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CITY OF PLEASANTON <br /> PROMISSORY NOTE <br /> Secured by Deed of Trust <br /> $300,000 Pleasanton, CA <br /> , 2023 <br /> FOR VALUE RECEIVED, the undersigned Tri-Valley REACH, a California non- <br /> profit public benefit corporation ("Borrower") promises to pay to the City of Pleasanton, a <br /> municipal corporation ("City" or"Lender") the principal sum of Three Hundred Thousand <br /> Dollars ($300,000), together with interest on the unpaid principal, calculated as set forth in <br /> Section 2, below. <br /> 1. Maturity. All of the obligations of the Borrower to the Lender, including outstanding <br /> principal, interest and all other amounts due under this Note, shall be due and payable <br /> upon the earlier of: (a) fifty (50) years from the date of this Note; or (b) upon the sale or <br /> transfer (collectively the "Transfer") of the real property commonly known as 5608 Hansen <br /> Drive, Pleasanton, CA 94566 ("Property"). "Transfer" shall mean any voluntary or <br /> involuntary sale, assignment or transfer of ownership of the Property or of any interest in <br /> the Property, including, but not limited to, a fee simple interest, a joint tenancy interest, <br /> a life estate, or an interest evidenced by a land contract by which possession of the <br /> Property is transferred and Borrower retains title. <br /> 2. Interest Rate. The unpaid principal of this Note shall bear simple interest from the <br /> date advanced at a rate of Three Percent (3%) per annum. Interest shall be calculated <br /> based on the principal balance outstanding under this Note as may be adjusted from <br /> time to time to reflect advances under this Note and the prepayment of outstanding <br /> principal and interest. Interest shall not be due and payable until such time as the <br /> principal balance of this Note becomes due and payable. <br /> 3. Payments and Application. All payments shall be made to the City at 123 Main <br /> Street, Pleasanton, CA 94566, Attn: Housing Division, or at such other places as the City <br /> may designate in writing. All payments made on account of this Note, including <br /> prepayments, shall be first the payment of any accrued interest and any unpaid interest due <br /> hereunder, and the remainder shall be applied to the unpaid principal sum. <br /> 4. Borrower's Acknowledgements. Borrower acknowledges the following: <br /> l <br />