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EXHIBIT "C" <br />PROMISSORY NOTE <br />$500,000 Date: <br />For value received, MP Redwood Court Associates, a <br />California limited partnership (the "Participating Owner ") , hereby <br />promises to pay to the REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD <br />CITY (the "Agency ") , or order, in United States currency, the <br />principal sum of Five Hundred Thousand Dollars ($500,000) together <br />with interest thereon, if applicable, as provided below. <br />1. Owner Participation Acreement. This Promissory Note <br />( "Note ") is entered into in connection with and pursuant to that <br />certain Owner Participation Agreement (the "Agreement ") by and <br />between the Agency and the Participating Owner, dated , <br />2003. In the event of a conflict between the provisions of this <br />Note and the Agreement, the provisions of the Agreement will <br />govern. Capitalized terms used in this Note will have the meanings <br />set forth in the Agreement unless otherwise defined herein. This <br />Note is the "Promissory Note" as defined in the Agreement. <br />2. Security As security for payment of this Note, the <br />Participating Owner has granted to the Agency a deed of trust <br />( "Deed of Trust ") on certain property located in the City of <br />Redwood City and the improvements thereon as more fully described <br />in the Agreement (the "Property ") , which Deed of Trust will be <br />subordinate only to such security instruments as are approved by <br />the Agency in its sole discretion. <br />3. Repavment Provisions. <br />a. Except as set forth below, this Note shall <br />accrue no interest, and shall be repaid fifty five (55) years from <br />the date of issuance by the Agency of its Certificate of <br />Completion. <br />b. Notwithstanding the foregoing, the full amount <br />of the cumulative principal advanced under this Note, plus interest <br />thereupon, shall become immediately due and payable upon a breach <br />of the Agreement, this Note or the Deed of Trust, or the failure of <br />the Participating Owner to strictly abide by the provisions of the <br />Affordability Covenants, and /or the Redevelopment Covenants (both <br />as defined in the Agreement) recorded against the Property and a <br />failure to cure such breach within the time set forth in the <br />Agreement. In such event, the Participating Owner shall repay the <br />full amount of the principal advanced under this Note together with <br />eight percent (8$) interest per annum on said principal from either <br />C - 1 <br />