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PROMISSORY NOTE <br /> Secured by Deed of Trust <br /> DEFERRING THE PAYMENT OF CITY TRAFFIC IMPACT FEES <br /> Pleasanton, California <br /> July 13, 2010 <br /> FOR VALUE RECEIVED, the undersigned, 24 Ventures, LLC, a California limited <br /> liability company (the "Borrower ") promises to pay to the City of Pleasanton, a municipal <br /> corporation ( "City "), at 123 Main Street, Pleasanton, Califomia 94566 -0802, Attn: <br /> Finance Department NC Receivables, the following amount: ONE HUNDRED AND <br /> SIXTY -FOUR THOUSAND FIVE HUNDRED AND EIGHTY ONE DOLLARS AND <br /> THIRTY CENTS ($164,581.30), which represents the amount due from Borrower to the <br /> City for the Pleasanton Traffic Development Fee imposed pursuant to Pleasanton <br /> Municipal Code Chapter 3.26 for the Borrower's development project at 4770 Willow <br /> Road, Pleasanton (the "Property "). <br /> 1. Payment. Any amount due under this Promissory Note shall be due and <br /> payable in full on the date of the earlier of: <br /> (a) The issuance of a Temporary Certificate of Occupancy by the City of <br /> Pleasanton's Building Division for the interior remodel improvements <br /> (the "Project ") at the Property; <br /> (b) The final inspection by the City Building Division for the Project at the <br /> Property; or <br /> (c) The issuance of a Certificate of Occupancy by the City Building <br /> Division for the Project at the Property. <br /> Failure to declare the amounts due shall not constitute a waiver on the part of the City. <br /> 2. Interest. No interest shall be payable on the amount due for twelve (12) <br /> months from the date of this Promissory Note. If payment is not received within twelve <br /> (12) months of the date of this Promissory Note, even if one of the actions triggering <br /> payment set forth in Section 1, above, has not occurred, interest shall accrue and <br /> compound at the Bank of America Reference Rate, subject to adjustment every six <br /> months. In addition to the waiver provisions in Section 10, below, Borrower waives any <br /> requirement that the City notify Borrower of any interest accruing or any changes in the <br /> interest rate. <br /> 3. Recalculation of Fees. If during the time the amount due under this <br /> Promissory Note is not paid, and the City undertakes a recalculation of the City's Traffic <br /> 1 <br />