U.S. Department of Housing
Promissory Note
and Urban Development
Office of Housing
Federal Housing Commissioner
For Value Received, on or before
* years from the date hereof, the undersigned promises to pay to:
the sum of
Dollars ($
), payable at
0.00%
with interest on any remaining balance of principal at
per cent (
% )
per annum payable annually, commencing
, 20
, and thereafter
on the first day of
, until the entire indebtedness has been paid. Any interest
not so paid shall not create any default in the terms of this note but shall accrue and be payable in full at the date of maturity
thereof. In any event, the balance of principal, if any, remaining
unpaid, plus accrued interest, shall be due and payable on
, 20
.
It is a condition of this note that the maker hereof may pay any amount or all of the principal of this note at any interest paying
date, but no such prepayment of principal in any amount or any payment of interest shall be made except from non-project
revenue or from surplus cash as such term is defined, and in accordance with the conditions prescribed, in that certain
Regulatory Agreement between the makerand the U.S.Department of Housing and Urban Development
dated
, 20
.
The undersigned hereby waives presentment, demand, protest and notice of demand, protest and nonpayment of this note.
Dated at
, this
day of
, 20
.
*
Maturity shall be at or after maturity of the mortgage.
Mortgagor's Name:
By: (Name, title, & signature of the mortgagor's authorized representative)
X
form HUD-92223 (1/95)
ref Handbook 4470.1