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<br />PROMISSORY NOTE <br /> <br />$3,000,000 <br /> <br />Redwood City, California <br /> <br />January 1, 2005 <br /> <br />The Redwood City Redevelopment Agency, a public body, corporate and politic <br />(the "Agency"), for value received, promises to pay to the City of Redwood City, a <br />charter city and municipal corporation (the "City"), the principal sum of $3,000,000 plus <br />interest as provided in the Loan Agreement between Agency and City dated January 1, <br />2005. The principal amount of $3,000,000 plus all accrued interest is to be repaid <br />pursuant to the Debt Service Schedule which is attached hereto and incorporated <br />herein by reference as Exhibit A. This Promissory Note will be subordinate to the <br />payment of the principal of and interest on any other notes, bonds or other <br />indebtedness of the Agency, or which is otherwise expressly issued on a senior lien <br />basis to the loan. The Promissory Note is executed in compliance with and all terms <br />shall have the same meaning as those contained in the Loan Agreement. <br /> <br />REDWOOD CITY REDEVELOPMENT AGENCY <br /> <br /> <br />san F. Moeller, Redevelopment Man ger <br /> <br />Attest: <br /> <br />w~: ~ ) ~h"~ ) <br /> <br />Patricia Howe, Agency Secretary <br /> <br />Attyl Agrl Agr.239 <br />010405 <br /> <br />5 <br /> <br /> <br />. ""--"---""-'."'-"'-""."""""-----"'--"""'T----" <br />