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PROMISSORY NOTE <br /> <br />$20,000,000 Redwood City, California <br />Date: January 1,2003 <br /> <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 /> <br /> "Agency" <br /> <br /> REDEVELOPMENT AGENCY OF <br /> THE CITY OF REDWOOD CITY, <br /> CALIFORNIA <br /> <br /> By:.~ I. <~. <br /> Michael Church <br /> Ex ' e Director <br /> <br /> Attest: ~ ~-~'~ <br /> Agency Secretary <br /> <br /> <br />