10A Action 2012 0618 - Laserfiche WebLink

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AMENDED AND RESTATED PREDEVELOPMENT PROMISSORY NOTE $3,461,223 San Leandro, California June 18, 2012 FOR VALUE RECEIVED, Alameda Housing Associates, L.P., a California limited partnership ( "Borrower ") 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 Three Million, Four Hundred Sixty -One Thousand, Two Hundred Twenty -Three Dollars ($3,461,223) or so much thereof as may be advanced from time to time pursuant to the Loan Agreement referred to below, in the manner provided below, together with interest on the outstanding principal balance in accordance with the terms and conditions described herein. Interest shall accrue on the outstanding principal balance at a rate equal to three percent (3 %) simple interest per annum commencing upon the date of disbursement thereof. Interest shall be calculated on the basis of a year of 365 days and charged for the actual number of days elapsed. This Amended and Restated Predevelopment Promissory Note (this "Note ") has been executed and delivered pursuant to and in accordance with that certain Amended and Restated Owner Participation and Loan Agreement, dated as of the date of this Note, and executed by and between Borrower and City (the "Loan Agreement "), and is subject to the terms and conditions of the Loan Agreement which is by this reference incorporated herein and made a part hereof. Capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Loan Agreement. This Note amends, restates and supersedes that certain Predevelopment Promissory Note (the "Original Predevelopment Note ") in the original principal amount of Two Million, Two Hundred Thousand Dollars ($2,200,000), dated as of April 6, 2009 and executed by Borrower for the benefit of the Redevelopment Agency of the City of San Leandro ( "Agency "). Borrower acknowledges that (A) the City succeeded to the interests of the Agency under the Original Predevelopment Note by operation of law upon dissolution of the Agency on February 1, 2012, and (B) as of the date of this Note (i) Two Million Ninety -Five Thousand, Seven Hundred Twenty -Three Dollars ($2,095,723) in proceeds of the Original Predevelopment Note (the "Prior Disbursements ") have been disbursed to Borrower, and (ii) Dollars ($ ) in interest has accrued on such sum. This Note evidences Borrower's obligation to repay to the City the Prior Disbursements, the additional predevelopment funds to be disbursed pursuant to the Loan Agreement and the interest accrued on both of the foregoing. This Note is secured by an assignment of agreements, reports, plans, specifications and approvals pursuant to that certain Amended and Restated 1902227.2