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NOTE SECURED BY DEED OF TI~UST o;.,. ' ~ Amount: $250,000.00 Dated: Augu 14,~03 FOR VALUE RECEIVED, Stan Yamamoto (sometimes referred to as "Employee") and Yuri Yamamoto, husband and wife, (collectively "Borrower") promise(s) to pay to the order of The City of Redwood City, a municipal corporation ("Lender"), at 1017 Middlefield Road, Redwood City, Califomia, 94063, or at such other place as the holder of this promissory note (the "Note") may from time to time designate in writing, the principal sum of Two Hundred Fifty Thousand Dollars ($250,000; the "Loan Amount"), or more, together with interest from the date of disbursement of the Loan Amount, in connection with Borrower's acquisition of the real property described as 2690 Kring Street, San Jose, California 95125 (the "Property") upon the terms and conditions set forth below: Payments of Principal and Interest: Borrower shall pay principal and interest in monthly installment of $ 833.13 . Each payment shall be due and payable on the 1st day of each month. Each payment shall be credited first on interest then due and the remainder on principal. Immediately thereafter, the interest shall cease to accrue on the principal so credited. Interest Rate: The interest rate on the unpaid balance of the Loan Amount shall be 5% per annum. Interest of 3.75% per annum shall be deferred (non-compounded) and paid on the earlier of: (1) the transfer of fee title to the Property in whole or in part by sale or otherwise (excepting a transfer to a living trust wherein Employee and his spouse are the sole trustees of the living revocable thrust and they are the sole beneficiaries of the trust during their respective lifetimes and further excepting the sale of the Property, as described in paragraph 7.10 of the document entitled "Amendment No. 3 to Employment Agreement" between Employee and City, which document is attached hereto and marked "Attachment 1," for the convenience of the parties); (2) within twelve (12) months of the termination of Employee for any reason (including, but not limited to, retirement, election by City or by Employee, death or disability) of Employee's employment; (3) within six (6) months after the Property ceases to be Employee's principal residence; or (4) thirty (30) years after the recordation of the Deed of Trust. Maturity Date: The term of the loan evidenced by this Note is thirty (30) years, commencing on the date of recordation of the Deed of Trust. Ali unpaid principal and interest shall be due thirty (30) years from the date of recordation of the Deed of Trust. Due on Sale Clause: Should Borrower agree to or actually sell, convey, transfer, or dispose of the Property, or any part of it, or any interest in it, without first obtaining the written consent of Lender, then all obligations secured by this Note may be declared due and payable, at the option of Lender. Consent to one transaction of this type will not constitute a waiver of the right to require consent to future or successive transactions.