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PROMISSORY NOTE Pleasanton, California , 2013 (a) Borrower's Promise to Pay. FOR VALUE RECEIVED, the undersigned HACIENDA BUSINESS PARK OWNERS ASSOCIATION ("Borrower") promises to pay to the City of Pleasanton, a municipal corporation ("City "), at 123 Main Street, P. O. Box 520, Pleasanton, California 94566, Attn: Finance Department, or such other place as City may designate in writing, the sum of Dollars ($ ) together with annually compounded interest based on the Local Agency Investment Fund interest rate calculated each January 2, paid in twenty-one (21) semi-annual payments due not later than June 1 and December 1 . Payments shall commence following completion of the LED upgrade project as provided in the LED Upgrade Agreement between the City and Borrower dated 2013. A payment not made within thirty (30) business days of the due date is considered late and subject to a five percent (5%) penalty assessed only against the amount of the installment due. Borrower may prepay principal at any time without penalty. (b) No Waiver by City. Any failure by the City to pursue its legal and equitable remedies upon Borrower's default shall not constitute a waiver of the City's right to declare a default and exercise all of its rights under this Note. (c) Notices. All notices required in this Note shall be sent by certified mail, return receipt requested, express delivery service with a delivery receipt, or personal delivery with a delivery receipt and shall be deemed to be effective as of the date received, the date delivery was refused, or the date returned as undeliverable as indicated on the return receipt as follows: To Association: Hacienda Business Park Owners Association To City: 4473 Willow Road, Suite 105 City Manager Pleasanton, CA 94588-8570 City of Pleasanton Attn: General Manager P.O. Box 520 Pleasanton, CA 94566 6