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2) The landscape renovation shall include the removal and replacement of missing, dead <br /> and dying trees, shrubs and groundcovers consistent with the Hacienda Design <br /> Guidelines. <br /> 3) The work will also consist of the replacement of the Parcourse equipment. <br /> 4) The Association would then be responsible for future maintenance per its Planned Unit <br /> Development (PUD). <br /> 5) Loan for Project Cost. <br /> a) The Association does not have sufficient reserves to fund the Project and has <br /> asked the City to provide a loan of$732,548 to fund the project. <br /> b) The City will make available to the Association a $732,548 loan to fund the <br /> Project, above, from the City's NPID Reserve Account subject to: <br /> i.An annual rate of compounded interest of 2.72 percent. <br /> c) One hundred and twenty (120) monthly payments due the first of each month <br /> commencing January 1, 2020. <br /> d) No prepayment penalty <br /> e) Payment not made within thirty (30) business days of the due date is considered <br /> late and subject to a five percent (5%) penalty assessed only against the amount <br /> of the installment payment due; and <br /> f) Payments shall be made to: The City of Pleasanton, P. 0. Box 520, Pleasanton, <br /> CA 94566. <br /> g) The Association shall execute a promissory note in favor of the City for the loan <br /> amount equal of$732,548. The form of such promissory note is attached as <br /> Exhibit A. <br /> 6) Notices. All notices herein required shall be in writing and shall be sent by certified <br /> or registered mail, postage prepaid, addressed as follows: <br /> To Association: Hacienda Business Park To City: City Manager <br /> Owners Association City of Pleasanton <br /> Attn: General Manager P.O. Box 520 <br /> 4305 Hacienda Drive, Ste 330 Pleasanton, CA 94566 <br /> Pleasanton, CA 94588 <br /> 7) Waiver. In the event either City or Association at any time waive any breach of <br /> this Agreement by the other, such waiver shall not constitute a waiver of any <br /> other or succeeding breach of this Agreement, whether of the same or of <br /> any other covenant, condition or obligation. <br /> 8) Governing Law. California law shall govern any legal action pursuant to this <br /> Agreement with venue in the applicable court or forum for Alameda County. <br /> 9) Attorney's Fees. The prevailing party in any action brought to enforce or construe <br /> the terms of this Agreement may recover from the other party its reasonable <br />