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EXHIBIT C <br />Redevelopment Agency of the City of San Leandro <br />PROMISSORY NOTE <br />$1,000,000 ,California <br />1. FOR VALUE RECEIVED, the undersigned Borrower, American Baptist Homes of the West <br />(the "Maker"), hereby promises to pay to the order of the REDEVELOPMENT AGENCY OF THE CITY OF <br />SAN LEANDRO (the "Holder"), at 835 E. 14th Street, San Leandro, California, the principal sum of ONE <br />MILLION DOLLARS ($1,000,000.00), pursuant to the Disposition and Development Agreement ("DDA"), by <br />and between American Baptist Homes of the West ("ABHOW") and the Redevelopment Agency of the City <br />of San Leandro, executed on ,and incorporated herein by reference, together with simple <br />interest at the rate of THREE PERCENT (3%) per annum, through the Term of the DDA between Maker <br />and Holder, hereinafter designated as the Loan. The entire principal and accrued interest shall be <br />deferred for the Term and shall be due and payable at the end of the Term. The funds are intended for <br />the development of a senior housing project at 232 East 14`h Street, San Leandro, California (the "Project"). <br />2. The Maker may prepay, without penalty or premium, any amount of the principal under <br />this Note prior to the due date hereof. If the project is financed with Section 202 Program funds provided <br />by the U.S. Department of Housing and Urban Development ("HUD"), then any prepayment to principal <br />shall be made only with (i) residual receipts, as that term is defined in the Capital Advance Regulatory <br />Agreement between the Maker and HUD and executed in connection with the Project, and only after <br />obtaining the prior written approval of HUD or (ii) funds which are separate and apart from the Project, <br />including the income or other assets of the Project (other than residual receipts may be made only after <br />final closing of the Section 202 Program capital advance grant provided by HUD and only after the end of a <br />semi-annual or annual fiscal period as approved by HUD. In this regard, the Holder shall have no claim, <br />and will not later assert any claim for payment against the mortgaged property, the proceeds of the HUD <br />capital advance, any reserve or deposit required by HUD and deposited with HUD or another in connection <br />with the capital advance transaction, or against the rents or other income from the mortgaged property. <br />3. Should default be made by the Maker in the payment when due of principal or any other <br />sums due hereunder, and if the default is not cured within ten (10) days after the due date of such <br />payment, or should the Maker default on the terms of the Deed, and if such default is not cured within thirty <br />(30) days from the due date of such performance, then, at the Holder's option, all sums owing hereunder <br />shall, at once, become due and payable. Thereafter, interest shall accrue at the maximum legal rate <br />Promissory Note (ABHOW) <br />Redevelopment Agency Page 1 <br />