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Redevelopment Agency of the City of San Leandro <br /> FORM OF <br /> SECURED PROMISSORY NOTE <br /> $ 1. 00.000.00 San Leandro, California <br /> October 7 , 1996 <br /> • <br /> • A. FOR VALUE RECEIVED, the undersigned Borrower, Batarse Family <br /> Trust, U.T.A., dated May 7, 1987, Anthony A. Batarse, Jr., Trustee (the "Maker" or <br /> the " Batarse Family Trust "), hereby promises to pay to the order of the <br /> REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO (the "Holder "), <br /> . at 835 E. 14th Street, San Leandro, California, the principal sum of ONE MILLION <br /> HUNDRED THOUSAND DOLLARS ($ 1,_00,000.00), together with <br /> interest on that portion of the principal sum not intended to be forgiven and <br /> exonerated pursuant to Section 3.3 of the Disposition and Development Agreement <br /> ( "DDA ") by and between the Batarse Family Trust and the Redevelopment Agency of <br /> • <br /> the City of San Leandro, executed on 10/7/96 , and incorporated herein by <br /> this reference, at the rate of SIX PERCENT (6 %) per annum from the date of the <br /> close of escrow on the real property transaction set forth in the DDA. <br /> B. The obligations of Maker under this Note secured by a deed of trust of <br /> even date herewith (the "Deed of Trust ") executed by Maker (as Trustor) to Holder <br /> (as Trustee) for the benefit of Holder (as Beneficiary), and encumbering certain real <br /> property located in the City of San Leandro, County of Alameda, State of California, <br /> and commonly known as 1066 - 1072, Marina Boulevard and 1152 Marina <br /> Boulevard, San Leandro, California (the "Property "). <br /> C. Payments shall be due as follows: <br /> 1. From October _ , 1996, to October _ , 2001, Maker shall not be <br /> required to make any payments of principal, so long as Maker <br /> complies with the terms and conditions of this Promissory Note, <br /> and the Deed of Trust. <br /> 2. Except as provided herein, from October _ , 1996, to October _, <br /> 2001, Maker shall make monthly interest payments on that . <br /> portion of the principal sum not intended to be forgiven and <br /> exonerated pursuant to Section 3.03 of the DDA, the first (1st) <br /> • <br /> Promissory Note Page 1 of 4 <br /> Automall <br /> October 2, 1996 <br />