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The terms are as follows:

• 0% interest
• 3-year term (maturity on third anniversary of the date of the Note)
• No monthly payments due
• Repayable, in full, during 3-year term upon sale, transfer, refinance, or if the first lien
• mortgage is paid in full for any reason or failure to occupy property as principal residence or other event of default
•  Forgiven, in-full, 3 years from the closing date. Not forgiven on a pro-rated basis.

The loan will be forgiven, in full, 3 years from the closing date. It will not be forgiven on a pro-rated basis every year.