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ATTACHMENT C <br /> <br />PROMISSORY NOTE <br />(Pleasanton Assisted Living) <br /> <br />$949,805 Pleasanton, California <br /> · 2003 <br /> <br /> FOR VALUE RECEIVED, the undersigned BLP Parmership, Inc., a California nonprofit <br />public benefit corporation (the "Borrower") hereby promises to pay to the order of the City of <br />Pleasanton, P.O. Box 520, Pleasanton, California (the "Holder"), a principal amount equal to <br />Nine Hundred Forty-Nine Thousand Eight Hundred Five Dollars ($949,805). <br /> <br /> 1. Borrower's Obligation. This promissory note (the "Note") evidences the <br />Borrower's obligation to pay the Holder the principal amount of Nine Hundred Forty-Nine <br />Thousand Eight Hundred Five Dollars ($949,805) for the funds loaned to the Borrower by <br />Holder to finance the development of the Property pursuant to the Predevelopment Loan <br />Agreement between the Borrower and the Holder of even date herewith (the "Loan Agreement"). <br />All capitalized terms not otherwise defined in this Note shall have the meanings set forth in the <br />Loan Agreement. <br /> <br /> 2. Interest. The principal balance of this Note shall bear no interest. <br /> <br /> 3. Term and Repayment Requirements. The term of this Note (the "Term"), shall <br />commence with the date of this Note and shall expire as set forth in Section 1.8 of the Loan <br />Agmement. <br /> <br /> 4. No Assumption. This Note shall not be assumable by the successors and assigns <br />of Borrower without the prior written consent of the Holder, except as provided in Section 2.3 of <br />the Loan Agreement. <br /> <br />5. Security. This Note is secured as set forth in Section 1.3 of the Loan Agreement. <br /> <br /> 6. Terms of Payment. All payments due under this Note shall be paid in currency of <br />the United States of America, which at the time of payment is lawful for the payment of public <br />and private debts. <br /> <br /> (a) All payments on this Note shall be paid to Holder at City of Pleasanton, <br />P.O. Box 520, Pleasanton, California 94566, Attention: City Manager, or to such other place as <br />the Holder of this Note may from time to time designate. <br /> <br /> (b) This Note shall be nonrecourse to Borrower and the Holder shall only be <br />entitled to the security described in Section 1.3 of the Loan Agreement, and the Borrower shall <br />not be personally liable for repayment under this Note. <br /> <br />144\105\159065.5 <br /> <br /> <br />