Shared Appreciation Note - HUD共同欣赏注意平视显示器.docVIP

+ SHARED APPRECIATION Note _____________, 20____ [Property Address] [insert identifying number for administrative tracking of note] THIS NOTE (the “Note”) is given on ______________ ____, 20___ by and between [Borrower’s Name] (whether one or more person, hereinafter referred to as “Borrower”) and the Secretary of Housing and Urban Development, whose address is 451 Seventh Street, S.W., Washington, D.C., 20410 (hereinafter referred to as the “Lender”). RECITALS R1. The Borrower has chosen to participate in the HOPE for Homeowners program as established by Title IV of the Housing and Economic Recovery Act of 2008 (the “HOPE Program”). R2. As a participant in the HOPE Program, the Borrower has a Federal Housing Administration (FHA) insured first mortgage of even date herewith in the amount of ____________[Insert amount of the HOPE Mortgage] with _________________ [Insert First Lienholder Name] secured by the Property as defined herein (the “HOPE Mortgage”). R3. Pursuant to the terms and conditions of the HOPE Program, the Borrower shall grant the Lender an equity and appreciation interest in the Property by executing a Shared Equity Note, Shared Appreciation Note, Shared Equity Mortgage (the “SEM”) and Shared Appreciation Mortgage (the “SAM”) of even date herewith with the SEM and SAM to be secured by a second and third priority lien against the Property. NOW, THEREFORE, in exchange of good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged and the mutual covenants herein contained, the parties do hereby agree as follows: Borrower’s Promise to Pay. Upon any disposition of all or any part of the Property or any beneficial interest in the Property excluding sales to one or more persons where such person or persons are not a related party to the Borrower as defined in 24 CFR §4001.07 (the “Maturity Event”), the Borrower hereby promises to pay to the order of the Lender principal in the amount of fifty percent (50%)