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7.3.A. - Page 28 <br /> ATTACHMENT B <br /> PROMISSORY NOTE <br /> City of Redwood City <br /> Fire Safety First Pilot Program <br /> NOTICE TO BORROWER: <br /> THIS DOCUMENT IS SECURED BY A DEED OF TRUST. <br /> Date: XXX <br /> Loan Amount: $ XXX <br /> Loan Number: XXX <br /> For Property Located at XXX <br /> FOR VALUE RECEIVED, the undersigned ( "Borrower"), <br /> promises and agrees to pay to the order of the City of Redwood City, or holder ( "Lender"), at <br /> 1017 Middlefield Road, Redwood City, CA 94063, or such other place as Lender may from time <br /> to time designate by written notice to Borrower, in lawful money of the United States of America, <br /> the principal sum of Dollars ($ ), with interest at the rate of <br /> percent ( %) per year from , 2015 (calculated on the basis of a 360 -day <br /> year) as set forth in this Note and in accordance with the terms of that certain Loan Agreement <br /> (the "Loan Agreement ") of even date, executed by Borrower and Lender. <br /> 1. Repayment. Payment of this Note, which will be in an amount equal to the entire outstanding <br /> principal balance of this Note, together with all accrued and unpaid interest, will be due on <br /> ( "Maturity Date ") unless repayment has been forgiven by Lender in <br /> accordance with the terms of the Loan Agreement. <br /> 2. Deed of Trust. This Note is secured by that certain Deed of Trust (the "Deed of Trust ") of <br /> even date, executed by Borrower and recorded against the Property (defined below) in the <br /> Official Records of San Mateo County. In addition to securing Borrower's obligation to repay <br /> this Note, the Deed of Trust secures Borrower's obligations set forth in the Deed of Trust and <br /> in the Loan Agreement. <br /> 3. Purpose of Loan. Lender has provided a loan in the principal amount of this Note (the <br /> "Loan ") to Borrower pursuant to Borrower's participation in Lender's Fire Safety First Pilot <br /> Project Loan Program (the "Program ") and the installation of an automatic fire sprinkler <br /> system in the multi -unit residential building located at in the City <br /> of Redwood City, San Mateo County, California (the "Property ") as more particularly <br /> described in Exhibit A of the Deed of Trust. <br /> 4. Due on Sale; Restrictions on Assumption. This Note is payable in full upon sale or other <br /> transfer of the Property, and may be assumed only under the following circumstances: <br /> ATTY /RESO.3085 /CC RESO -RWC FIRE SAFETY FIRST PILOT PROGRAM ATTACHMENT B PROMISSORY NOTE <br /> REV: 07 -22 -15 VR <br /> Page 1 of 4 <br /> OAK #4834 - 9492 -6117 v1 <br />