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Exhibit B <br /> 1 <br />AMENDED AND RESTATED PROMISSORY NOTE <br /> <br />$2,299,315.00 San Leandro, California <br /> ______________, 2016 <br /> <br /> FOR VALUE RECEIVED, the City of San Leandro, acting in its capacity as the <br />Successor Agency to the Redevelopment Agency of the City of San Leandro <br />(“Successor Agency”) promises to pay to the City of San Leandro, a municipal <br />corporation (“City"), in lawful money of the United States of America, the principal sum <br />of Two Million, Two Hundred Ninety-Nine Thousand, Three Hundred Fifteen Dollars <br />($2,299,315.00), together with interest on the outstanding principal balance in accordance <br />with the terms and conditions described herein. <br /> <br /> This Amended and Restated Promissory Note (this “Reinstated Note”) amends <br />and restates in its entirety that certain Promissory Note dated as of December 5, 2002, <br />executed by the Redevelopment Agency of the City of San Leandro for the benefit of <br />the City of San Leandro in the original principal amount of $2,887,617.44 (the “Original <br />Note”). <br /> <br /> Execution of this Note has been approved by resolutions duly adopted by the <br />City Council of the City of San Leandro, the governing board of the Successor Agency, <br />and pursuant to Health and Safety Code Section 34178(a), by the Oversight Board <br />appointed to review the actions of the Successor Agency pursuant to Assembly Bill x1 <br />26. <br /> <br />1. INTEREST RATE; REPAYMENT. Interest shall accrue on the outstanding <br />principal balance of this Note at the rate of three percent (3%) interest per annum, <br />commencing upon the origination date of the Original Note. Interest shall be computed <br />quarterly and compounded annually, calculated on the basis of a year of 365 days, and <br />charged for the actual number of days elapsed. <br /> 2. PAYMENT DATES; MATURITY DATE. Commencing upon July 1, 2017, (the <br />“First Payment Date”), and on the first day of July during each year thereafter, <br />Successor Agency shall make annual payments of combined principal and interest until <br />the entire indebtedness evidenced hereby is fully paid, except that all remaining <br />indebtedness, if not sooner paid, shall be due and payable upon the Maturity Date <br />(defined below). The amount of the annual payments to be paid beginning on the First <br />Payment Date will be an amount equal to the payment necessary to fully amortize the <br />principal amount of this Note, together with interest at the interest rate specified in <br />Section 1 above. The entire outstanding principal balance of this Note, together with <br />accrued interest and all other sums accrued hereunder shall be payable in full on July 5, <br />2022 (the “Maturity Date”). Payments shall be credited first to principal, and second to