Agmt 2015 San Leandro Successor Agency

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WHEREAS, the loan will be repaid in full by the Successor Agency as soon as sufficient funding is received from the Redevelopment Property Tax Trust Fund, anticipated to be in January 2016; and WHEREAS, the City has agreed to provide a loan in an amount not to exceed $779,051.00 (the "Loan") to the Successor Agency in accordance with Section 34173(h). NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties to this Agreement agree as follows: ARTICLE 1 LOAN TERMS 1.1 Loan. (a) Loan Amount. City agrees to lend to Successor Agency, and Successor Agency agrees to borrow from and repay to City, a Loan in the amount not to exceed Seven hundred seventy-nine thousand and fifty-one dollars ($779,051.00) ("Loan Proceeds"). (b) .Loan Repayment. The total outstanding Loan principal together with accrued interest thereon, is due and payable on June 30, 2016 (the "Maturity Date"). (c) Interest. Commencing on the date of initial disbursement of the proceeds of the Loan and continuing through the date that all indebtedness and other amounts payable under this Agreement are paid in full, interest on the Loan will accrue on the outstanding principal balance, at the rate equal to the "Apportionment Rate" earned by the California Local Agency Investment Fund ("LAIF") maintained by the California Treasurer's Office (Government Code 16429.1) for the most recently completed fiscal quarter. Interest will be calculated on the basis of a year of 365 days and charged for the actual number of days that principal is outstanding. 1.2 Prepayment. Successor Agency may prepay the Loan, including any outstanding accrued and unpaid interest, in whole or in part, at any time, without penalty or other charge. Any partial prepayment shall be applied first to accrued and unpaid interest that is due, then to the outstanding principle balance of the Loan. 1.3 Payment. The outstanding principal of the Loan, together with any outstanding accrued and unpaid interest, is due and payable immediately upon the receipt of Redevelopment Property Tax Trust Fund revenues collected for the Successor Agency by Alameda County and the State of California, but no later than the Maturity Date.