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07/27/2015 7.3.A. - Page 28 ATTACHMENT B PROMISSORY NOTE City of Redwood City Fire Safety First Pilot Program NOTICE TO BORROWER: THIS DOCUMENT IS SECURED BY A DEED OF TRUST. Date: XXX Loan Amount: XXX Loan Number: XXX For Property Located at XXX FOR VALUE RECEIVED, the undersigned ("Borrower"), promises and agrees to pay to the order of the City of Redwood City, or holder ("Lender"), at 1017 Middlefield Road, Redwood City, CA 94063, or such other place as Lender may from time to time designate by written notice to Borrower, in lawful money of the United States of America, the principal sum of Dollars ($ ), with interest at the rate of percent ( %) per year from , 2015 (calculated on the basis of a 360-day year) as set forth in this Note and in accordance with the terms of that certain Loan Agreement (the "Loan Agreement") of even date, executed by Borrower and Lender. 1. Repayment. Payment of this Note,which will be in an amount equal to the entire outstanding principal balance of this Note, together with all accrued and unpaid interest, will be due on ("Maturity Date") unless repayment has been forgiven by Lender in accordance with the terms of the Loan Agreement. 2. Deed of Trust. This Note is secured by that certain Deed of Trust (the "Deed of Trust") of even date, executed by Borrower and recorded against the Property (defined below) in the Official Records of San Mateo County. In addition to securing Borrower's obligation to repay this Note, the Deed of Trust secures Borrower's obligations set forth in the Deed of Trust and in the Loan Agreement. 3. Purpose of Loan. Lender has provided a loan in the principal amount of this Note (the "Loan") to Borrower pursuant to Borrower's participation in Lender's Fire Safety First Pilot Project Loan Program (the "Program") and the installation of an automatic fire sprinkler system in the multi-unit residential building located at in the City of Redwood City, San Mateo County, California (the "Property") as more particularly described in Exhibit A of the Deed of Trust. 4. Due on Sale; Restrictions on Assumption. This Note is payable in full upon sale or other transfer of the Property, and may be assumed only under the following circumstances: ATTY/RES0.3085/CC RESO-RWC FIRE SAFETY FIRST PILOT PROGRAM ATTACHMENT B PROMISSORY NOTE REV:07-22-15 VR Page 1 of 4 OAK#4834-9492-6117 v1 22 RESO.#15428 MUFF#705