Common Contracts
1 similar Promissory Note contracts
PROMISSORY NOTE SECURED BY DEED OF TRUSTPromissory Note • May 18th, 2023 • California
FOR VALUE RECEIVED, TRIPOLI CIC, LP, a California limited partnership, with its principal office at c/o Chelsea Investment Corporation, 6339 Paseo Del Lago, Carlsbad, CA 92011, Attention: Cheri Hoffman (“Borrower”), hereby promises to pay to the order of the City Thirteen Million Five Hundred Sixty Eight Thousand Eight Hundred and Fifty Dollars ($13,568,850) or so much, not to exceed this amount, as may be advanced by Lender to Borrower (the “Loan”) pursuant to that certain Affordable Housing Loan Agreement dated the date hereof, by and between Borrower and Lender (the “Loan Agreement”). The obligation of Borrower and Lender with respect to all such advances is subject to the terms of: (a) the Loan Agreement; (b) this Note; (c) the Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (“Deed of Trust”); and Regulatory Agreement recorded on the real property located in the City of Coachella, Riverside County, California and more particularly described in the Deed of
