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T CItMEN B <br /> <br />PREDEVELOPMENT LOAN AGREEMENT FOR PLEASANTON ASSISTED LIVING <br /> <br /> This Predevelopment Loan Agreement (the "Agreement") is entered into as of <br /> ,2003, by and between the City of Pleasanton, a California municipal corporation <br />(the "City") and BLP Partnership, Inc., a California nonprofit public benefit corporation (the <br />"Developer"), with reference to the following facts, purposes and intentions. <br /> <br />RECITALS <br /> <br /> A. The Developer intends to develop and operate an assisted living facility of <br />approximately one hundred five (105) units (the "Development") on that certain real property <br />located in the City of Pleasanton, more particularly described in Exhibit A attached hereto (the <br />"Property"). <br /> <br />dated <br />Property. <br /> <br />The City and Developer entered into a Land Disposition Agreement (the "LDA") <br /> , , wherein the Developer agreed to develop the Development on the <br /> <br /> C. The Developer and the City intend to enter into a Ground Lease (the "Ground <br />Lease") wherein the Developer shall agree to develop and operate the Development and the City <br />shall agree to lease the Property to the Developer for fifty-five (55) years. <br /> <br /> D. The City proposes to loan and the Developer proposes to borrow Nine Hundred <br />Forty-Nine Thousand Eight Hundred Five Dollars ($949,805) to finance certain predevelopment <br />activities in connection with the Development (the "Predevelopment Loan"). The <br />Predevelopment Loan will be evidenced by a promissory note (the "Predevelopment Note"). <br /> <br /> E. The Developer intends to apply, at a later date, for both private and public loans <br />to pay for the Predevelopment Loan and to cover additional predevelopment costs and <br />construction of the Development. <br /> <br /> NOW, THEREFORE, in consideration of the recitals, mutual promises and covenants set <br />forth in this Agreement, the parties agree as follows: <br /> <br /> ARTICLE 1. <br />PREDEVELOPMENT LOAN PROVISIONS <br /> <br /> Section 1.1 Predevelopment Loan. Subject to satisfaction of the conditions set forth in <br />Section 1.4, the City shall lend to the Developer the Predevelopment Loan, in the principal sum <br />not to exceed Nine' Hundred Forty-Nine Thousand Eight Hundred Five Dollars ($949,805) for <br />the purposes set forth in Section 1.2 of this Agreement. The Predevelopment Loan shall be <br />evidenced by the Predevelopment Note in a form to be provided by the City which shall be <br />executed by the Developer concurrently herewith. No interest shall accrue or be due on the <br />Predevelopment Loan. <br /> <br />144\105~158870.7 1 <br /> <br /> <br />