RESOLUTION 19-021 RE RICHARD A. FISHER PROMISSORY NOTE.PDF

Authentisign Authentisign ID: ID: D0122E04-88BE-40D5-B08D-369EEB3C00A2 D0122E04-88BE-40D5-B08D-369EEB3C00A2
Arizona Association of REALTORS
Document updated:
ADDENDUM 2
June 1993
The pre-printed portion of this form has been drafted by the Arizona Association of REALTORS®.
Any change in the pre-printed language of this form must be made in a prominent manner.
No representations are made as to the legal validity, adequacy and/or effects of any provision,
including tax consequences thereof. If you desire legal, tax or other professional advice, please
REAL SOLUTIONS. REALTOR® SUCCESS consult your attorney, tax advisor or professional consultant.
1. This is an addendum originated by the: Seller Buyer Landlord Tenant.
2. This is an addendum to the Contract dated 08/02/2019 between the following Parties:
MO/DA/YR
3. Seller/Landlord: MARICOPA COUNTY HOUSING AUTHORITY
4. Buyer/Tenant: Richard A. Fisher
5. Premises: 13204 W Maryland Ave Litchfield Park AZ 85340
6. The following additional terms and conditions are hereby included as a part of the Contract between Seller and Buyer for the above referenced Premises:
7. Purchase price shall be $195,000
8. Loan amount shall be $165,000
9. Seller carry back shall be $30,000 (0% interest)
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Sale contingent upon approval by HUD and Maricopa County
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12. Close of escrow to be October 10,2019
13. Buyer broker commission to be based on $165,000
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42. The undersigned agrees to the additional terms and conditions and acknowledges receipt of a copy hereof.
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44. Seller Buyer MO/DA/YR Seller Buyer MO/DA/YR
45. Landlord Tenant Landlord Tenant
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47. Seller Buyer MO/DA/YR Seller Buyer MO/DA/YR
48. Landlord Tenant Landlord Tenant
49. For Broker Use Only:
Brokerage File/Log No. Manager's Initials Broker's Initials Date
MO/DA/YR
Addendum • Updated: June 1993 • Copyright © 1993 Arizona Association of REALTORS®. All rights reserved.
Susan VanHooser | Berkshire Hathaway HomeService | 602-793-1747 |

Authentisign Authentisign ID: ID: D0122E04-88BE-40D5-B08D-369EEB3C00A2 D0122E04-88BE-40D5-B08D-369EEB3C00A2
PROMISSORY NOTE
$_30,000________________
Phoenix, Arizona,
__September 13th________, 2019
FOR VALUE RECEIVED, Richard A. Fisher, a (married/single man) in his sole and
separate capacity, whose principal address is 13204 West Maryland Avenue, Litchfield Park,
Arizona 85340 (the “Maker”) promises to pay to the HOUSING AUTHORITY OF
MARICOPA COUNTY, a political subdivision existing under the laws of the State of Arizona
(the “Holder”), at 8910 N. 78th Avenue, Peoria, Arizona 85345 or at such other place as the
Holder may from time to time designate, the principal sum of $___30,000_________ or such
lesser amount actually disbursed (the “Loan”). The Loan will be repaid in accordance with the
terms and conditions set forth below:
1. Capitalized Terms. All capitalized terms have the meaning specified herein
unless designated otherwise. This Promissory Note is referred to herein as the “Note”.
2. Loan Proceeds. Maker represents, acknowledges and agrees that all Loan
proceeds shall be used for the purchase of the single family home located at 13204 West
Maryland Avenue, Litchfield Park, Arizona 85340.
3. Interest Rate and Installments.
a. The Loan will be for an indefinite term and will bear interest at the rate of
_______0____ percent (_%) per year, non-compounding, upon distribution of the Loan proceeds
until paid in full. Payments of principal and interest shall be due upon sale.
b. Upon the occurrence of an Event of Default as defined in this Promissory
Note or the Deed of Trust executed herewith, subject to any applicable notice and cure rights, the
entire outstanding principal balance, at the Holder’s option, shall be immediately due and
payable.
4. Application and Place of Payments. Payments received by Holder with respect to
the indebtedness evidenced hereby shall be applied in such order and manner as Holder in its
sole and absolute discretion, may elect. Unless otherwise elected by Holder, all such payments
shall first be applied to accrued and unpaid interest at the stated interest rate, next to the principal
balance then outstanding hereunder, and the remainder to any additional sums or other costs or
added charges provided for herein or in any of the Loan Documents. Payments hereunder shall
be made at the address for Holder set forth above, or at such other address as Holder may specify
to Maker in writing.
5. Prepayments. Payments of principal may be made at any time, or from time to
time, in whole or in part, without penalty, provided that all previously matured interest and other
charges accrued to the date of prepayment are also paid in full. Notwithstanding any partial
prepayment of principal hereof, there will be no change in the due date or amount of scheduled
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payments due hereunder unless Holder, in its sole and absolute discretion, agrees in writing to
such change. In no event shall Maker be entitled to reborrow any amounts paid.
6. Security. This Note is secured by the rights, benefits and interests granted in the
Deed of Trust executed or to be executed by the Maker for the benefit of the Holder and
encumbering and creating a lien on that certain real and personal property more particularly
described in the Deed of Trust, the (“Property”).
7. Events of Default and Remedies. The occurrence of any of the following shall be
deemed to be an event of default (“Event of Default”) hereunder:
(a) default in the payment of principal or interest within ten (10) days of when due
pursuant to the terms hereof;
(b) the Maker fails to own, occupy and maintain the Premises as his primary
residence;
(c) the Maker sells, conveys, assigns, encumbers (except as set forth in the Deed of
Trust), or otherwise transfers any interest in the Premises, voluntarily or otherwise, without the
prior written consent of Holder and payment of any fees associated therewith;
(d) the Maker refinances any loans collateralized by the Premises without the prior
written consent of the Holder;
(e) the Maker becomes insolvent, fails to pay any of his debts as such debts become
due, voluntarily files any petition under any bankruptcy or insolvency law, or is adjudicated as
bankrupt, or makes any general assignment for the benefit of creditors;
(f) any representation by the Maker to Holder is untrue in any material respect; or
(g) the occurrence of an Event of Default under any of the other Loan Documents and
the expiration of any applicable notice or cure period.
Upon the occurrence of an Event of Default, then at the option of the holder hereof, the entire
balance of principal together with all accrued interest thereon, and all other amounts payable by
Maker under the Loan Documents shall, without demand or notice, immediately become due and
payable. Upon the occurrence of an Event of Default, the entire balance of principal hereof,
together with all accrued interest thereon, all other amounts due under the Loan Documents, and
any judgment for such principal, interest, and other amounts shall bear interest at the default
interest rate of ____percent (__%), subject to the limitations contained in Paragraph 7 hereof.
No delay or omission on the part of the Holder hereof in exercising any right under this Note or
under any of the other Loan Documents hereof shall operate as a waiver of such right. A fee may
be assessed if a payment by check or preauthorized charge is later dishonored.
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The remedies of the Holder as provided in this Note, the Deed of Trust and any of the other Loan
Documents will be cumulative and concurrent, and may be pursued singularly, successively or
together, at the sole discretion of the Holder.
8. Interest Rate Limitation. Maker hereby agrees to pay an effective rate of interest
that is the sum of the interest rate provided for herein, together with any additional rate of
interest resulting from any other charges of interest or in the nature of interest paid or to be paid
in connection with the Loan, including, without limitation, any fees to be paid by Maker pursuant
to the provisions of the Loan Documents. Maker and Holder agree that none of the terms and
provisions contained herein or in any of the Loan Documents shall be construed to create a
contract for the use, forbearance or detention of money requiring payment of interest at a rate in
excess of the maximum interest rate permitted to be charged by the laws of the State of Arizona.
In such event, if any holder of this Note shall collect monies which are deemed to constitute
interest that would otherwise increase the effective interest rate on this Note to a rate in excess of
the maximum rate permitted to be charged by the laws of the State of Arizona, all such sums
deemed to constitute interest in excess of such maximum rate shall, at the option of the holder of
this Note, be credited to the payment of other amounts payable under the Loan Documents or
returned to Maker.
9. Notices. All notices, requests, demands and consents to be made hereunder to the
parties hereto shall be in writing and shall be delivered by hand or sent by registered mail or
certified mail, postage prepaid, return receipt requested, through the United States Postal Service
to the following addresses:
To the Maler: Richard A. Fisher
13204 West Maryland Avenue
Litchfield Park, Arizona 85340
With copies to: ______________________
______________________
______________________
______________________
Attn: _________________
To the Holder: Housing Authority of Maricopa County
8910 N. 78th Avenue
Peoria, Arizona 85345
Attn: Executive Director
And
Harvey Law PLLC
6991 East Camelback Road, D-300
Scottsdale, AZ 85251
Attn: Travys Harvey, Esq.
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Authentisign Authentisign ID: ID: D0122E04-88BE-40D5-B08D-369EEB3C00A2 D0122E04-88BE-40D5-B08D-369EEB3C00A2
The Maker and the Holder may designate any further or different addresses to which
subsequent notices, certificates or other communications shall be sent.
10. No Waiver of Holder’s Rights and Remedies. No act or omission of the Holder
hereof, including specifically any failure to exercise any right, remedy or recourse, may be
deemed to be a waiver or release of any right, remedy or recourse, such waiver or release to be
effected only through a written document executed by the Holder. A waiver or release with
reference to any one event may not be construed as continuing, as a bar to, or as a waiver or
release of, any subsequent right, remedy or recourse as to a subsequent event.
11. Assignment, Conveyance, Transfer of this Note. The obligations of the Maker
under this Note may not be assigned or transferred in whole or in part without the prior written
approval of the Holder and then only upon such terms and conditions as the Holder may approve.
Any attempted assignment or transfer of this Note without such prior written approval will be
automatically null and void.
12. Costs and Attorneys’ Fees. If the Holder seeks legal advice to interpret or enforce
the provisions of this Note or the other Loan Documents, the Maker agrees to pay all reasonable
costs and attorneys’ fees. Specifically, if this Note is not paid when due or if any Event of
Default occurs, Maker promises to pay all costs of enforcement and collection and preparation
therefor, including but not limited to, reasonable attorneys’ fees, whether or not any action or
proceeding is brought to enforce the provisions hereof (including, without limitation, all such
costs incurred in connection with any bankruptcy, receivership, or other court proceedings
(whether at the trial or appellate level)).
13. Loan Documents. All references to this Note, the Deed of Trust or any of the
other Loan Documents include any and all amendments, supplements, extensions and renewals
thereof.
14. Governing Law and Severability. This Note is made pursuant to, and will be
construed and governed by the laws of the State of Arizona. If any provision of this Note is
construed or interpreted by a court of competent jurisdiction to be void, invalid or unenforceable,
such decision will affect only those provisions so construed or interpreted and will not affect the
remaining provisions of this Note.
15. Time of Essence. Time is of the essence in the performance of each and every
obligation of the Maker hereunder.
16. Payment Without Offset. All payments due hereunder must be paid without
offset.
17. Relationship. The relationship between the Maker and the Holder is that of
borrower and lender.
18. Waiver and Consent. Maker waives and agrees not to assert (a) any homestead or
exemption; (b) demand, diligence, grace, presentment, notice of dishonor, notice of acceleration
maturity protest and default; and (c) recourse to guaranty and suretyship defenses (including
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without limitation, the right to require the Holder to bring an action on this Note), and assents to
any extension of time with respect to any payment due under this Note, to any substitution or
release of collateral, and to the addition or release of any party. No waiver of any payment or
other right under this Note may operate as a waiver of any other payment or right.
19. Controlling Document. In the event of any conflict between the terms of this
Note and the other Loan Documents, the terms of this Note will control.
20. Singular, Plural. For purposes of this Note, the singular includes the plural and
the plural includes the singular.
21. Amendments. No amendment, modification, change, waiver, release or discharge
hereof and hereunder shall be effective unless evidenced by an instrument in writing and signed
by the party against whom enforcement is sought.
22. Binding Nature. The provisions of this Note shall be binding upon Maker and the
heirs, personal representatives, successors and assigns of Maker, and shall inure to the benefit of
Holder and any subsequent holder of all or any portion of this Note, and their respective
successors and assigns. Holder may from time to time transfer all or any part of its interest in
this Note and the Loan Documents, without notice to Maker.
23. SUBMISSION TO JURISDICTION, WAIVER OF JURY TRIAL. THE
COURTS OF ARIZONA, FEDERAL OR STATE, SHALL HAVE EXCLUSIVE
JURISDICTION OF ALL LEGAL ACTIONS ARISING OUT OF THIS NOTE. BY
EXECUTING THIS NOTE, THE UNDERSIGNED SUBMITS TO THE JURISDICTION
OF THE FEDERAL AND STATE COURTS OF ARIZONA. THE UNDERSIGNED AND
MAKER (BY ITS ACCEPTANCE HEREOF) HEREBY VOLUNTARILY,
KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT TO
HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE (WHETHER BASED
UPON CONTRACT, TORT OR OTHERWISE) BETWEEN OR AMONG THE
UNDERSIGNED AND MAKER ARISING OUT OF OR IN ANY WAY RELATED TO
THIS NOTE OR ANY OTHER RELATED DOCUMENT OR LOAN DOCUMENT. THIS
PROVISION IS A MATERIAL INDUCEMENT TO HOLDER TO PROVIDE THE
FINANCING DESCRIBED HEREIN OR IN THE OTHER LOAN DOCUMENTS.
24. CANCELLATION OF POLITICAL SUBDIVISION AND STATE
CONTRACTS. This Note is subject to A.R.S. § 38-511.
25. EXCULPATORY LANGUAGE. Maker acknowledges that this Note imposes no
contractual obligation upon Maricopa County; and that in the event of a default under this Note,
of any kind whatsoever, Maker shall look solely to Holder for remedy for relief; and that neither
Maricopa County nor any supervisor, elected official, officer, agent or employee of Maricopa
County shall be liable to Maker, or any successor in interest to Maker in any way.
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Authentisign Authentisign ID: ID: D0122E04-88BE-40D5-B08D-369EEB3C00A2 D0122E04-88BE-40D5-B08D-369EEB3C00A2
[Signature page follows.]
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Authentisign Authentisign ID: ID: D0122E04-88BE-40D5-B08D-369EEB3C00A2 D0122E04-88BE-40D5-B08D-369EEB3C00A2
IN WITNESS WHEREOF, the Maker has executed this Promissory Note as of the date set forth
above.
By: ____________________________________
Richard A. Fisher
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