The "silent second" will be the difference between 95% of the purchase price (or purchase price minus down payment amount) and the amount of the affordable maximum first mortgage. A promissory note and deed of trust, or other appropriate document, securing the silent second will be recorded and assigned to the County at the time of sale of each affordable unit. The promissory note and deed of trust, or other designated document, will remain a lien against the property, subordinate to the first mortgage. This note will have a thirty (30) year due date which can be extended at the discretion of the Planning, Public Works and Environmental Services Director.
(Ord. 1451, eff. January 1, 2015)