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Redevelopment Agency of the City of San Leandro <br />FORM OF <br />SECURED PROMISSORY NOTE <br />$ 1. 00,000.00 San Leandro, California <br />October ? , 1996 <br />A. FOR VALUE RECEIVED, the undersigned Borrower, Batarse Family <br />Trust, U.T.A., dated May 7, 1987, Anthony A. Batarse, Jr., Trustee (the "Maker" or <br />the "Batarse Family Trust"), hereby promises to pay to the order of the <br />REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO (the "Holder"), <br />at 835 E. 14th Street, San Leandro, California, the principal sum of ONE MILLION <br />HUNDRED THOUSAND DOLLARS ($1,_00,000.00), together with <br />interest on that portion of the principal sum not intended to be forgiven and <br />exonerated pursuant to Section 3.3 of the Disposition and Development Agreement <br />("DDA") by and between the Batarse Family Trust and the Redevelopment Agency of <br />the City of San Leandro, executed on 10/ 7/ 96 , and incorporated herein by <br />this reference, at the rate of SIX PERCENT (6%) per annum from the date of the <br />close of escrow on the real property transaction set forth in the DDA. <br />B. The obligations of Maker under this Note secured by a deed of trust of <br />even date herewith (the "Deed of Trust") executed by Maker (as Trustor) to Holder <br />(as Trustee) for the benefit of Holder (as Beneficiary), and encumbering certain real <br />property located in the City of San Leandro, County of Alameda, State of California, <br />and commonly known as 1066 - 1072 Marina Boulevard and 1152 Marina <br />Boulevard, San Leandro, California (the "Property"). <br />C. Payments shall be due as follows: <br />1. From October _, 1996, to October _, 2001, Maker shall not be <br />required to make any payments of principal, so long as Maker <br />complies with the terms and conditions of this Promissory Note, <br />and the Deed of Trust. <br />2. Except as provided herein, from October _, 1996, to October <br />2001, Maker shall make monthly interest payments on that <br />portion of the principal sum not intended to be forgiven and <br />exonerated pursuant to Section 3.03 of the DDA, the first (1st) <br />Promissory Note Page 1 of 4 <br />Automall <br />October 2, 1996 <br />