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2. Default and Remedies. An Event of Default shall arise hereunder if Agency fails <br />to pay to City all sums payable under this Note on or before the Maturity Date (as such <br />may be extended by written consent of City) and fails to cure such default within thirty <br />(30) days after City provides written notice of such default. Upon the occurrence of an <br />Event of Default, City may, at its option (i) by written notice to Agency, declare the entire <br />unpaid principal balance of this Note, together with all interest accrued thereon and all <br />sums due hereunder, immediately due and payable regardless of any prior forbearance, <br />and (ii) exercise any and all rights and remedies available to it under applicable law, <br />3. Governing Law. This Note shall be governed by and construed in accordance <br />with the laws of the State of California. <br />4. Successors and Assigns. The terms of this Note shall be binding upon and inure <br />to the benefit of the respective heirs, successors in interest and assigns of Agency and <br />City. <br />5. Time of the Essence; Severability. Time is of the essence with respect to each <br />and every provision hereof. If any provision hereof is found to be invalid or <br />unenforceable by a court of competent jurisdiction, the invalidity thereof shall not affect <br />the enforceability of the remaining provisions of this Note. <br />IN WITNESS WHEREOF, the Agency has executed and delivered this Note as of <br />the date first written above. <br />REDEVELOPMENT AGENCY <br />OF THE CITY OF SAN LEANDRO, <br />a public body, corporate and politic <br />By: <br />Stephen Hollister, Executive Director <br />ATTEST: <br />Marian Handa, Agency Secretary <br />APPROVED AS TO FORM: <br />By: <br />Jayne Williams, Agency Counsel <br />1335766-1 2 <br />