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PROMISSORY NOTE <br />SECURED BY DEED OF TRUST <br />JULY 25 '1995 Redwood City, California 9.4064 <br />1253 WARREN AVEMM, REDWOOD CITY, CA 94063 (the "Property"). <br />(Property Address) <br />1. BORROWER'S PROMISE TO PAY <br />III return for a loan in the amount of $ ELEVEN THousAND six nuNDRED NINETY Two Arm <br />NO/100THs - DOLLARS that Borrower has received (the "Loan"), Borrower promise to pay in <br />U.S. dollars $ 11,692.00 (this amount is called "Principal"), to the order of the Redevelopment <br />Agency of the City of Redwood City ("Lender")1, a public agency organized and existing under <br />the laws of the State of California. The Lender or anyone who takes this Note by transfer and <br />who is entitled to receive payments under this Note is called the "Note Holder." <br />(A) LOAN AUTHORITY <br />The Loan evidenced by this Note is being made pursuant to a Disposition and <br />Development Agreement between the Redevelopment Agency of the City of <br />Redwood City and Butler Stellar Corporation, dated January 10, 1994 (the <br />"Development Agreement") <br />(B) USE OF FUNDS <br />The Loan is being made in order to assist Borrower in purchasing the Property. <br />The sales price of the Property is $120,472. 00 . The loan amount represents the <br />difference between the sales price and the sum of (1) Borrower's Down Payment; <br />(2) the First Mortgage; (3) the Home Loan provided pursuant to the Home <br />investment Partnerships. <br />2. INTEREST; CONTINGENT INTEREST <br />There will be no interest charged on the Loan Program. <br />3. PAYMENTS <br />(A) Time and Place of Payments <br />1. No monthly payment shall be due during the first five years of the Loan. <br />1TA*V&AP0WVe'"0_r,� i Rli ,hble add t/fb tiA Aadet���dr !"r4''! 1* h`9Wp��`r� 9'� '4 1 1�Y <br />