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<br />lAJj <br /> <br />PROMISSORY NOTE <br /> <br />$3,000,000 <br /> <br />Redwood City, California <br /> <br />February 1, 2005 <br /> <br />The Redwood City Redevelopment Agency, a public body, corporate and politic (the <br />"Agency"), for value received, promises to pay to the City of Redwood City, a charter city and <br />municipal corporation (the "City"), the principal sum of $3,000,000 plus interest as provided in <br />the Loan Agreement between Agency and City dated February 1, 2005. The principal amount <br />of $3,000,000 plus all accrued interest is to be repaid pursuant to the Debt Service Schedule <br />which is attached hereto and incorporated herein by reference as Exhibit A. This Promissory <br />Note will be subordinate to the payment of the principal of and interest on any other notes, <br />bonds or other indebtedness of the Agency, or which is otherwise expressly issued on a <br />senior lien basis to the loan. The Promissory Note is executed in compliance with and all <br />terms shall have the same meaning as those contained in the Loan Agreement. <br /> <br />REDWOOD CITY REDEVELOPMENT AGENCY <br /> <br />By: <br /> <br />Susan F. Moeller, Redevelopment Manager <br /> <br />Attest: <br /> <br />Patricia Howe, Agency Secretary <br />