shared appreciation note - hud共同欣赏注意平视显示器

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1、+SHAREDAPPRECIATIONNOTE_____________,20____[PropertyAddress][insertidentifyingnumberforadministrativetrackingofnote]THISNOTE(the“Note”)isgivenon__________________,20___byandbetween[Borrower’sName](whetheroneormoreperson,hereinafterreferredtoas“Borrower”)andtheSecretaryofHousingandUrbanDeve

2、lopment,whoseaddressis451SeventhStreet,S.W.,Washington,D.C.,20410(hereinafterreferredtoasthe“Lender”).RECITALSR1.TheBorrowerhaschosentoparticipateintheHOPEforHomeownersprogramasestablishedbyTitleIVoftheHousingandEconomicRecoveryActof2008(the“HOPEProgram”).R2.AsaparticipantintheHOPEProgram,

3、theBorrowerhasaFederalHousingAdministration(FHA)insuredfirstmortgageofevendateherewithintheamountof____________[InsertamountoftheHOPEMortgage]with_________________[InsertFirstLienholderName]securedbythePropertyasdefinedherein(the“HOPEMortgage”).R3.PursuanttothetermsandconditionsoftheHOPEPr

4、ogram,theBorrowershallgranttheLenderanequityandappreciationinterestinthePropertybyexecutingaSharedEquityNote,SharedAppreciationNote,SharedEquityMortgage(the“SEM”)andSharedAppreciationMortgage(the“SAM”)ofevendateherewithwiththeSEMandSAMtobesecuredbyasecondandthirdprioritylienagainstthePrope

5、rty.NOW,THEREFORE,inexchangeofgoodandvaluableconsideration,thereceiptandlegalsufficiencyofwhichareherebyacknowledgedandthemutualcovenantshereincontained,thepartiesdoherebyagreeasfollows:1.Borrower’sPromisetoPay.UponanydispositionofalloranypartofthePropertyoranybeneficialinterestintheProper

6、tyexcludingsalestooneormorepersonswheresuchpersonorpersonsarenotarelatedpartytotheBorrowerasdefinedin24CFR§4001.07(the“MaturityEvent”),theBorrowerherebypromisestopaytotheorderoftheLenderprincipalintheamountoffiftypercent(50%)oftheappreciationofthePropertywithappreciationbeingequivalenttoth

7、eappraisedvalueatthetimeoftheMaturityEventlessCapitalImprovements(asdefinedbelow)lesstheappraisedvalueofthePropertyatthedatetheHOPEMortgagebecomesFHA-insured(the“DateofInsurance”)UponasaleofalloranypartofthePropertyoranybeneficialinterestinthePropertytooneormo