ࡱ> WYVg KbjbjVV >Rr<r<VN,,,8dL<,#.$&&&YD?"A"A"A"A"A"A"$$j'Ze"e"&&"P3!3!3!F&&?"3!?"3!3!3!&`խ53!+"B#H#3!'$'3!'3!!^3!Le"e"Z#' :  NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS NEIGHBORHOOD STABILIZATION PROGRAM FORGIVABLE SECOND MORTGAGE NOTE $ FORMTEXT        FORMTEXT      , 201 FORMTEXT       Parties: FOR VALUE RECEIVED, the undersigned,  FORMTEXT       [Home Owner NAME] residing at  FORMTEXT       [Home Owner Address] (the "Borrower") promises to pay to the order of the  FORMTEXT      [New Jersey Department of Community Affairs, Division of Housing and Community Resources OR City/County] (the "Lender") at its principal office at  FORMTEXT       [Lender Address]or at such other place as may be designated in writing by the Lender, the sum of  FORMTEXT       DOLLARS ($ FORMTEXT      ) (the "Principal Sum"), pursuant to the terms below. Capitalized terms used but not defined herein shall have the meaning assigned to such terms in the Mortgage securing this Mortgage Note. The Borrower acknowledges that in consideration for the execution of this Note and the Mortgage securing this Mortgage Note, he/she has received consideration from the Lender, in the amount of the Principal Sum as agreed to by the Lender and Borrower, and as referenced in Grant Agreement No.  FORMTEXT      (the  Grant Agreement )between the Grantee and the New Jersey Department of Community Affairs, Division of Housing and Community Resources (the  DCA ). The Borrower further acknowledges that the Lender provided the Principal Sum to the Grantee pursuant to the Grant Agreement and in accordance with Title I of the Housing and Community Development Act of 1974, as amended, 24 CFR Part 570 of the regulations of the United States Department of Housing and Urban Development (HUD), as the same may be amended from time to time, Title III of Division B of the Housing and Economic Recovery Act of 2008 (P.L. 110-289) as amended by the American Recovery and Reinvestment Act of 2009 (P.L. 111-5), and 73 FR 58330 (October 6, 2008), and 24 CFR Part 92 of the regulations of the United States Department of Housing and Urban Development (the HOME Investment Partnerships Program) (NSP). Interest: No interest shall accrue on the Principal Sum due provided no incident of default has occurred. Should the Borrower be in default on any terms of this Note or contained within the Mortgage, the Principal Sum due at the time of the default shall bear interest at a rate equal to the yield rate on a 30 year U.S. Treasury bond until such occurrence of a default is cured, or said amounts are paid in full. Maturity of Note: The Anniversary Date (Anniversary Date or Anniversary) is the first day of the month following the issuance of a final certificate of occupancy for the Mortgaged Premises, that is ______[insert date]. This Mortgage Note shall mature on _______[insert date], if not sooner, according to the terms of this Mortgage Note and the Mortgage. Upon maturity, at the option of the Lender, the entire unpaid balance of the Principal Sum, together with all accrued interest thereon, shall become due and payable. It is expressly agreed that the entire balance of said Principal Sum, together with all accrued interest thereon, shall become due at the option of the Lender, its successors or assignees upon the happening of any default as described in the Mortgage. It is expressly agreed that the entire balance of said Principal Sum, together with all accrued interest thereon, shall become due at the option of the Lender, its successors or assignees upon the unapproved sale, transfer or refinancing of the Mortgaged Premises by the Borrower. Repayment: As long as the Borrower is not in default in the terms of this Mortgage or the Mortgage Note, no payments shall be due on account of principal or interest accrued. Should a payment become due, payment(s) should be made by check to Treasurer, ӣƵ and sent to: Fiscal Officer ӣƵ Department of Community Affairs 101 South Broad Street P.O. Box 806, 5th floor Trenton, NJ 08625-0806 OR City/County The Grant Agreement number must be included on the check. Forgiveness. Provided no event of default has occurred as set forth in the Mortgage or Mortgage Note, regardless of whether the Lender has exercised its remedies, commencing exactly six years from the Anniversary Date, and continuing through the termination of the Mortgage,  FORMTEXT      percent ( FORMTEXT      %) of the total principal due on the Mortgage and Mortgage Note will be forgiven annually on each succeeding Anniversary Date, until such time as the total amount due is satisfied. Late Penalty: At the Lender's option, it may assess a late penalty against the Borrower in the event the Borrower fails to make payments required pursuant to the Note and Mortgage within 30 days of the due date for any payment required pursuant to this Note. This late penalty shall not exceed 5% of the required payment. Mortgage as Security: This Mortgage Note is secured by a mortgage lien on certain premises and by other security as enumerated in the Mortgage (Mortgaged Premises). Subordination: The parties acknowledge that this Mortgage Note is subject only to the following mortgages securing the following principal amounts: MORTGAGEE PRINCIPAL AMOUNT  FORMTEXT        FORMTEXT       Other Terms and Conditions: All parties to this Mortgage Note, whether Borrower, principal, surety, guarantor or endorser, hereby waive presentment for payment, demand, protest, notice of protest, and notice of dishonor. This Mortgage Note is subject to assignment or endorsement by the Lender in accordance with the terms of the Mortgage. The obligations of the Borrower to make any payments required hereunder shall be absolute and unconditional without any defense or right of set off, counterclaim or recoupment by reason of any default by the Lender under the Mortgage or any other agreement between the Lender and the Borrower or out of any indebtedness or liability at any time owing to the Borrower by the Lender for any other reason. The Lender agrees, on behalf of itself and any future holder of this Mortgage Note and the Mortgage, that the liability of the Borrower, any general or limited partner or shareholder of the Borrower and their respective heirs, representativ\    " $ 8 : < F H R T V j l n x z ztdjh75h75CJU hHCJjth75h75CJUjh75CJUmHnHujh75h75CJU h75CJjh75CJU hJoCJh?Y5>*CJ\h2h25>*CJh7h75>*CJ hcCJ hM~8CJ h7XCJ h?YCJ h?YaJ$Z~ }M$Eƀfұ`a$gdzQ$`a$$ `a$$ Ha$$a$    * , < D F Z \ ^ h j l     $ & ᷱ籷|jV'j *h h75CJUmHnHu"jD *h h75CJU *h h75CJj *h h75CJU hM~8CJjh75h75CJU hHCJ hCJ *hhCJjh75CJUmHnHuj\h75h75CJU h75CJjh75CJU h?YCJh?Y5CJ\& L N b d f p r t 6 8 L N P Z \ ^ r t +,>NO|߯ߟ{njh?]h75CJU hS%KCJ h7XCJ hHCJ hECJ hZG!CJ hM~8CJjh75h75CJUj,h75h75CJUjh75CJUmHnHujh75h75CJU h75CJjh75CJU h?YCJ *h?]h?]CJ*  :R`r ,.8:|~Hy/2ھypgaWa *hTqhTqCJ hTqCJhZG!h?YCJhZG!h@T1CJ h@T1CJ hzQCJh?Y5CJ\h7Xh?YCJh7XhHCJ hS%KCJ h7XCJ hHCJ hECJ h?YCJh?]hHCJ$jh?]h75CJUmHnHujh?]h75CJUjh?]h75CJUh?]h75CJ"}~01./IJst` ]^"$ 2`0 p@P" %a$gd2 $`a$gd2$`a$$a$#*8FH$6IJLUVW &)t@AIJLƽ괫꥟ꕉymdmh25CJ\h2h25CJ\ h?]CJ *h?]h?]CJ *h?]h?YCJH* *h?]h?YCJ h2CJ hcCJh2h2CJh25\aJh?Y5CJ\hPDk5CJ\h@U5CJ\ hZDCJ h*CJ h6LCJ h?YCJ *hTqhTqCJ hTqCJ'@A!#$ 2`0p@ P !$`a$ $`a$gdPDkHC$Eƀұ``  -LWXbc   468BDrv>0 1 !3!!!!!۵՟۵񓍄xr hgCJHh3hhCJh?Y5CJ\ h?YCJ h2aJ hhCJjh75h75CJU hrpCJjh75CJUmHnHujh75h75CJU h75CJjh75CJU hoCJ hFnhCJh2h2CJ h2CJ,!!!!"""V#X#Z#$$%%&&CC#$ 2`0p@ P !$`a$#$ 2`0p@ P !$`a$$ 2`0p@ P !$a$!!!" """"""""### #"#.#0#D#F#H#R#T#V#X#Z##'@CCCCDDDDDDDDԴޤԴ~tm h?Y5CJhch?Y5CJ h4CJ hXCJ hcCJUh?Y5CJ\h h4CJjh h CJUjh CJUmHnHujvh h CJUjh CJU h CJ h?Y>*CJh?Y6CJ] hgCJ h?YCJ)es, successors and assigns, for the payment and performance of its obligations hereunder and thereunder, shall be limited to the collateral pledged under the Mortgage and that the Lender shall have no right to seek a personal judgment against the Borrower, any general or limited partner or shareholder of the Borrower or their respective heirs, representatives, successors and assigns, individually, but shall look only to such collateral for the payment and performance of such obligations; provided, however, that the Lender shall retain the right to exercise any and all remedies granted to it under the Mortgage. The foregoing limitation of liability shall not apply to any party to the extent such party has committed fraudulent, criminal or other unlawful acts. This Mortgage Note and all rights, duties, obligations and interests arising hereunder shall bind and inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors and permitted assigns. IN WITNESS WHEREOF, the Borrower has caused this Mortgage Note to be executed by its duly authorized representatives on the date first set forth above. BORROWER: ATTEST: ______________________________ ____________________________________ By:  FORMTEXT CCCCCCDDDDDDDDDEJJLJ#$ 2`0p@ P !$`a$$ 2`0p@ P !$a$#$ 2`0p@ P !$`a$DDEEEEFJ J JHJJJJJJJJJJKK K"K$Kܾґܪ}iZKG?jhv_Uh?Yh?Yhr5CJcHdh3h?Yhr5CJcHdh3&hch?Yhr55CJcHdh3&hch?Yh`jw5CJcHdh3"jhch 5CJU h |5CJ'jhch 5CJUmHnHuU"jbhch 5CJUhch 5CJjhch 5CJUhch?Y5CJhchX/5CJ      By: ____________________________________ By:  FORMTEXT           NSPForgivableSecondMtgNote052011  PAGE \* MERGEFORMAT 3 LJNJPJJKKK K"K&K(K,K.K2K4K8K:K|K~KKK$a$gd`jw"$ 2`0p@ P !$a$gd`jw$ 2`0p@ P !$a$$K(K*K.K0K4K6K:KKKKKKKKKKKκh?Y'jHh4hJoUmHnHuh4mHnHuHh4hJojHh4hJoUhJojhv_Uhv_KKKKK"$ 2`0p@ P !$a$gd`jw< 00PBP/ N!"#`$% DptDText1tDText2tDText3tDText4tDText5tDText6tDText7tDText8tDText9vDText10vDText13vDText14vDText15vDText16vDText17vDText18^ 002 0@P`p2( 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p8XV~_HmH nH sH tH H`H Normal1$7$8$H$_HaJmH sH tH DA D Default Paragraph FontViV  Table Normal :V 44 la (k (No List <& < Footnote ReferenceC@ Body Text IndentE$ 2`0p@ P !$^a$ B*CJphR@ Body Text Indent 2E$ 2`0p@ P !$`a$CJH@"H M~8 Balloon TextCJOJQJ^JaJB'`1B !qComment ReferenceCJaJ8@B8 !q Comment TextaJ@j@AB@ !qComment Subject5\4@b4 `jw0Header  H$2oq2 `jw0 Header CharaJ4 @4 `jw0Footer  H$2o2 `jw0 Footer CharaJPK![Content_Types].xmlN0EH-J@%ǎǢ|ș$زULTB l,3;rØJB+$G]7O٭V$ !)O^rC$y@/yH*񄴽)޵߻UDb`}"qۋJחX^)I`nEp)liV[]1M<OP6r=zgbIguSebORD۫qu gZo~ٺlAplxpT0+[}`jzAV2Fi@qv֬5\|ʜ̭NleXdsjcs7f W+Ն7`g ȘJj|h(KD- dXiJ؇(x$( :;˹! I_TS 1?E??ZBΪmU/?~xY'y5g&΋/ɋ>GMGeD3Vq%'#q$8K)fw9:ĵ x}rxwr:\TZaG*y8IjbRc|XŻǿI u3KGnD1NIBs RuK>V.EL+M2#'fi ~V vl{u8zH *:(W☕ ~JTe\O*tHGHY}KNP*ݾ˦TѼ9/#A7qZ$*c?qUnwN%Oi4 =3N)cbJ uV4(Tn 7_?m-ٛ{UBwznʜ"Z xJZp; {/<P;,)''KQk5qpN8KGbe Sd̛\17 pa>SR! 3K4'+rzQ TTIIvt]Kc⫲K#v5+|D~O@%\w_nN[L9KqgVhn R!y+Un;*&/HrT >>\ t=.Tġ S; Z~!P9giCڧ!# B,;X=ۻ,I2UWV9$lk=Aj;{AP79|s*Y;̠[MCۿhf]o{oY=1kyVV5E8Vk+֜\80X4D)!!?*|fv u"xA@T_q64)kڬuV7 t '%;i9s9x,ڎ-45xd8?ǘd/Y|t &LILJ`& -Gt/PK! ѐ'theme/theme/_rels/themeManager.xml.relsM 0wooӺ&݈Э5 6?$Q ,.aic21h:qm@RN;d`o7gK(M&$R(.1r'JЊT8V"AȻHu}|$b{P8g/]QAsم(#L[PK-![Content_Types].xmlPK-!֧6 0_rels/.relsPK-!kytheme/theme/themeManager.xmlPK-!0C)theme/theme/theme1.xmlPK-! ѐ' theme/theme/_rels/themeManager.xml.relsPK] R  //MMMP & !D$KK$'}!CLJKK#&(x".4&28$*4@F'39FFFFFFFFFFFFFFFF/GIP!8@0(  B S  ?Text1Text2Text3Text4Text5Text6Text7Text8Text9Text10Text13Text14Text15Text16Text17Text18y#'5( 59+G: ?6N?6N?6N?6N?6N?6N?6N?6N?6NAooD>*urn:schemas-microsoft-com:office:smarttags PostalCode:*urn:schemas-microsoft-com:office:smarttagsStreet;*urn:schemas-microsoft-com:office:smarttagsaddress9*urn:schemas-microsoft-com:office:smarttagsState8 *urn:schemas-microsoft-com:office:smarttagsCity9 *urn:schemas-microsoft-com:office:smarttagsplace? *urn:schemas-microsoft-com:office:smarttags stockticker  VXY[\^_ab MY<=VXY[\^_ab3333333stx"5&9+4G88;<!UVbstx"5&9+4G88;<!UVXY[\^_ab876L75g ZG!@T1r58M~8I:vj@:C[ES%KzQ@UX7X?Yv_hFnhPDk69m?=m!qTq`jw |2co23 7rpJoX/*04*2 E?]rW }9tJ^I+HZD{VX@<<<<%%%% @$@@@"H@@JUnknownDitmars, Linda Robert.WrightG*Ax Times New Roman5Symbol3. *Cx Arial5. .[`)TahomaA$BCambria Math" h٢Ӣ&77! xx2GG3q HX ?U @U2!xx  rmontemoreDitmars, LindaOh+'08x    (0 rmontemoreNormalDitmars, Linda7Microsoft Office Word@dN@J>@7@3՜.+,0 hp   Department of Community Affairs7G  Title  !"#$%&'()+,-./013456789:;<=>?@ABCDEGHIJKLMOPQRSTUXRoot Entry F 5ZData *1Table2'WordDocument>RSummaryInformation(FDocumentSummaryInformation8NCompObjr  F Microsoft Word 97-2003 Document MSWordDocWord.Document.89q