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r low r NOTE October 16 , 1996 San Leandro, California 1507 138th Avenue San Leandro CA 94577 _Property Address City State Zip Code 1. BORROWER'S PROMISE TO PAY In return for a loan that I have received, I promise to pay U.S. $ 3,000 , (hereinafter"principal"),plus interest,to the order of the Lender. The Lender is the Redevelopment Agency of the City of San Leandro. I understand that the Lender may transfer this Note. The Lender or anyone who takes this Note by transfer and who is entitled to receive payments under this Note will be called the"Note Holder." 2. INTEREST for the first sixty(60)months of this Note, I shall not pay any interest on this Loan. No interest shall accrue on the amount borrowed for the first sixty(60)months. Beginning the sixty-first(61) month I shall pay interest at a yearly rate of five percent (5%). Interest shall be charged beginning on November 1, 2001 , (61st month) on unpaid principal until the full amount of principal has been paid. 3. PAYMENTS I shall pay interest and principal(except as provided below)by making payments each month of U.S. $ 17.55 . I shall make my payments on the 1st day of each month beginning on November 1 , 2001 (61st month). On October 1, 2026 , (360th month), I shall pay the outstanding principal balance, accrued interest and any other charges, I will pay all those amounts in full, on that date. I will make my monthly payments at 835 East 14th Street, San Leandro, CA 94577 or at a different place if required by the Note Holder. 4. BORROWER'S FAILURE TO PAY AS REQUIRED (A) Late Charge for Overdue Payments If the Note Holder has not received the full amount of any of my monthly payments by the end of ten(10)calendar days after the date it is due, I will promptly pay a late charge to the Note Holder. The amount of the charge will be Twenty Dollars ($20.00). I will pay this late charge only once on any late payment. 1