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69'0 mei;ti :7 <br /> / /!oz <br /> PROMISSORY NOTE <br /> Pleasanton, California <br /> Date: November 1, 1989 <br /> Amount: $10,174.52 <br /> FOR THE VALUE RECEIVED, the undersigned promise (s) to <br /> pay to the order of the City of Pleasanton the sum of <br /> ten thousand one hundred seventy four and 52/100 DOLLARS <br /> ($10,174.52), and to pay interest on the unpaid principal <br /> amount of this Note from the date hereof, until paid. The <br /> initial rate of interest is 5.25% per annum and represents <br /> one half of the rate of interest set by the Bank of America's <br /> reference rate. Said interest rate shall be adjusted every <br /> six months from the date hereof. <br /> Both the principal and interest on this Note are payable <br /> on the First Day of Each Month in 60 monthly <br /> installments, including both principal and interest, <br /> commencing with a payment of $ 193.17 on November 1, 1989 <br /> and of $ 193.17 the First Day of Each Month for the next five <br /> months commencing on December 1, 1989 in lawful money of the <br /> United States at the principal office of The City of <br /> Pleasanton, 123 Main Street in Pleasanton, California or such <br /> other place as shall be designated by the City of Pleasanton. <br /> The City of Pleasanton shall notify the undersigned of any <br /> change in the monthly installment every six months. <br /> The undersigned reserve(s) the right to prepay at any <br /> time all or any part of the principal amount of this Note <br /> without the payment of penalties or premiums. All Payments <br /> on this Note shall be applied first to the interest due on <br /> the Note, and then to the principal due on the Note, and the <br /> remaining balance shall be applied to late charges, if any. <br /> IN THE EVENT the undersigned shall fail to pay the <br /> interest on or principal amount of this Note when due, and if <br /> such failure be subsisting on the date the next installment <br /> payment under this Note becomes due and payable, the unpaid <br /> principal amount of this Note, together with accrued interest <br /> and late charges, shall become due and payable, at the option <br /> of the City of Pleasanton, without notice to the undersigned. <br /> Failure of the City to exercise such option shall not <br /> constitute a waiver of such default. No default shall exist <br /> by reason of nonpayment of any required installment of <br /> principal and interest so long as the amount of optional <br /> prepayments already made pursuant hereto equals or exceeds <br /> the amount of the required installments. If the interest on, <br /> -1- <br />