Note 2012 0510 Successor Agency - Laserfiche WebLink

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AMENDED AND RESTATED PROMISSORY NOTE $2,040,767.68 San Leandro, California M°'7 k°, 2012 FOR VALUE RECEIVED, the City of San Leandro, acting in its capacity as the Successor Agency to the Redevelopment Agency of the City of San Leandro ( "Successor Agency ") promises to pay to the City of San Leandro, a municipal corporation ( "City "), in lawful money of the United States of America, the principal sum of Two Million, Forty Thousand, Seven Hundred Sixty -Seven and 68/100 Dollars ($2,040,767.68), together with interest on the outstanding principal balance in accordance with the terms and conditions described herein. This Amended and Restated Promissory Note (this "Note ") amends and restates in its entirety that certain Promissory Note dated as of April 8, 2004, executed by the Redevelopment Agency of the City of San Leandro for the benefit of the City of San Leandro in the original principal amount of $4,372,774 (the "Original Note "). Execution of this Note has been approved by resolutions duly adopted by the City Council of the City of San Leandro, the governing board of the Successor Agency, and pursuant to Health and Safety Code Section 34178(a), by the Oversight Board appointed to review the actions of the Successor Agency pursuant to Assembly Bill x1 26. 1. INTEREST RATE: REPAYMENT. Interest shall accrue on the outstanding principal balance of this Note at the rate of three percent (3 %) interest per annum, commencing upon the origination date of this Note. Interest shall be calculated on the basis of a year of 365 days, and charged for the actual number of days elapsed. 2. PAYMENT DATES; MATURITY DATE. Commencing upon January 31, 2013, (the "First Payment Date "), and on the last day of January during each year thereafter, Successor Agency shall make annual payments of combined principal and interest until the entire indebtedness evidenced hereby is fully paid, except that all remaining indebtedness, if not sooner paid, shall be due and payable upon the Maturity Date (defined below). The amount of the annual payments to be paid beginning on the First Payment Date will be an amount equal to the payment necessary to fully amortize the principal amount of this Note, together with interest at the interest rate specified in Section 1 above over a five -year period. The entire outstanding principal balance of this Note, together with accrued interest and all other sums accrued hereunder shall be payable in full on January 31, 2017 (the "Maturity Date "). Payments shall be credited first to accrued interest, and then to principal. In no event shall any amount due under this Note become subject to any rights, offset, deduction or counterclaim on the part of Successor Agency. 1