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ATTACHMENT A DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (BLB Resources, Inc.)

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ATTACHMENT A
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
FHA GOOD NEIGHBOR NEXT DOOR PROGRAM
NOTE
$______________________ ______________, 20___
________________________________________________________________________
(Property Address)
1. BORROWER’S PROMISE TO PAY
(a) For valuable consideration that I have received, I, the Borrower, promise to pay
the sum of U.S. $______________________ (this amount being called “principal”),
together with interest as computed below, to the order of the Secretary of Housing and
Urban Development (“Secretary”) or (“Lender”). The initial principal balance of this
Note is the difference between the list price and the discounted sales price of the property
at the address shown above (the “Property”).
(b) I understand that the Lender may transfer this Note. The Lender or anyone to
whom this Note is transferred and who is entitled to receive payment under this note is
hereafter called the “Note Holder.”
2. INTEREST
I will have no obligation to pay interest upon the principal of this note unless I am in
default under the terms of paragraph 5 below, in which case I will pay interest at the
United States Treasury’s current value of funds rate in effect on the date of default.
3. PAYMENTS
(a) No regular monthly payments will be due under this Note.
(b) The principal balance of the loan will be reduced over the 36 month Owner-
occupancy period, according to the following formula:
The principal shall be reduced by 1/36
th
on the last day of each month following the
occupancy start date of [insert date of commencement of Owner-occupancy
period -- thirty (30), ninety ( 90), or one hundred eighty (180) days after
closing] ________________.
(c) However, upon any default described under paragraph 5 of this Note, the principal
of the Note due and owing at the time of the default shall become immediately due and
payable.
(d) I will pay any amount that becomes due and payable under this Note to the Note
Holder at the address below, or at a different address if I am notified of a new address:
Address for payments and inquiries:
U.S. Department of Housing and Urban Development
National Servicing Center, Attn: GNND
Williams Center, Tower II
2 W. 2nd Street, Suite 400
Tulsa, OK 74103
Fax: (918) 292-8984
Toll free customer service no. for inquiries (including payoffs): (888) 297-8685
4. OWNER-OCCUPANCY TERM
I agree to own and live in the Property as my sole residence for a term of not less than
thirty-six (36) months, commencing on [insert date of commencement of Owner-
occupancy period -- thirty (30), ninety (90) or one hundred eighty days (180) days
after closing].
5. BORROWER’S FAILURE TO PAY AS REQUIRED
Default
I will be in default if:
(a) I cease to occupy the property as my sole residence prior to the end of the 36-
month Owner-occupancy period referred to in paragraph 4 of this Note, unless the Note
Holder expressly elects to waive this requirement for a specified period upon an
evaluation of the relevant facts and circumstances;
(b) I sell or transfer the Property prior to the end of the 36-month Owner-occupancy
period without the prior written consent of the Note Holder;
(c) I violate any provision of the first or second mortgages that I executed in
connection with the purchase of the Property through the Good Neighbor Next Door
Program (the “Program”);
(d) I violate or fail to fulfill any condition, requirement or continuing obligation
under the Program as set forth in applicable notices or regulations issued by the
Secretary;
(e) I falsely certify or fail to certify that I am occupying or will occupy the Property
as my sole residence for the 36 month Owner-occupancy term; or
(f) I give false or inaccurate information or statements to the Secretary (or fail to
provide the Secretary with material information) in connection with the second security
instrument (“mortgage”) securing payment of this Note or in connection with any first
note and mortgage, including, but not limited to, representations concerning my
occupancy of the Property as my sole residence.
6. NOTICE OF DEFAULT/ACCELERATION OF DEBT
If I am in default under paragraph 5, the Note Holder may send me a written notice
telling me that if I do not cure the default by a certain date, the Note Holder may require
me to pay immediately the full amount of the outstanding principal balance due under
this Note. The date of the cure must be no later than 30 days after the date on which the
notice is issued to me. Interest shall accrue on the principal as set forth in paragraph 2 of
this Note, as of the date of the default notice.
7. NO WAIVER BY NOTE HOLDER
Even if, at a time when I am in default, the Note Holder does not require me to pay in full
immediately and/or perform as described above, the Note Holder will still have the right
to do so if I am in default at a later time.
8. PAYMENT OF NOTE HOLDER’S COSTS AND EXPENSES
If the Note Holder requires me to pay immediately in full and/or perform as described
above, the Note Holder will have the right to collect from me for all of its costs and
expenses incurred in enforcing the provisions of this Note and its other rights to the
extent not prohibited by applicable law. These expenses may include reasonable
attorney’s fees.
9. GIVING OF NOTICES
(a) Any notice that must be given to me under this Note will be given by delivering
it, or by mailing it by first class mail, to me at the Property address above.
(b) Any notice that is to be given to the Note Holder under this Note will be given by
mailing it by first class mail to the Note Holder at the address stated in paragraph 3(d)
above or at a different address, if I am given notice of that different address.
10. WAIVERS
I waive the right of presentment. “Presentment” means presenting the note to the maker
and demanding payment of amounts due.
11. GOVERNING LAW; SEVERABILITY
The provisions of this Note shall be governed by Federal Law. In the event that any
provision or clause of this Note conflicts with applicable law, such provision shall not
affect other provisions of the Note, which can be given effect without the conflicting
provision. To this end, the provisions of this Note are declared to be severable. If any
provision of this Note, or the application thereof to any person, place or circumstance shall
be held by a court of competent jurisdiction to be invalid, unenforceable or void, the
remainder of this Note and other such provisions as applied to other persons, places and
circumstances shall remain in full force and effect.
WITNESS THE HAND(S) AND SEAL(S) OF THE UNDERSIGNED.
_______________________ __________________________
(Borrower) (Borrower)
[Include any required or customary form of authentication]
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ATTACHMENT A DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (BLB Resources, Inc.)

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Completed 9 February 2021

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