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JAH:djm 03/06/90R (REDEV) JAH:djm 03/19/90R JAH:djm 04/04/90R Promissory Note shall be cumulative, and ultimately its principal amount shall reflect the total of the Developer's advance of Acquisition Costs and Excess Acquisition Costs, if any. The Promissory Note shall be non -assignable (except to the bank and/or other entity providing the advance of funds, in which case it shall be reassignable from said bank and/or other entity to the Developer) without the consent of the Agency, which consent will not be unreasonably withheld. Concurrently with the acquisition of title by the Agency to the first Acquisition Parcel, the Agency shall record and deliver to the Developer its deed of trust or deeds of trust securing the principal amount of the Promissory Note and encumbering the Agency's interest in that Acquisition Parcel (the "Deed of Trust"). The Deed of Trust shall name the Developer as the beneficiary and the Title Company as the trustee, and shall be substantially in the form of Attachment No. 6. The Deed of Trust shall be modified from time to time by recorded instrument to encumber additional portions of the Acquisition Parcels which are acquired by the Agency, shall refer to the principal amount of the Promissory Note comprising the portion of the Developer's advance cumulative to date and shall also secure future advances with respect to the Acquisition Parcels. §306 Repayment and Cancellation of Promissory Note and Reconveyance of Deed of Trust A. Upon Conveyance of the Acquisition Parcels. In the event and at the time that the Agency conveys all of the Acquisition Parcels to the Developer, the Promissory Note shall be deemed paid in full and shall be cancelled and returned to the Agency, and the Developer shall reconvey the Deed of Trust to the Agency. B. UVTermination of this Agreement. In the event of the termination of this Agreement under Section 1007 or Section 1008, the rights and duties of the parties with respect to the Promissory Note and Deed of Trust shall be as set forth in Section 1009. C. Upon Foreclosure. If the Developer acquires title to the Acquisition Parcels by foreclosure, deed in lieu of foreclosure, trustee's sale or other means, the Promissory Note shall be deemed paid in full and shall be cancelled and returned to the Agency, and the Developer shall reconvey the Deed of Trust to the Agency. §307 General The Promissory Note, as provided for herein, shall not constitute a debt of the City of Redwood City or any other public agency except the Agency, and the City of Redwood City shall have no obligation whatsoever with respect to the Promissory Note save and except the limited obligation to pay Sales and Use Taxes that might arise on the happening of certain contingencies described in Section 1009. The obligation of the Agency to repay the amount 9