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03
City of Pleasanton
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CITY CLERK
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2011
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011811
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1/12/2011 2:03:44 PM
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CITY CLERK
CITY CLERK - TYPE
AGENDA REPORT
DOCUMENT DATE
1/18/2011
DESTRUCT DATE
15Y
DOCUMENT NO
03
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AGREEMENT <br /> Now therefore, for valuable consideration, the receipt and sufficiency of which are <br /> hereby acknowledged, the Borrower and I-Iolder agree as follows: <br /> This Amended and Restated Promissory Note ( "Note ") hereby amends, restates and <br /> supersedes in its entirety the Existing Note given by Borrower to Holder dated September 1, <br /> 2005. Concurrently with execution and delivery of this Note. Holder shall return the original <br /> Existing Note to Borrower. <br /> 1. Borrower's Obligation. This promissory note (the "Note ") evidences <br /> Borrower's obligation to pay Holder the principal amount of up to Four Hundred Fifty Thousand <br /> Dollars ($450,000) for the funds leaned to Borrower by Holder to repay the CaIHFA Loan No. <br /> HELP - 020405 -06. <br /> 2. Interest. From and after the date of this Note, no interest shall accrue on <br /> the balance of this Note. All interest accrued on the Loan prior to the date of this Note has <br /> either been paid or forgiven, such that no further interest on the Loan is due from Borrower. <br /> 3. Term and Repayment Requirements. The term of this Note (the "Term "), <br /> shall commence on the date of this Agreement and continue until the earlier of (i) December 31, <br /> 2015 or (ii) until the amounts owed under this Note are repaid in full. This Note shall be due and <br /> payable as set forth in Section 2.3 of the Loan Agreement, provided that Section 2.3(b) is <br /> amended to read as follows: "(ii) the payment owed on the Loan until the Loan has been repaid <br /> in full. Such payment will be equal to 75% of Surplus Cash remaining. ". <br /> 4. Security. This Note is secured by a Deed of Trust (the "Deed of Trust "), <br /> recorded against Borrower' leasehold interest in the Property. <br /> 5. Terms of Payment. <br /> (a) All payments due under this Note shall be paid in currency of the <br /> United States of America, which al the time of payment is lawful for the payment of public and <br /> private debts. <br /> (b) All payments on this Note shall be paid to Holder at City of <br /> Pleasanton, P. 0. Box 520, Pleasanton, CA 94566, Attention: City Manager, or to such other <br /> place as Holder of this Note may from time to time designate. <br /> (c) This Note is nonrecourse to Borrower, pursuant to Section 2.7 of <br /> the Loan Agreement. <br /> 6. Default. <br /> (a) Any of the following shall constitute an event of default under this <br /> Note: <br />
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