Deed of Trust MTLG LLC - Laserfiche WebLink

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SECURED PROMISSORY NOTE $455,107.36 San Leandro, CA FOR VALUE RECEIVED, MTLG, LLC, a California limited liability company ("Borrower"), promises to pay to the City of San Leandro, a California charter city ("Lender"), in lawful money of the United States of America, the principal sum of Four Hundred Fifty Five Thousand One Hundred Seven Dollars and Thirty Sixty Cerits ($455. 107.36.), 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 in accordance with the terms and conditions described herein. This Secured Promissory Note (this "Note") has been executed and delivered pursuant to 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 this reterence incorporated herein and made a part hereof. Capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Loan Agreement. This Note is secured by a Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing ("Deed of Trust") dated as of the date thereof, executed by Borrower for the benefit of Lender and encumbering the property described therein. Lender shall be entitled to the benefits of the security provided by the Deed of Trust and shall have the right to enforce the covenants and agreements contained herein, and in the Deed of Trust. The Deed of Trust may be subordinated to only such liens and encumbrances as Lender shall approve in writing. Notwithstanding the foregoing, the Deed of Trust may be subordinated to a deed of trust or other security filing arising from the refinancing of any loan(s) secured by a deed of trust senior to the Deed of Trust, as long as the principal amount secured as a result of such refinanced loans does not exceed two million five hundred thousand dollars ($2,500,000). 1. INTEREST RATE; REPAYMENT. Interest shall accrue on the outstanding principal balance of the Loan at the rate of two percent (2%) simple interest per annum commencing upon the Effective Date and continuing through the date that all indebtedness and other amounts payable under the Loan Agreement and this Note are paid in full. Interest shall be calculated on the basis of three hundred sixty five (365) days, and charged for the actual number of days elapsed. 2. PAYMENT DATES; MATURITY DATE. Commencing July 1, 2019 (,and annually on July 1 thereafter through the Maturity Date (each, a "Loan Repayment Date") Borrower shall make annual payments of principal and interest in the amount of at least Fifty Thousand Six Hundred Fifty Five Dollars and Fifty Two Cents ($50,655.52)("Loan Repayment Amount"). The entire indebtedness including any remaining interest and the principal, shall be due and paid in full upon the Maturity Date (defined below). The entire outstanding principal balance of the Loan, together with any accrued interest and all other sums accrued hereunder shall be payable in full on the