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(a) The Association does not have sufficient reserves to fund the Project and has asked the City to provide a loan of$48,000 to fund the project. (h) The City will make available to the Association a $48,000 loan to fund the Project, above, from the City's Capital Project Reserve Account subject to: (I) An annual rate of compounded interest of 1.9% based on the current Local Agency Investment Fund (LAIF) of the California State Treasurer LAIF rate. (2) Fifty (50) monthly payments due the first of each month commencing November 1, 2018. (3) No prepayment penalty. (4) 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 payment due; and (5) Payments shall be made to: The City of Pleasanton, P. 0. Box 520, Pleasanton, CA 94566. (c) The Association shall execute a promissory note in favor of the City for the loan amount equal of$48,000. The form of such promissory note is attached as Exhibit A. 4. Notices. All notices herein required shall be in writing and shall be sent by certified or registered mail, postage prepaid, addressed as follows: To Association: Valley Business Park To City: City Manager Owners Association City of Pleasanton Attn: Association Manager P.O. Box 520 0/0 GS Management Co. Pleasanton, CA 94566 5674 Sonoma Drive Pleasanton, CA 94566-8102 Waiver. In the event either City or Association at any time waive any breach of this Agreement by the other, such waiver shall not constitute a waiver of any other or succeeding breach of this Agreement, whether of the same or of any other covenant, condition or obligation. 5. Governing Law. California law shall govern any legal action pursuant to this Agreement with venue in the applicable court or forum for Alameda County. 6. Attorney's Fees. The prevailing party in any action brought to enforce or construe the terms of this Agreement may recover from the other party its reasonable costs and attorney's fees expended in connection with such an action. 7. No Personal Liability. No official or employee of City shall be personally liable to Association in the event of any default or breach by the City. No officer, director, employee, or managing agent of the Association shall be personally liable to the