Agmt 2002 Citizens Housing Corporation

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EXHIBIT G City of San Leandro SECURED PROMISSORY NOTE $700,000 San Leandro, Califomia ~gy ~ , Zoo2 A. FOR VALUE RECEIVED, the undersigned Borrower, Citizens' Housing Corporation, a California nonprofit public benefit corporation, ("Maker"), promises to pay to the order of the CITY OF SAN LEANDRO ("Holder"), at 835 E. 14th Street, San Leandro, Califomia, or at such other place as Holder may from time to time designate by written notice to Maker, the principal sum of SEVEN HUNDRED TEN THOUSAND DOLLARS ($710,000.00), together with simple interest at the rate of THREE PERCENT (3%) per annum, through the Term of the Loan Agreement between Maker and Holder, hereinafter designated as the Loan. The entire principal and accrued interest shall be deferred for the Term and shalt be due and payable at the end of the Term. The Term of the Loan Agreement is that period commencing on the date first written above and ending on the date that is fifty-five (55) years-from the date of initial occupancy. B. Maker may prepay, without penalty or premium, any amount of the principal and/or interest under this Note. Any amounts prepaid shall first be credited against accrued interest and the balance shall be credited against principal. However, Maker shall continue to comply with the Loan Agreement for the term of the Loan Agreement. C. If default occurs in the payment of this note when due or in the performance of any of the agreements in the Deed of Trust securing this Note and the default is not cured within thirty (30) days of notice, or if such default cannot reasonably be cured in 30 days, Developer does not provide the City with a written explanation of proposed efforts to cure the default and within five (5) days after approval of such explanation by the City, does not commence to cure and thereafter diligently pursuant such cure, the entire principal sum and accrued interest will at once become due and payable, without notice, at the option of Holder. Thereafter, interest shall accrue at the maximum legal rate permitted to be charged by non-exempt lenders under the usury laws of the State of California. Failure to exercise such option will not constitute a waiver of the right to exercise it in the event of any subsequent default. Provided that should the default be non- monetary in nature and cannot be cured in thirty (30) days using due diligence, Maker shall not be deemed in default if Maker commences to cure as soon as reasonably possible and diligently prosecutes such cure to completion. D. Maker agrees to pay the following costs, expenses, and attomeys' fees paid or incurred by Holder, or adjudged by a Court: (1) Reasonable costs of collection, costs, expenses, and attorneys' fees paid or incurred in connection with the collection or enforcement of this Note, whether or not suit is filed; and (2) Costs of suit and such sum as the Court may adjudge as attomeys' fees in an action to enforce payment of this Note or any part of it.