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PROMISSORY NOTE <br />Pleasanton, California <br />Date: <br />Amount: <br />FOR THE VALUE RECEIVED, the undersigned jointly and severally promise(s) <br />to pay to the order of the City of Pleasanton the sum of dollars <br />($~, and to pay interest on the unpaid principal amount of this Note from the date <br />hereof, at the rate of per cent (_%) per annum, until paid. Said interest rate is <br />1.5% less than the rate set by the Bank of America's reference rate and shall be adjusted <br />every April 1 and October 1. <br />Both the principal and interest on this Note are payable on the first day of each <br />month in monthly installments, including both principal and interest, commencing <br />with a payment of $ on , 19_, and of $ (except as adjusted every <br />April 1 and October 1) the first day of each month for the next months commencing on <br />19~ in lawful money of the United States at the principal office of the City of <br />Pleasanton at 123 Main Street, Pleasanton, California or such other place as shall be <br />designated by the City of Pleasanton. The City of Pleasanton shall notify the undersigned <br />of any change in the monthly installment. <br />The undersigned reserve(s) the right to prepay at any time all or any part of the <br />principal amount of this Note without the payment of penalties or premiums. All <br />payments on this Note shall be applied first to the interest due on the Note, and then to <br />the principal due on the Note, and the remaining balance shall be applied to late charges, <br />if any. <br />IN THE EVENT the undersigned shall fail to pay the interest on or principal <br />amount of this Note when due, and if such failure be existing on the date the next <br />installment payment under this Note becomes due and payable, the unpaid principal <br />amount of this Note, together with accrued interest and late charges, shall become due <br />and payable, at the option of the City of Pleasanton, without notice to the undersigned. <br />Failure of the City to exercise such option shall not constitute a waiver of such default. <br />No default shall exist by reason of nonpayment of any required installment of principal <br />and interest so long as the amount of optional prepayments already made pursuant hereto <br />equals or exceeds the amount of the required installments. If the interest on, and <br />principal of, this Note are not paid during the calendar month which includes the due <br />date, the undersigned shall pay to the City of Pleasanton a late charge of 4% per calendar <br />month, or fraction thereof, on the amount past due and remaining unpaid. <br />1 <br />