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EXHIBIT "C" <br />PROMISSORY NOTE <br />$650,000 Date: <br />For value received, KDF Communitie.a, a California lini.ted <br />liability company (the "Participating Owner "), hereby promises to <br />pay to the REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY (the <br />"Agency "), or order, in United States currency, the principal sum <br />of Five Hundred Thousand Dollars ($500,000) together with interest <br />thereon, if applicable, as provided below. <br />1. Owner Participation Agreement. 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 City, the Agency and the Participating Owner, dated <br />, 2003. In the event of a conflict between the <br />provisions of this Note and the Agreement, the provisions of the <br />Agreement will govern. Capitalized terms used in this Note will <br />have the meanings set forth in the Agreement unless otherwise <br />defined herein. This Note is the "Promissory Note" as defined in <br />the Agreement. <br />2. Security. As security for payment of this Note, the <br />Participating Owner has granted to the City and the Agency a deed <br />of trust ( "Deed of Trust ") on certain property located in the City <br />of Redwood City and the improvements thereon as more fully <br />described in the Agreement (the "Property "), which Deed of Trust <br />will be subordinate only to such security instruments as are <br />approved by the Agency in its sole discretion. <br />3. Repayment Provisions. <br />a. Except as set forth below, this Note shall be <br />deferred for the first thirty (30) years during the Term, then <br />fully amortized at four percent (4 %) over the remaining twenty -five <br />(25) years. (Will loan be repaid with one lump sum at end of <br />Term ?) <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 />