8M Consent 2008 0902 - Laserfiche WebLink

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Exhibit B PROMISSORY NOTE $559,200 San Leandro, California 2008 FOR VALUE RECEIVED, the undersigned, doing business as 1750 Doolittle, LLC, a California limited liability company ("Maker" or "Borrower"), promises to pay to the SAN LEANDRO REDEVELOPMENT AGENCY, a public body, corporate and politic ("Agency" or "Holder"), in lawful money of the United States the principal sum of FIVE HUNDRED FIFTY-NINE THOUSAND TWO HUNDRED DOLLARS ($559,200) ("Loan"), or so much thereof as may be advanced by Agency pursuant to the loan agreement described in Paragraph 1 below, together with interest on the outstanding principal balance in accordance with the terms and conditions described herein. 1. This Promissory Note ("Note") has been executed and delivered pursuant to the terms of (i) a Loan Agreement dated as ofSeptember 2„ 2008 ("Loan Agreement") between Borrower and Agency, which details the terms and conditions under which Holder agrees to lend to Maker and Maker agrees to borrow up to Five Hundred Fifty-Nine Thousand Two Hundred Dollars ($559,200) to fund certain costs associated with a) retiring the seller financing related to Borrower's acquisition of the property located at 1750 Doolittle Drive, San Leandro and known as Alameda County Assessor's Parcel No. 079A-0385-002- 004 (the "Property") and, b) the demolition of the building located on the Property, and (ii) a Deed of Trust and Security Agreement executed by Borrower for the benefit of Agency to secure this Note ("Deed of Trust"). The rights and obligations of Maker under this Note shall be governed by the Loan Agreement and by the terms set forth in this Note. Capitalized terms used but not defined herein shall have the same meaning as set forth in the Loan Agreement. 2. Interest Rate, The outstanding principal balance of the Loan shall accrue interest at the rate of six percent (6%) per annum on the unpaid principal outstanding. Terms of Payment. (a) Place, and Manner of Payment, Payment shall be made in lawful money of the United States at Holder's address for notices set forth in Section 7.4 of the Loan Agreement, or to any other addresses as Holder may hereafter designate, in accordance with Section 7.4. (b) Repayment. Consistent with Section 1.1(c) of the Loan Agreement, the Loan shall be repaid as follows: (i) November 30, 2010 Maturity Date. Provided that Borrower is not in default of any of the Loan Documents, Borrower shall make interest only monthly installment payments in the amount of Two Thousand Seven Hundred Ninety-Six Dollars ($2,796.00) beginning November 1, 2008 through October 1, 2010. All accrued and outstanding and unpaid principal and interest shall be paid in full on or before November 30, 2010. 1113396.3 B-1 ~~