93432-CA Capital Advance Program Mortgage Note

Capital Advance Program
Mortgage Note

U.S. Department of Housing
and Urban Development
Office of Housing
Federal Housing Commissioner

Supportive Housing under Section 202 of the Housing Act of 1959
or Section 811 of the National Affordable Housing Act of 1990
Project Number

OMB Approval No. 2502-0470
(Expires 5/31/2010)

Project Name

Location

Date

Maturity Date

$

(Maximum)

For Value Received, the undersigned Owner promises to pay to the order of the Secretary of Housing and Urban Development (HUD) the
maximum principal sum of ____________________________________________________ Dollars ($ ______________________ ),
or such lesser amount as shall be endorsed on this instrument by HUD. This Note shall bear no interest and repayment is not required
so long as the housing remains available for very low-income elderly persons or very low-income persons with disabilities (whichever
is applicable) in accordance with Section 202 of the Housing Act 1959 or Section 811 of the National Affordable Housing Act of 1990
(whichever is applicable), the Regulatory Agreement and Regulations.
The debt evidenced by this Note may not be prepaid prior to the maturity date hereof without the prior written approval of HUD.
Provided that (1) the housing has remained available for occupancy by eligible families until the maturity date of the Note, and (2)
the Note has not otherwise become due and payable by reason of defaults under the Note, Mortgage or Regulatory Agreement, on that
date the Note shall be deemed to be paid and discharged.
If default be made by the Owner under the terms of this Note, Mortgage, the Regulatory Agreement or the Regulations, at the option
of the holder of this Note, the entire principal sum shall at once become due and payable without notice. Interest per annum at a rate
equal _____________ , shall be payable on demand with respect to the payment of principal upon default. Failure to exercise this option
shall not constitute a waiver of the right to exercise the same in the event of any subsequent default. In the event of default if payment
is collected by an attorney at law, the undersigned hereby agrees to pay all costs of collection including reasonable attorney's fee.
All parties of this Note hereby waive presentment for payment, demand, protest, notice of protest, and notice of dishonor.
In Witness Whereof, the Owner Corporation named below has caused this Note to be executed in its named and under its corporate
seal by its duly authorized officers as the date shown above.
Corporate Seal

(Name of Owner Corporation)

By (President)
Attest By (Secretary)

I hereby certify that this is the Note described in and secured by a mortgage (deed of trust) and use agreement of even date herewith
and in the same principal amount is herein stated on real estate in the County of ________________________________________ ,
State of ____________________________________ . Dated this ___________ day of ________________________ , 19 _______ .
Notary Public

My commission expires

Endorsement for the Reduction of Principal

The face amount of the within Note is hereby reduced to the principal sum of _____________________________________ Dollars
($ _________________________________ ).
By (Authorized Agent)

The Secretary of Housing and Urban Development

form HUD-93432-CA (12/22/2005)
ref. Handbooks 4571.4 & 4571.5