CITY OF REDONDO BEACH
DEFERRED PAYMENT LOAN PROGRAM
PROMISSORY NOTE SECURED BY DEED OF TRUST
(Supersedes Promissory Note
Dated December 5, 2002)
$_5,444.00 Borrower: Joseph J. Murrin
Borrower: Clara Murrin
Loan No. DL 2000-8 Date: March 12, 2003
FOR VALUE RECEIVED, the undersigned Borrowers) promises) 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_Five Thousand Four Hundred Forty-Four _Dollars ($5,444.00), together with interest. Interest on the principal amount shall accrue at a simple interest rate of four percent (4%) 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 Borrowers) shall pay in full the total principal amount loaned to the Borrowers), plus interest, 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 Income Housing Fund. This loan is made for the purpose of assisting in the rehabilitation of the Borrower'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 Borrower (s)shall not encumber the property with any lien that is recorded in a position senior to the loan evidenced by this Note. Borrowers) 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 promises) 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.
murrin Pulle
Signed 6 Signed
Joseph J. Murrin Clara Murril
Dated_March 12, 2003 Dated_March 12, 2003