ࡱ> @B?#` bjbj .*!W```t84H,t!!!9;;;;;;$ph\_`"!_itj8`99H`t &T904 4 4 `8!^LO>!!!__^!!!tttD Dtttttt APPENDIX P FORM OF RECAPTURE MORTGAGE NOTE FOR UHORP AND MONI UNITS, REQUIRED BY SECTION 5:80-26.5(c) ǿ޴ýapp Department of Community Affairs Housing and Mortgage Finance Agency Recapture Mortgage Note  SHAPE \* MERGEFORMAT  In Connection With Payment of Amounts Due Upon First Non-Exempt Sale After Expiration of Control Period THIS NOTE is dated as of ____________________. For value received _______________________ (referred to Owner) promises to pay to The New Jersey Housing and Mortgage Finance Agency, which has its principal offices at 637 South Clinton Avenue, Trenton, NJ 08650-2085 (the Agency), the amounts specified in this Note and promises to abide by the terms contained below. Article 1. REPAYMENT MORTGAGE As security for the payment of amounts due under this Note and the performance of all promises contained in this Note, the Owner is giving the Agency a Repayment Mortgage To Secure Payment of Amounts Due Upon First Non-Exempt Sale After Expiration of Control Period (the MORTGAGE), dated ___________________, of the property described below (the PROPERTY). The Mortgage covers real estate owned by the Owner. The Mortgage will not be subordinate, and will not be subordinated by the Agency, to any mortgage, refinancing, equity loan, secured letter of credit, or any other obligation secured by the Property, except with respect to (a) any such obligation which was duly recorded prior to the recording hereof, and (b) any such obligation which, when added to all other such obligations recorded against the Property, shall result in total debt secured by the Property being an amount less than the maximum resale price (MRP) that would be applicable were the Control Period still in effect, as those terms are defined in Article 2 of the Mortgage. Article 2. OWNERS PROMISE TO PAY AND OTHER TERMS Upon the first non-exempt sale of the Property after the date of this Note, the Owner, or the heir, successor or assignee of the Owner then selling the Property, shall pay the sum of $[insert amount determined pursuant to N.J.A.C. 5:80-26.5(c)] to the Agency. The obligation evidenced by this note shall not accrue interest. Article 3. PROPERTY DESCRIPTION All of the land and improvements thereon located in the municipality of __________ in the County of _______________, ǿ޴ýapp, described more specifically as Block No. ____ Lot No.____, and known by the street address: ______________________________. Article 4. WAIVER OF FORMAL ACTS The Owner waives its right to require the Agency to do any of the following before enforcing its rights under this Note: 1. To demand payment of amount due (known as Presentment). 2. To give notice that amounts due have not been paid (known as Notice of Dishonor). 3. To obtain an official certificate of nonpayment (known as Protest). Article 5. RESPONSIBILITY UNDER NOTE All Owners signing this Note are jointly and individually obligated to pay the amounts due and to abide by the terms under this Note. The Agency may enforce this Note against any one or more of the Owners or against all Owners together. The Owner agrees to the terms of this Note by signing below. ACKNOWLEDGEMENT Owner acknowledges receipt of a true copy of the Mortgage and this Note at no charge. Dated: ATTEST: _________________________________ Signature (Owner) _________________________________ Signature (CoOwner) STATE OF NEW JERSEY ) ) ss.: COUNTY OF ___________ ) On this the day of , 20__ before me came _______________________, who acknowledges and makes proof to my satisfaction that she is the Owner named within this Note, and that she has executed said Note for the purposes set forth therein, sworn to and subscribed by her in my presence on this date. Sworn to and subscribed before me this the _______ day of ________________ , 20__. __________________________________________ A Notary Public/Attorney of the ǿ޴ýapp     updated June 2007 DEED-RESTRICTED AFFORDABLE HOUSING UNIT WITH RESTRICTIONS ON RESALE AND REFINANCING   gh|_ l n o  V ^ w x PQ68^_ʶޤޝޝޝޝޝޝޝޝޝޝޝhrh%=NCJhrh%=NCJ\ hrh%=N h48b5jh48bh48bU\jh48bU\mHnHu h48b\jh48bU\hrh%=N5CJhrh%=N\hrh%=N5 h%=N5CJ h%=N\ h%=N54  gh|! < _ ` a b $ , @ P da$$a$$a$dh$a$ H4PQ^_  ^`` $ / @ P da$$ , @ P da$_78^_MNgdr$ , @ P da$  $ / @ P da$$$ / @ P d^a$x   [{ $d`a$ $@ d`@ a$$da$#$ , @ P d`a$"$ , @ P da$gdr$ , @ P da$#<VWZw(+/0234a h48b>*CJ h48bCJ hj>]h48bhE9#hjhU hrhr hrh%=Nhr[\]1234gd48bgd48bgdE9#$da$,1h/ =!"#$% Dd$8D  3 @@"?@@@ NormalCJ_HaJmH sH tH F@F Heading 1$$d@&a$5\J@J Heading 2$$d@&a$ 5CJ\H@H Heading 3$$ H@&a$5\DA@D Default Paragraph FontVi@V  Table Normal :V 44 la (k(No List `$@` Envelope Address!@ &+D/^@ ^JVC@V Body Text Indent0d^`0CJ2>@2 Title$a$5\4@"4 Header  !4 @24 Footer  !4B@B4 Body Text$a$VVY* gh|!<_`abPQ ^ _ 7 8 ^ _ M N  x   [\]1240000000000(0(0(000000000000000000000000000000000000000000000000000000000000000h0000h0000h0000h0000@0@000 00000 gh|!<_`ab14j00j00j00j00j00j00h00h00h00h00j00j00j00j00j00j00j00j00j00j00j00 00%@0 00#j00 00 # _[_8@ (    c $@@p S"`? B S  ?$8t 1,1$1l21*1Ԓ$1$1쮬1$1 $qq77  {{;; 9*urn:schemas-microsoft-com:office:smarttagsState8*urn:schemas-microsoft-com:office:smarttagsCity9 *urn:schemas-microsoft-com:office:smarttagsplace>*urn:schemas-microsoft-com:office:smarttags PersonName p1(    34 # 8 B &34333333333 # # < w (+/0434%6CE9#%=Nj>]48br@P(P@UnknownGz Times New Roman5Symbol3& z Arial"1h&Ff f #4d  ;2QHX ?r2 APPENDIX PhmahaleyldegrawOh+'0t  0 < HT\dl APPENDIX P hmahaleyNormalldegraw5Microsoft Office Word@@8C- @f ՜.+,0 hp  NJHMFA   APPENDIX P Title  !"#$%&'()*+,-.012345689:;<=>ARoot Entry FoVCData 1Table4 WordDocument.*SummaryInformation(/DocumentSummaryInformation87CompObjq  FMicrosoft Office Word Document MSWordDocWord.Document.89q