10A Action 2010 0104 - Laserfiche WebLink

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PROMISSORY NOTE $ San Leandro, California 2010 FOR VALUE RECEIVED, the Redevelopment Agency of the City of San Leandro, a public body, corporate and politic, ("Agency"), promises to pay to the City of San Leandro, a municipal corporation ("City"), the principal sum of Dollars ($ ) (the "City Loan"), or so much thereof as may be advanced by City together with interest on the outstanding principal balance in accordance with the terms and conditions described herein. This promissory note (this "Note") has been executed and delivered pursuant to that certain Resolution adopted by the City Council of the City of San Leandro, and that certain Resolution adopted by the governing board of the Redevelopment Agency of the City of San Leandro, each dated as of January 4, 2010, and pursuant to which (i) the City agreed to provide the City Loan using funds from the City's Water Pollution Control Plant Fund, and (ii) the Agency agreed to repay the City Loan using funds from its Low and Moderate-Income Housing Fund or the proceeds of bonds secured thereby. Loan Terms. 1.1 Term. All principal outstanding under this Note and interest accrued and outstanding thereon is due and payable by not later than ninety (90) days following the origination date set forth above (the "Maturity Date") unless the Maturity Date is extended by written consent of City. 1.2 Interest Rate. The unpaid principal balance of the City Loan shall accrue interest at same rate that City earns on its investment portfolio during the time that the City Loan is outstanding, commencing on the date of disbursement of the proceeds of the City Loan to Agency and continuing through the date that the principal of, and accrued interest on, the City Loan is paid in full. Interest shall be calculated on the basis of a year of 365 days and charged for the actual number of days elapsed. 1.3 Repayment. The Agency shall repay the Note from the Agency's Low and Moderate Income Housing Fund or from the proceeds of bonds secured by such Fund. 1.4 Place and Manner of Payment. Payments shall be made in lawful money of the United States at 835 East 14t Street, San Leandro, California or at such other place as City may from time to time designate in writing to Agency. 1.5 Prepayment. Agency may prepay this Note, including any accrued interest, in whole or in part at any time prior to the Maturity Date, without penalty or other charge. Any partial prepayments shall be applied first to accrued interest, then to the outstanding principal balance of this Note. 1335766-1