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PROMISSORY NOTE <br /> $313,107.79 Pleasanton, California <br /> IL ') , 2014 <br /> 1. Borrowers Promise to Pay. <br /> FOR VALUE RECEIVED, the undersigned HACIENDA BUSINESS PARK <br /> OWNERS ASSOCIATION ("Borrower") promises to pay to the City of Pleasanton, a <br /> municipal corporation ("City "), at 123 Main Street, P. O. Box 520, Pleasanton, <br /> California 94566, Attn: Finance Department, or such other place as City may designate <br /> in writing, the sum of Three Hundred and Thirteen Thousand One Hundred and Seven <br /> Dollars and Seventy-nine cents ($313,107.79) together with annually compounded <br /> interest based on the Local Agency Investment Fund interest rate calculated each <br /> January 2, , paid in twenty-one (21) semi-annual payments due not later than June 22 <br /> and December 22. <br /> Payments shall commence in the December of the fiscal year following <br /> completion of the LED upgrade project as provided in the LED Upgrade Cost Sharing <br /> Agreement between the City and Borrower dated 11 • `r 2014. <br /> A payment not made within thirty (30) business days of the due date is <br /> considered late and subject to a five percent (5%) penalty assessed only against the <br /> amount of the installment due. <br /> 2. No Waiver by City. Any failure by the City to pursue its legal and equitable <br /> remedies upon Borrower's default shall not constitute a waiver of the City's right to <br /> declare a default and exercise all of its rights under this Note. <br /> 3. Notices. All notices required in this Note shall be sent by certified mail, return <br /> receipt requested, express delivery service with a delivery receipt, or personal delivery <br /> with a delivery receipt and shall be deemed to be effective as of the date received, the <br /> date delivery was refused, or the date returned as undeliverable as indicated on the <br /> return receipt as follows: <br /> 1 <br />