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EXHIBIT B <br />CAPITAL IMPROVEMENT PROMISSORY NOTE <br />22 400.00 San Leandro, California <br />July 1, 2009 <br />FOR VALUE RECEIVED, San Leandro Boys & Girls Club, [a corporation] ("Borrower") promises <br />to pay to the City of San Leandro ("City"), in lawful money of the United States of America, the principal <br />sum of Twenty-Two Thousand Four Hundred Dollars ($22,400.00) or so much thereof as may be <br />advanced by City pursuant to the Loan Agreement referred to below, together with interest on the <br />outstanding principal balance in accordance with the terms and conditions described herein. <br />1. This Promissory Note ("Note") has been executed and delivered pursuant to and in <br />accordance with the terms and conditions of a Loan Agreement for Capital Improvements ("Loan <br />Agreement") dated as of the date hereof by and between Borrower and City, and is subject to the terms <br />and conditions of the Loan Agreement, which are by this reference incorporated herein and made a part <br />hereof. The Loan Agreement and the Note are hereinafter collectively referred to as the "Loan <br />Documents". Capitalized terms used but not defined herein shall have the meaning ascribed to such <br />terms in the Loan Agreement. <br />PAYMENTS <br />1.1 PAYMENT DATES; MATURITY DATE. Provided that Borrower is not in default under the <br />Loan Documents, the City shall forgive one twentieth (1/20th) or One Thousand One Hundred Twenty <br />Dollars ($1,120.00) of the outstanding principal loan balance annually. On the twentieth (20th) anniversary <br />of the Effective Date (as defined in the Loan Agreement), provided that no default or breach by Borrower <br />has occurred under the Loan Documents, the entire outstanding balance of the Loan shall be forgiven. <br />1,2 INTEREST. Interest on the Loan shall accrue at a rate of three percent~3%) simple <br />interest per annum. <br />2. DEFAULTS <br />2.1 EVENTS OF DEFAULT. The occurrence of any one or more of the following events shall <br />constitute an event of default hereunder ("Event of Default"): <br />a. If Borrower fails to perform any covenantor obligation under this Note or the Loan <br />Agreement. <br />b. If any representation or warranty contained in the Loan Documents or any <br />certificate furnished in connection with the foregoing or in connection with any request for disbursement of <br />Loan Proceeds proves to have been false or misleading in any material adverse respect when made. <br />Fiscal Year o9-10 B-1 Promissory Note <br />Capital Improvement Loan Agreement <br />