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At such time as the imerast rate which the undersigned can obtain in the open residential mortgage market upon terms comparable or favorable to those of the loan evidenced by this Note is equivalent to or less than the rate which the undersigned is obligated to pay pursuant to this Note, the undersigned shall retire this loan and pay to the Note Holder all sums owed under this Note, including accrued but unpaid interest (including the Interest Differential). The loan evidenced by this Note, and all accrued but unpaid interest (including the Interest Differential), shall be all due and payable: (a) within twelve (12) months of the termination for any reason (including but not limited to retirement, election by City or by Employee, death or disability) of the undersigned, Stan T. Yamamoto's employment with City of Redwood City; (b) within six (6) months of termination of the use of the subject property as the principal residence of the undersigned; (c) upon the sale, transfer or alienation of the subject property; (d) upon retirement of the instant loan pursuant to the immediately preceding paragraph, or (e) thirty (30) years after the interest commencement date, whichever comes first. If any of the monthly payments on this Note is not paid when the same becomes due or if default is made under the Deed of Trust securing this Note, then or any time thereat~er, the whole of the unpaid prindpal and interest owing on this Note, shall, at the election of the holder hereof and without notice, become immediately due and payable. If this Note is not paid when due or if any other event of default occurs, the undersigned promises to pay all costs of collection, including, but not limited to, reasonable attorneys' fees incurred by the payee of this Note to enforce the terms and conditions herein, whether or not such enforcement includes the commencement of a lawsuit. A penalty of four percent (4%) of the monthly amount due shall be payable if any monthly payment due is made at, er the 15~ day after the date on C:~blic~R. edwood City - Promissory Note clean 7-24-01.wpd 4