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EXHIBIT B <br /> CAPITAL IMPROVEMENT PROMISSORY NOTE <br /> $10,000.00 San Leandro, California <br /> [Datel, 2017 <br /> FOR VALUE RECEIVED Housing Consortium of the East Bay("Borrower") promises to pay to the <br /> City of San Leandro, a California charter city ("City"), in lawful money of the United States of America, the <br /> principal sum of Ten Thousand Dollars ($10,000.00), or so much thereof as may be advanced by City <br /> pursuant to the Loan Agreement referred to below, together with interest on the outstanding principal <br /> balance, in accordance with the terms and conditions described herein. <br /> This Promissory Note (this "Note") has been executed and delivered pursuant to a Capital Improvements <br /> Loan Agreement dated as of the date hereof by and between Borrower and City (the "Loan Agreement"), <br /> and is subject to the terms and conditions of the Loan Agreement, which is by this reference incorporated <br /> herein and made a part hereof. Capitalized terms used but not defined herein shall have the meaning <br /> ascribed to such terms in the Loan Agreement. <br /> 1. PAYMENTS <br /> 1.1 PAYMENT DATES; MATURITY DATE, Provided that Borrower is not in default under the <br /> Loan Documents, the City shall forgive one twentieth (1/20th) or Five Hundred Dollars ($500.00) of the <br /> outstanding principal loan balance annually. On the twentieth (20th) anniversary of the Effective Date (as <br /> defined in the Loan Agreement), provided that no default or breach by Borrower has occurred under the <br /> Loan Documents,the entire outstanding balance of the Loan shall be forgiven. <br /> 1.2 INTEREST. Interest on the Loan shall accrue at a rate of three percent (3%) simple <br /> interest per annum. <br /> 1.3 PREPAYMENT. Borrower may, without premium or penalty, at any time and from time to <br /> time, prepay all or any portion of the outstanding principal balance due under this Note. Prepayments shall <br /> be applied first to any unpaid late charges and other costs and fees then due, then to accrued but unpaid <br /> interest, if any, and then to principal. In no event shall any amount due under this Note become subject to <br /> any rights of offset,deduction or counterclaim on the part of Borrower. <br /> 2. DEFAULTS <br /> 2.1 EVENTS OF DEFAULT. The occurrence of any one or more of the following events shall <br /> constitute an event of default hereunder("Event of Default"): <br /> a. If Borrower fails to perform any covenant or obligation under this Note or the Loan <br /> Agreement. <br /> B-1 Promissory Note <br /> Capital Improvement Loan Agreement-HCEB <br />