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FIRST AMENDMENT TO NOTE SECURED BY DEED OF TRUST <br /> THIS FIRST AMENDMENT TO NOTE SECURED BY DEED OF TRUST <br /> ("AgreemenY') is dated as of September 1, 2013, for reference purposes, by and between <br /> SHORES CHILDCARE, LLC, a California limited liability company organized and existing <br /> under the laws of the State of California ("Borrower") and CITY OF REDWOOD CITY, a <br /> charter city and municipal corporation ("Lender") collectively("Parties")who agree as follows: <br /> RECITALS <br /> A. Borrower executed that certain Note Secured by Deed of Trust dated <br /> January 1, 2003 ("Note"), which Note is secured by that certain Leasehold Deed of Trust, <br /> Assignment of Rents, Security Agreement and Fixture Filing recorded on February 11, 2003, as <br /> Document No. 2003-035252 in the Official Records of San Mateo County, with a true and <br /> correct copy of said Note attached to this Agreement as Exhibit"A"; and <br /> B. The Parties have negotiated and agreed to increase the interest rate on the <br /> outstanding balance due under the Note from Borrower to Lender, in lieu of Lender exercising its <br /> right under the Note to call the full amount of the Note immediately due and payable; and <br /> C. The purpose of this Agreement is to amend the Note's interest rate to add <br /> 250 basis points to the LAIF apportionment rate for payments due to Lender for the outstanding <br /> balance of the Note beginning with the payment due on October 1, 2013. <br /> NOW, THEREFORE, for good and valuable consideration, the receipt and <br /> sufficiency of which are hereby acknowledged, the parties hereby amend the Note and agree as <br /> follows: <br /> 1. The Note is hereby amended by deletin� the entire first sentence of the <br /> first paragraph(as described below): <br /> "FOR VALUE RECEIVED, SHORES CHILDCARE, LLC, a California <br /> limited liability company (collectively "Borrower") promise(s)to pay to the order of THE CITY <br /> OF REDWOOD CITY, a municipal corporation ("Lender"), at 1017 Middlefield Road, <br /> Redwood City, California, or at such other place as the holder of this Note may from time to time <br /> designate in writing, the principal sum of three million two hundred thousand dollars <br /> ($3,200,000) together with interest from the Close of Escrow in connection with Borrower's <br /> acquisition of the real property described in the Leasehold Deed of Trust securing this Note (the <br /> "Delivery Date"), computed on the outstanding principal balance hereof at an interest rate per <br /> annum equal to the Local Agency Investment Fund ("LAIF") apportionment rate as published <br /> from time to time by the Treasurer of the State of California applicable as of the immediately <br /> preceding calendar quarter to and including the Maturity Date hereof(as hereinafter defined)." <br /> ATTY/AGR/2013.159/FIRST AMENDMENT TO NOTE SECURED BY DEED OF TRUST SHORES CHILDCARE <br /> REV:09-09-13 MLG <br /> Page 1 of 2 <br />