200102902 - Laserfiche WebLink

Browse

200102902 NOTE SECURED BY DEED OF TRUST The undersigned, CALIXTRO VAZQUEZ and SOCORRO VAZQUEZ, husband and wife (Borrowers), promise to pay to the CITY OF GRAND ISLAND, a municipal corporation (Lender), the principal sum of Sixteen Thousand Dollars ($16,000.00) or such sum as is due and unpaid in accordance with the terms of this note if the borrowers sell the real estate secured by the Deed of Trust executed contemporaneously with this note at any time prior to full maturity. The terms and conditions of repayment of this note are as follows: 1. This note shall be due on April 3, 2011, or the date on which the Borrowers execute a deed, contract or other instrument which conveys or agree to convey title to the real estate secured by the aforementioned Deed of Trust, whichever occurs earlier. 2. For so long as the Borrowers own the real estate secured by the contemporaneously executed Deed of Trust, 10% of the indebtness stated above shall be deemed satisfied in full on each anniversary of this note until April 3, 2011, at which time this note shall be satisfied in full and the Deed of Trust released and reconveyed. 3. This note shall bear no interest or penalties other than the contingent obligation for repayment by the Borrowers to the Lender noted above. This note shall be secured by a contemporaneously executed Deed of Trust from the Borrowers to the Lender and the Lender shall be entitled to the benefit of the security described therein in accordance with the laws of the State of Nebraska as part of the Lender's Down Payment Assistance Program. The Borrowers do hereby waive demand, notice and protest or any defense arising by reason of extension of time, release of collateral or other indulgence granted by the Lender. Dated: April 3, 2001 Calixtro VazqGez, Bo o er Socorro Vazquez, Borro