OB Reso 2012-1 Restate Loan Payment

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EXHMrr A REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO PROMISSORY NOTE $4,372,774. Apri18, 2004 FOR VALUE RECEIVED, the Redevelopment Agency of the City of San Leandro (the "Agency ") acknowledges itself indebted to and promises to pay the City of San Leandro, on or before July 11, 2034 the principal sum of Four Million Three Hundred Seventy -Two Thousand Seven Hundred Seventy -Four Dollars ($4,372,774) ( "Loan ") in lawful money of the United States of America, together with interest thereon, including interest on unpaid interest, at the rate of 6 %. The Agency shall make interest only payments annually on June 30«' of each year. Interest shall be computed on the basis of a 360 -day year of twelve 30 -day months. To the extent not paid, interest shall be added to the principal amount hereof and thereafter treated as principal hereunder. It is hereby certified, recited and declared that this Promissory Note is made, executed and given pursuant to authority of the Resolution under and by authority of Article 5 of Chapter 6 of Part 1 of Division 24 of Title 1 of the California Health and Safety Code (commencing with Section 33640), and that all acts, conditions and things required to exist, happen and be performed precedent to and in the issuance of this Promissory Note have existed, happened and been performed in regular and due time, form and manner as required by law. The principal of and interest on this Promissory Note shall be payable from tax increment revenue derived from the Agency's Alameda County — City of San Leandro ( "Joint ") Redevelopment Project. Payments hereunder shall be subordinate to the payment of debt service on the Agency's 2001 Certificates of Participation and any other legally binding agent (DDA, OPA) requiring payments, heretofore entered into by the Redevelopment Agency.