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PROMISSORY NOTE <br />$20,000,000 <br />Date: January 1. 2003 <br />Redwood City, California <br />The Redevelopment Agency of the City of Redwood City, California (the <br />"Agency'), for value received, promises to pay the City of Redwood City, <br />California, a charter city and municipal corporation (the "City "), the principal sum <br />of $20,000,000 plus interest as provided in the certain Loan Agreement between <br />the Agency and the City dated January 1, 2003. The Principal amount of <br />$20,000,000 plus all accrued interest is to be repaid pursuant to the Debt Service <br />Schedule which is attached hereto and incorporated herein by reference as <br />Exhibit A. This Promissory Note will be subordinate to the payment of the <br />principal of and interest on any other notes, bonds or other indebtedness of the <br />Agency, or which is otherwise expressly issued on a senior lien basis to the <br />Loan. The Promissory Note is executed in compliance with and all terms shall <br />have the same meaning as those contained in the Loan Agreement. <br />"Agency" <br />REDEVELOPMENT AGENCY OF <br />THE CITY OF REDWOOD CITY, <br />CALIFORNIA <br />B "� 1.4.03 <br />Michael Church <br />Ex a Director <br />Attest: _ <br />R . r� <br />Agency Secretary <br />