Agmt 2015 Trust of Sung H Paskewitz

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PROMISSORY NOTE $ 38,000 San Leandro, California July IG , 2015 FOR VALUE RECEIVED, TRUST OF SUNG H PASKEWITZ ("Owner") promises to pay to the City of San Leandro, a public body, corporate and politic ("City"), in lawful money of the United States of America, the principal sum of not more than thirty eight thousand dollars ($38,000), or so much thereof as may be advanced by City pursuant to the Loan Agreement referred to below, in accordance with the terms and conditions described herein. This Promissory Note (this "Note") has been executed and delivered pursuant to a Loan Agreement dated as of the date hereof by and between Owner and City (the "Loan Agreement"), and is subject to the terms and conditions of the Loan Agreement, which are 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. 1. INTEREST RATE; REPAYMENT; LOAN FORGIVENESS. The outstanding principal balance of this Note shall bear interest at the rate of three percent (3%) simple interest per annum. Provided that Owner is not in default under the Loan Documents, no payments shall be due on this Note. 1.1 LOAN FORGIVENESS. On the 180th day after the Effective Date of this Note, the entire outstanding balance of this Note, together with accrued interest, shall be forgiven, provided that no Event of Default has arisen under the Loan Documents. 1.2 DUE ON DEFAULT. The entire unpaid principal balance and all sums accrued hereunder shall be immediately due and payable upon the occurrence of an Event of Default under the Loan Documents, subject to the expiration of any applicable cure period. 1.3 PREPAYMENT. Owner may, without premium or penalty, at any time and from time to time, prepay all or any portion of the outstanding principal balance due under this Note. Prepayments shall be applied first to any unpaid late charges and other costs and fees then due, then to accrued but unpaid interest, if any, and then to principal. In no event shall any amount due under this Note become subject to any rights of offset, deduction or counterclaim on the part of Owner. 1.4 MANNER OF PAYMENT. All payments on this Note shall be made to City at 835 East 14th Street, San Leandro, CA 94577 or such other place as City shall designate to Owner in writing, or by wire transfer of immediately available funds to an account designated by City in writing. Public Wi-Fi Installation 16 Loan Agreement