CITY OF REDONDO BEACH
DEFERRED PAYMENT LOAN PROGRAM
PROMISSORY NOTE SECURED BY DEED OF TRUST
(Suoersedes Promissory Note
Dated April 1, 2003)
Borrower Tia Milton
Loan No. DL 2001-1 1 Date Auoust 13. 2003
Executed at Redondo Beach. California
Sign Signed
Tia Milton
Dated Auoust 1 3. 2003 Dated
$ 44.800.00
FOR VALUE RECEIVED, the undersigned Borrower(s) promise(s) to pay to the order of the City of Redondo Beach, a public agency, with its principal office at 415 Diamond Street, Redondo Beach, California 90277 , the principal sum of FORTY-FOUR THOUSAND EIGHT HUNDRED Dollars ($ 44.800.00), together with interest lnterest on the principal amount shall accrue at a simple interest rate of four percent (4o/o) per year for ten years on the unpaid principal computed from the date the Deed of Trust is recorded.
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 law, or upon the death of the surviving signator of this Note. The Borrowe(s) shall pay in full the total principal amount loaned to the Borrowe(s), plus inlerest, as evidenced by this Note and the Deed of Trust.
This Note is given in consideration for a special Deferred Payment Loan by the City of Redondo Beach, the proceeds of which are from the City of Redondo Beach Redevelopment Agency's Low and Moderate lncome Housing Fund. This loan is made for the purpose of assisting in the rehabilitation of the Borrower's real property described in the oeed of Trust of this same date securing this Note. The city of Redondo Beach will not demand payment until the property subiect to the Deed of Trust is transferred or sold, whether voluntarily, involuntarily or by operation of law. The Borrower(s)shall not encumber the property with any lien that is recorded in a position senior to the loan evidenced by this Note. Borrowe(s) may repay the entire amount of the loan plus accrued interest at any time without penalty.
Payment shall be made in lawful money of the united states. should default be made in piyment when due and action is instituted on this Note, the undersigned promise(s) io pay all reasonable costs and expenses, including, but not limited to, reasonable attorney's fees.
This Note is secured by the Deed of Trust executed this date and covering the real property lherein described.
CALTFORNIA ALL.PURPOSE ACKNOWLEDGMENT
State ol Californra
County of Luf fri,l*va
On fiu6un l7,Vt7 before me 6rvt7 Y.turw 4,w,Wfrul lrwt" SS
personally appeared
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CATY YOSHIXO BYRO
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taotlry Public - C.lifornir
Lo. Ang.bt CounV
,I, Cqrrh E.tPirE AJg 0, 2C
gErsonally known to me
/groved to me on the basrs ot satrsfaclory
evidence
to be the person$ whose name(\) is/alrq
subscribed to the wrthin instrument and
acknowledged lo me that hc/she/tnUy executed
the same rn hieJheatiou authorized
capacrty(ibs), and that by \s/her/ttE{r
srgnature(u on the instrument the person(\. or
the entrty upon behalf of whrch lhe personN
acled. executed the instrument
WITN my hand and pfficial seal
OPTIONAL
fhough lhe nlofilahon Lrelow 6 not reguted by law. I n@y p@ve valuable to persons rclyng on the d@ument ancl couk! prevonl haudulenl romoval and reoltachmool ol lhts lom lo anolhet docufient Description of Attached Oocument
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Number ol Pages I
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Capacity(ies) Clair?ed b
Srqner s Name llA
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Title(s):
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Lrmrted General
Altorney rn Fact
Trustee
Guardran or Conservator
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$41 000 00 Borrower Tia Milton
Date April 1, 2003
FOR VALUE RECEIVED, the undersigned Borrowe(s) promise(s) to pay to the order of the City of Redondo Beach, a public agency, with its principal office at 415 Diamond Street, Redondo Beach, California 90277 , the principal sum of FORTY-ONE THOUSAND Dollars ($ 41.000.00), together with interest. lnterest on the principal amount shall accrue at a simple interest rate of four percent (4o/o) per year lor ten years on the unpaid principal computed from the date the Deed of Trust is recorded.
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 law, or upon the death of the surviving signator of this Note. The Borrowe(s) shall pay in full the total principal amount loaned to the Borrowe(s), plus interest, as evidenced by this Note and the Deed of Trust.
Signed
Tia Milton
This Note is given in consideration for a special Deferred Payment Loan by the City of Redondo Beach, the proceeds of which are from the City of Redondo Beach Redevelopment Agency's Low and Moderate lncome Housing Fund. This loan is made for the purpose of assisting in the rehabilitation of the Borrowe/s real property described in the Deed of Trust of this same date securing this Note. The City of Redondo Beach will not demand payment until the property subject to the Deed of Trust is transferred or sold, whether voluntarily, involuntarily or by operation of law. The Borrowe(s)shall not encumbei the property with any lien that is recorded in a position senior to the loan evidenced by this Note. Bonowe(s) may repay the entire amount of the loan plus accrued interest at any time without penalty.
Payment shall be made in lawful money of the United States' Should default be made in payment when due and action is instituted on this Note, the undersigned promise(s) to pay all reasonable costs and expenses, including, but not limited to, reasonable attorney's fees
This Note is secured by the Deed of Trust executed this date and covering the real property therein described.
Executed at Redondo Beach' California.
V"
Dated Aoril 1. 2003 Dated
Signed (b
CITY OF REDONDO BEACH
DEFERRED PAYMENT LOAN PROGRAM
PROMISSORY NOTE SECURED BY DEED OF TRUST
Loan No. DL 2001-1 1