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u EXHIBIT D op/c~Ngl Promissory Note RECORDING REQUESTED BY and when recorded mail to: THE CITY OF SAN LEANDRO REDEVELOPMENT AGENCY Office of Business Development 835 East 14th Street San Leandro, CA 94577 THE CITY OF SAN LEANDRO REDEVELOPMENT AGENCY PROMISSORY NOTE SECURED BY DEED OF TRUST Dated: ~ a~~P 1. For value received, the undersigned, Hornet Associates, ("Borrowers"), promises to pay to the order of THE CITY OF SAN LEANDRO REDEVELOPMENT AGENCY, a public agency organized and existing under the laws of the State of California ("Lender"), at 835 East 14~ Street, San Leandro, California 94577, or at any other place that may be designated in writing by Lender, the principal sum of TWENTY-FIVE THOUSAND DOLLARS ($25,000.00). This Note is made to assure Borrower's performance of the Owner Participation Agreement between Borrowers and Lender (the "Agreement"), incorporated herein by this reference, and to provide security for the Lender as to such performance. All sums due are payable in lawful money of the United States of America. Notwithstanding any other provision herein, this Note shall be fully due and payable, principal and all interest and other charges, if any, on or before ten (10) years from the date of this Note. 2. This Note is secured by the Deed of Trust and Assignment of Rents ("Deed of Trust") of the same date as this Note, executed by Borrowers, as trustors, in favor of Lender, as beneficiary ("Deed of Trust"), and encumbering the real property described in the Deed of Trust ("Property"). The holder of this Note will be entitled to the benefits of the security provided by the Deed of Trust and will have the right to enforce the covenants and agreements of Borrowers contained in the Deetl of Trust. 3. Pursuant to the Agreement, the Lender shall provide the sum represented by this Note ($25,000.00) when Borrowers execute this Note, the Deed of Trust, and Agreement. All sums shall be due and payable no later than six (6) months from the mutual execution of the Agreement by the Parties. Ten (10) years following the execution of these agreements, if the property is maintained to all standards of the City of San Leandro and the terms of the Agreement fulfilled, Lender shall reconvey the Deed of Trust to the Borrower. 4. Upon payment or satisfaction in full, the Lender shall cancel and return this Promissory Note to the Borrowers. 5. From and after the Maturity Date, or an earlier date on which all sums owing under this Note become due by acceleration or otherwise, all sums owing under this Note will bear interest until paid in full at a rate equal to three percent per annum. 6. Borrowers will have the right to pay, without penalty or premium, all or any portion of the outstanding principal amount of this Note prior to the Maturity Date. sss~s;~~ D-1 Owner Participation Agreement City of San Leandro i3edeve9op~me-~t Agency 140-14~ ~loaquin Avenue Promissory Note