Laserfiche WebLink
1873412.1 2 <br />the interest. In no event shall any amount due under this Note become subject to any <br />rights, offset, deduction or counterclaim on the part of Successor Agency. <br />3. PREPAYMENT. Successor Agency may, without premium or penalty, at any <br />time and from time to time, prepay all or any portion of the outstanding principal balance <br />due under this Note. Prepayments shall be applied first to any unpaid late charges and <br />other costs and fees then due, then to accrued but unpaid inte rest, and then to principal. <br /> <br />4. MANNER OF PAYMENT. All payments on this Note shall be made to City at 835 <br />East 14th Street, San Leandro, CA 94577 or such other place as City shall designate to <br />Successor Agency in writing, or by wire transfer of immediately available funds to an <br />account designated by City in writing. <br /> <br />5. MAXIMUM PAYMENT. Pursuant to Section 34191.4 (b), the maximum <br />repayment amount authorized each fiscal year shall be equal to one-half of the increase <br />between the amount distributed to the taxing entities in that fiscal year and the amount <br />distributed to taxing entities pursuant in the 2012 -13 base year, provided, however, that <br />calculation of the amount distributed to taxing entities during the 2012-13 base year <br />shall not include any amounts distributed to taxing entities pursuant to the due diligence <br />review process. <br /> <br />6. DEDUCTION FROM PAYMENT. Twenty percent of any loan repayment shall be <br />deducted from the loan repayment amount and shall be transferred to the Low and <br />Moderate Income Housing Asset Fund, after all outstanding loans from the Low and <br />Moderate Income Housing Fund for purposes of the Supplemental Educational <br />Revenue Augmentation Fund have been paid. Transfers to the Low and Moderate <br />Income Housing Asset Fund are subject to the reporting requirements of subdivision (f) <br />of Section 34176.1 of the Health and Safety Code. <br /> <br />7. EVENTS OF DEFAULT. An event of default ("Event of Default") shall arise <br />hereunder if Successor Agency fails to pay when due the principal and interest payable <br />hereunder and such failure continues for ten (10) days after City notifies Successor <br />Agency thereof in writing. <br />8. REMEDIES. Upon the occurrence of an Event of Default hereunder, City may, at <br />its option (i) by written notice to Successor Agency, declare the entire unpaid principal <br />balance of this Note, together with all accrued interest thereon and all sums due <br />hereunder, immediately due and payable regardless of any prior forbearance, and (ii) <br />exercise any and all rights and remedies available to it under this Note or under <br />applicable law. Successor Agency shall pay all reasonable costs and expenses <br />incurred by or on behalf of City including, without limitation, reasonable attorneys' fees, <br />incurred in connection with City's enforcement of this Note and the exercise of any or all <br />of its rights and remedies hereunder. <br />9. DEFAULT RATE. Upon the occurrence of an Event of Default, interest shall <br />automatically be increased without notice to the rate of ten percent (10%) per annum