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Promissory Notes/H&H EnterprisesPROMISSORY NOTE August 8 , 1997 FOR VALUE RECEIVED, the undersigned, H & H Enterprises , 432 East Idaho, Kalispell, Montana 59901 (address), hereafter called "Builder", hereby promises to pay to the City of Kalispell, a Montana municipality, hereafter called "City," or to City°s order, at the office of Finance Department, P.O. Box 1997, Kalispell, MT 59903, or such other address as the City or its assigns shall direct in writing, the principal sum of Twelve thousand and no/100 Dollars ($12,000.00), in lawful money of the United States of America as hereafter set forth. 1. PURPOSE OF LOAN. The purpose of the loan is to provide assistance to the ultimate purchaser of the property, a person of low and moderate income, who is a "first time homebuyer" of the Property located at 11 Iris Court, Kalispell, Montana. 2. PAYMENT. No interest will be charged on the loan. The principal amount of this Note and any other amounts owing by the Builder to the City shall be due and payable in full upon: A. Sale or transfer of all or any portion of the property which secures this note to a person who is not of low or moderate income, and who is not a first time buyer; or B. Upon a default or breach under this Note or the trust indenture securing payment of this Note; 3. PREPAYMENT. Builder shall have the right to prepay the principal amount of the Note in whole or in part without penalty. In the event of prepayment in full, the amount payable by Builder shall be the remaining principal balance of the Note and other amounts owing under this Note. If prepayment in part, the amount of prepayment will be applied to the principal of the note. 4. SECURITY. This Note is secured by a trust indenture of even date herewith. 5. DEFAULT UNDER DEED OF TRUST, COVENANTS FOR OTHER RESTRICTIONS. Notwithstanding any other provisions of the Note, if default occurs in any of the covenants or agreements contained in the trust indenture securing the Note, the Note shall immediately become due and payable in full at the option of the City or its assigns. In the event the City exercises such option, the amount due and payable shall be the principal balance remaining on the Note and other amounts owing under this Note. 1 6- JOINT AND SEVERAL. The undersigned, if more than one, shall be jointly and severally liable hereunder. 7. ATTORNEY FEES. Should suit be commenced to collect on this Note, or any portion thereof, the holder of this Note shall be entitled to reasonable attorney's fees and court costs. 8. TIME. Time is of the essence hereof. 9. AMENDMENTS. This Note may be modified or amended by an instrument in writing expressing such intention executed by the City and its assigns and the "homebuyer" if assumed by a qualified homebuyer, which writing must be so firmly -attached to this Note so as to become a permanent part thereof. 10. SEVERABILITY. If any term or provision of the Note is illegal or invalid for any reason whatsoever, such illegality or invalidity shall not affect the validity and binding effect on the remainder of this Note upon the parties. 11. PLACE OF PAYMENT. Borrower will make payment of all amounts due under this Note to the City, at the address set forth above, or such other address as the City or its assigns may designate in writing. 12. BUILDER'S WAIVERS. Builder waives any rights to require the City to do certain things. Those things are: A. to demand payment of amounts due (known as "presentment"); B. to give notice that amounts due have not been paid (known as "notice of dishonor"); or C. to obtain an official certification of nonpayment (known as a "protest" 13. GIVING OF NOTICES. Any notice that must be given to the Builder under this Note will be given by delivering it personally to Builder or to person who may assume this obligation or by mailing certified mail addressed to Builder or the homebuyer at the property address above. Any notice to the City or its assigns under this Note will be given by mailing it certified mail to City or its assigns at the address stated above. A Notice will be mailed to the City or its assigns at a different address if Builder or Homebuyer is given a notice of that different address. H & H Enterprises ndy C. Heavers, Trustee K PROMISSORY NOTE August 8 , 1997 FOR VALUE RECEIVED, the undersigned, H & H Enterprises , 432 East Idaho, Kalispell, Montana 59901 (address), hereafter called "Builder", hereby promises to pay to the City of Kalispell, a Montana municipality, hereafter called "City," or to City's order, at the office of Finance Department, P.O. Box 1997, Kalispell, MT 59903, or such other address as the City or its assigns shall direct in writing, the principal sum of Ten thousand and no/100 Dollars ($10,000.00), in lawful money of the United States of America as hereafter set forth. 1. PURPOSE OF LOAN. The purpose of the loan is to provide assistance to the ultimate purchaser of the property, a person of low and moderate income, who is a "first time homebuyer" of the Property located at 9 Iris Court, Kalispell, Montana. 2. PAYMENT. No interest will be charged on the loan. The principal amount of this Note and any other amounts owing by the Builder to the City shall be due and payable in full upon: A. Sale or transfer of all or any portion of the property which secures this note to a person who is not of low or moderate income, and who is not a first time buyer; or B. Upon a default or breach under this Note or the trust indenture securing payment of this Note; 3. PREPAYMENT. Builder shall have the right to prepay the principal amount of the Note in whole or in part without penalty. In the event of prepayment in full, the amount payable by Builder shall be the remaining principal balance of the Note and other amounts owing under this Note. If prepayment in part, the amount of prepayment will be applied to the principal of the note. 4. SECURITY. This Note is secured by a trust indenture of even date herewith. 5. DEFAULT UNDER DEED OF TRUST, COVENANTS FOR OTHER RESTRICTIONS. Notwithstanding any other provisions of the Note, if default occurs in any of the covenants or agreements contained in the trust indenture securing the Note, the Note shall immediately become due and payable in full at the option of the City or its assigns. In the event the City exercises such option, the amount due and payable shall be the principal balance remaining on the Note and other amounts owing under this Note. 1 611 JOINT AND SEVERAL. The undersigned, if more than one, shall be jointly and severally liable hereunder. 7. ATTORNEY FEES. Should suit be commenced to collect on this Note, or any portion thereof, the holder of this Note shall be entitled to reasonable attorney's fees and court costs. 8. TIME. Time is of the essence hereof. 9. AMENDMENTS. This Note may be modified or amended by an instrument in writing expressing such intention executed by the City and its assigns and the "homebuyer" if assumed by a qualified homebuyer, which writing must be so firmly attached to this Note so as to become a permanent part thereof. 10. SEVERABILITY. If any term or provision of the Note is illegal or invalid for any reason whatsoever, such illegality or invalidity shall not affect the validity and binding effect on the remainder of this Note upon the parties. 11. PLACE OF PAYMENT. Borrower will make payment of all amounts due under this Note to the City, at the address set forth above, or such other address as the City or its assigns may designate in writing. 12. BUILDER'S WAIVERS. Builder waives any rights to require the City to do certain things. Those things are: A. to demand payment of amounts due (known as "presentment"); B. to give notice that amounts due have not been paid (known as "notice of dishonor"); or C. to obtain an official certification of nonpayment (known as a "protest" 13. GIVING OF NOTICES. Any notice that must be given to the Builder under this Note will be given by delivering it personally to Builder or to person who may assume this obligation or by mailing certified mail addressed to Builder or the homebuyer at the property address above. Any notice to the City or its assigns under this Note will be given by mailing it certified mail to. City or its assigns at the address stated above. A Notice will be mailed to the City or its assigns at a different address if Builder or Homebuyer is given a notice of that different address. H & H-E-nterprises y Beavers, Trustee PA July 2O, 1998 FOR VALUE RECEIVED, the undersigned, H & H Enterprises, 432 E. Idaho, Kalispell, Montana 59901, hereafter called "Builder," hereby promises to pay to the City of Kalispell, a Montana municipality, hereafter called "City," or to City's order, at the office of the Finance Department, P.O. Box 1997, Kalispell, Montana 59903, or such other address as the City or its assigns shall direct in writing, the principal sum of Ten thousand and no/100 Dollars ($10,000.00), in lawful money of the United States of America as hereafter set forth. 1. Purpose of Loan. The purpose of the loan is to provide assistance to the ultimate purchaser of the property, a person of low and moderate income, who is a "first time homebuyer" of the Property located at 15 Iris Court. 2. Payne. No interest will be charged on the loan. The principal amount of this Note and any other amounts owing by the Builder to the City shall be due and payable in full upon: A. Sale or transfer of all or any portion of the property which secures this Note to a person who is not of low or moderate income, and who is not a first time buyer; or B. Upon a default or breach under this Note or the trust indenture securing payment of this Note. 3. PRE_PAYMENT. Builder shall have the right to prepay the principal amount of the Note in whole or in part without penalty. In the event of prepayment in full, the amount payable by Builder shall be the remaining principal balance of the Note and other amounts owing under this Note. If prepayment in part, the amount of prepayment will be applied to the principal of the Note. 4. SRCURTTv. This Note is secured by a trust indenture of even date herewith. 5. TTaiTST,_�OV�NANTS FOR OTHER R ST T TTOJS. Notwithstanding any other provisions of the Note, if default occurs in any of the covenants or agreements contained in the trust indenture securing the Note, the Note shall immediately become due and payable in full at the option of the City or its assigns. In the event the City exercises such option, the amount due and payable shall be the principal balance remaining on the Note and other amounts owing under this Note. 6. JOINT AND SEVERAL. The undersigned, if more than one, shall be jointly and severally liable hereunder. 7. ATTORNF-Y FFTR. Should suit be commenced to collect on this Note, or any portion thereof, the holder of this Note shall be entitled to reasonable attorney's fees and court costs. 8. TIME. Time is of the essence hereof. 9. AMFXDMENT-S. This Note may be modified or amended by an instrument in writing expressing such intention executed by the City and its assigns and the "homebuyer" if assumed by a qualified homebuyer, which writing must be so firmly attached to this Note so as to become a permanent part thereof. 10. SENMRABI=. If any term or provision of the Note is illegal or invalid for any reason whatsoever, such illegality or invalidity shall not affect the validity and binding effect on the remainder of this Note upon the parties. 11. PLACE-OFPIUMNT. Borrower will make payment of all amounts due under this Note to the City, at the address set forth above, or such other address as the City or its assigns may designate in writing. 12. BUJ-LD�R'G wArt%EAS. Builder waives any rights to require the City to do certain things. Those things are: A. to demand payment of amounts due (known as "presentment"); B. to give notice that amounts due have not been paid (known as "notice of dishonor"); or C. to obtain an official certification of nonpayment (known as a "Protest"). 13. GIVING OF NOTICES. Any notice that must be given to the Builder under this Note shall be given by delivering it personally to Builder or to person who may assume this obligation or by mailing certified mail addressed to Builder or the homebuyer at the property address above. Any notice to the City or its assigns under this Note will be given by mailing it certified mail to City or its assigns at the address stated above. A Notice will be mailed to the City or its assigns at a different address if Builder or Homebuyer is given a notice of that different address.