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registered owner filed with the Trustee for that purpose prior to the Record Date preceding the
<br />applicable Interest Payment Date. This Bond is one of a duly authorized issue of bonds of the
<br />Agency designated as "Redevelopment Agency of the City of San Leandro Taxable Tax
<br />Allocation Housing Bonds, Series 2010" (the "Bonds"), of an aggregate principal amount of
<br />Dollars ($ ), all of like tenor and date (except
<br />for such variation, if any, as may be required to designate varying series, numbers, maturities,
<br />interest rates, or redemption and other provisions) and all issued pursuant to the provisions of
<br />the Community Redevelopment Law, being Part 1 (commencing with Section 33000) of Division
<br />24 of the Health and Safety Code of the State of California (the "Law"), and pursuant to an
<br />Indenture of Trust, dated as of January 1, 2010, entered into by and between the Agency and
<br />the Trustee (the "Indenture"), providing for the issuance of the Bonds. The Bonds are being
<br />issued in the form of registered Bonds without coupons. Additional bonds, or other obligations
<br />may be issued on a parity with the Bonds, but only subject to the terms of the Indenture.
<br />Reference is hereby made to the Indenture (copies of which are on file at the office of the
<br />Agency) and all indentures supplemental thereto and to the Law for a description of the terms
<br />on which the Bonds are issued, the provisions with regard to the nature and extent of the
<br />Housing Tax Revenues (as that term is defined in the Indenture), and the rights thereunder of
<br />the registered owners of the Bonds and the rights, duties and immunities of the Trustee and the
<br />rights and obligations of the Agency thereunder, to all of the provisions of which Indenture the
<br />Registered Owner of this Bond, by acceptance hereof, assents and agrees. Capitalized terms
<br />not otherwise defined herein shall have the meanings given them in the Indenture.
<br />The Bonds have been issued by the Agency for the purpose of providing funds to
<br />finance its low- and moderate- income housing activities and to pay certain expenses of the
<br />Agency in issuing the Bonds.
<br />The Bonds are special obligations of the Agency and this Bond and the interest hereon
<br />and on all other Bonds and the interest thereon (to the extent set forth in the Indenture), are
<br />payable from, and are secured by a pledge of, security interest in and lien on the Housing Tax
<br />Revenues derived by the Agency from its Alameda County - City of San Leandro
<br />Redevelopment Project Area and its West San Leandro Project Area (as such terms are
<br />defined in the Indenture).
<br />There has been created and will be maintained by the Agency, the Special Fund (as
<br />defined in the Indenture) into which Housing Tax Revenues shall be deposited and from which
<br />the Agency shall transfer amounts to the Trustee for payment, when due, of the principal of and
<br />the interest and redemption premium, if any, on the Bonds and any additional Parity Debt as
<br />defined in the Indenture. As and to the extent set forth in the Indenture, all such Housing Tax
<br />Revenues and the moneys in the Special Fund (as such terms are defined in the Indenture) are
<br />exclusively and irrevocably pledged to and constitute a trust fund, in accordance with the terms
<br />hereof and the provisions of the Indenture and the Law, for the security and payment or
<br />redemption of, including any premium upon early redemption, and for the security and payment
<br />of interest on, the Bonds and any additional Parity Debt. In addition, the Bonds shall be
<br />additionally secured at all times by a first and exclusive pledge of, security interest in and lien
<br />upon all of the moneys in the Debt Service Fund, the Interest Account, the Principal Account,
<br />the Reserve Account and the Redemption Account (as such terms are defined in the
<br />Indenture). Except for the Housing Tax Revenues and such moneys, no funds or properties of
<br />the Agency shall be pledged to, or otherwise liable for, the payment of principal of or interest or
<br />redemption premium, if any, on the Bonds.
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