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11 <br /> Exhibit A <br /> <br /> PROMISSORY NOTE <br /> SECURED PROMISSORY NOTE <br />$285,000.00 San Leandro, California <br /> ________, 2016 <br /> <br /> FOR VALUE RECEIVED, San Leandro Improvement Association, a California non- <br />profit organization (“Borrower”) promises to pay to the City of San Leandro, a charter city <br />formed under the laws of the State of California (“Lender”), in lawful money of the United <br />States of America, the principal sum of TWO HUNDRED EIGHTY-FIVE THOUSAND <br />DOLLARS ($285,000.00), or so much thereof as may be advanced by Lender pursuant to the Loan Agreement referred to below, together with interest on the outstanding principal balance in <br />accordance with the terms and conditions described herein. <br /> <br />This Secured Promissory Note (this “Note”) has been executed and delivered pursuant to <br />a Loan Agreement dated as of the date hereof by and between Borrower and Lender (the "Loan Agreement"), and is subject to the terms and conditions of the Loan Agreement, which are by <br />this reference incorporated herein and made a part hereof. Capitalized terms used but not <br />defined herein shall have the meaning ascribed to such terms in the Loan Agreement. <br />This Note is secured by Borrower’s assessments. Lender has the right to collect <br />Borrower’s assessments due, owing, or payable before any and all of Borrower’s secured and unsecured creditors. <br />1. INTEREST RATE; REPAYMENT. Interest shall accrue on the outstanding principal <br />balance of this Note at the rate of three percent (3.0%) simple interest per annum, commencing <br />upon the date of disbursement thereof. Interest shall be calculated on the basis of a year of three <br />hundred sixty five (365) days, and charged for the actual number of days elapsed. <br />2. PAYMENT DATES; MATURITY DATE. Commencing upon December 1, 2017 (the “First <br />Payment Date”), and on December 1 of each calendar year thereafter, Borrower shall make <br />annual payments of combined principal and interest until the entire indebtedness evidenced <br />hereby is fully paid, except that all remaining indebtedness, if not sooner paid, shall be due and <br />payable upon the Maturity Date (defined below). The amount of the annual payments to be paid beginning on the First Payment Date will be an amount equal to the payment necessary to fully amortize the principal amount of this Note, together with interest at the interest rate specified in <br />Section 1 above over a 120-month period. Borrower understands that Lender will effectuate the <br />annual payments by deducting the amount due pursuant to this Section from the annual <br />disbursements of property tax assessments made pursuant to a Management and Disbursement Agreement between the San Leandro Improvement Association and the City of San Leandro <br />executed on November 18, 2013 unless Borrower has made payment directly prior to December