rate of ,
in favor
The undersigned owner(s) affirrn that the berein referred to note and Deed of Trust are given in consideration for monies expended from the Conmunity Development Block Grant funds administered by the City of Redondo Beach for the rehabilitation of subject ProPerty.
Owner Or"n er
n,7-
Date Date
'Fj
D E PARTMENT OF
INTEFGOVERNMENTAL PROG BAMS
TELEPHONE
1213) 312.11'11
AS owNER ( s )
of the City of Redondo Beach. ?he note shall be due and payable at the time title is votuntarily transferred to alL or any part of the property described in the De6d of Trust executed in conjunction with this note to any person other than the Plesent record owners of the property, or upon the death of the last surviving sig:nor of this note who was, at the time of sigming, an eligible apPlicant for the Deferred Payment Io an Program.
DEPARTMENT OF
I NTERGOV ER NMENTAL PROGRAMS
TELEPHONE
1213) 372-1 171
415 OIAMONO STREET
BEOONDO BEACH, CALIFORNIA 90277
DISCLOSURE STATEMENT - TRUTH IN LENDING
DEFERRED PAYMEMI LOAN ( int er e st -B ear in g )
1. )
4. F INAIICE CHARGE ( the do11ar amount the credit will cost me) Borrower to pay apProPriate interest, plus principal,
depending on the year in which Joan becomes due:
Ist year
2nd
3rd
4th
5th
6th
7th
8rh
9rh
10rh
s Is,000.00
ONE
INTEREST CIIARGES
400.00 If the loan is REPArD during the s
s
s
s
c
s
C
rl
rl
lr
rl
2 3 600.00
6 000.00
7 200. 00
8 400.00
C
s f
S rz
9 600-00
80 .00
000 00
s 72-000-00
c
o
If the loan is rePaid at an
year, the maximum amount of
more than:
time after the tenth
interest shal-I be no
v
I
PREPAID PINANCE CHARGES: NONE
NONE Borrower may PrePaY all or anY
no penalties prior to transfer PREPAY},IXN? PENALTY:
portion of the amou
of said proPerty.
10. nt borrowed r^'i' th
AI.TNUAL PERCENTAGE RATE
AMOUNI FINANCED
TOTAL NUMBER OF PAYMENTS
INTERESI I 8 % Per year - simPle)
Grr-v oF RED,oND.o Bg.terr
Gaurr=oRsgu\
7. If you repay the loan after the tenth year, the
.
anoirnt of- iiterest ( finance charge) will remain the
same, but the annual Percentage rate will decrease'
DIIE DATE: The principal amount wil-l be paid, together with the accrued interest, at ltre time the ProPerty is sold or title transfers, or uPon the .death of the surviving signor of the note' REGUI,ATTON I Z I DISCLOSURE STATE}IENT (page 2)
SECURITY: Regardless of any other agreement now existing between you and me or between you and anyone e1se, as security for my obligati,ons under this loan, and any obligations of mine not subject to the Pederal Truth in Lending Act, the Property described below will secure my loan arrd perfortrance of my obligations ullde-r the Deed of Trust on the property, but wiLl not secure any other or future indebtedness f may have with you.
I am giving you a security interest in my house located at:
2501 Curtis Avenue
Redondo Beach California 9027A
JOINT AND SEIIERAL LIABILITY: If more than one Person signs this J-oan agreement, alL signors will be jointLy and severally liable.
You can waive or delay enforcing your rights as to one of us without affecting your ability to enforce your rights as to the rest of us.
ALso, you can release one of us from his or her obJ-igations without releasing any others. If f am married, f expressly agree that my separate property sha1l be l-iabl-e for all Pa)rments due under this loan agreement.
California Law Applicable: This agreement has been made in, and sha11 be governed by, the laws of the State of California.
SIGNATURE: I understand that this form and the accompanying Deed of Trust, Rider, and Promissory Note make up the agreement for ny 1oan. I have read and received a completed copy of the agreernent before signing it. By signing below, I realize that I am agireeing to all terms and conditions of the agreement.
Borrower f.s
Signature:
Name:
Borrower I s Name :
Sigrrature:
Date Sigaed: /a- 7. 'rg
Yvt"utn,-.-a-'
redondo BEACH
Community Services Department
Housing Authority
1922 Arlesia Boulevard
Redondo Beach, Calltomia 90278
www.redondo org
lel; 310 318-0635
fax 310 798-8463
August 2, 2023
Cardinal Escrow, lnc.
6615 E. Pacific Coast Highway, Suite 240
Long Beach, CA 90803
Attn: Kelly Unger Wirchak
Re: 0000063654-29
Dear Ms. Lee
PRINCIPAL LOAN AMOUNT $15,OOO.OO
MAXIMUM INTEREST IF PAID
AFTER THE TENTH YEAR $12,OOO.OO
TOTAL DUE $27,000.00
Please have a Cashier's Check made payable to: City of Redondo Beach City of Redondo Beach
Attn: Angelica Zavala, Housing Supervisor
Community Services Department
1922 Artesia Boulevard
Redondo Beach, CA 90278
lf you need additional information, please contact me at 310.697.3391 Since
Angelica Za la
Housing Supervisor
Community Services Department
Subject: Property Address 2501 Curtis Avenue, Redondo Beach, CA 90278 Deferred Payment Loan - lnterest Bearing
ln response to your request for loan payoff information on the above property, the loan principal due to the City of Redondo Beach as of 08-02-23 is indicated below:
Please mail payment to: