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Exhibit C <br /> (Promissory Note) <br /> PROMISSORY NOTE <br /> $400,000.00 DATE: <br /> For value received, Mental Health Association of San Mateo County, a California <br /> Non-Profit Corporation (the "Owner"), hereby promises to pay to the City of Redwood <br /> City (the "City"), in United States currency, the principal sum of Four Hundred Thousand <br /> Dollars and zero cents ($400,000.00), together with interest thereon, if applicable, as <br /> provided below. <br /> 1. Community Development Block Grant (CDBG) Fundina Aqreement <br /> This Promissory Note ("Note") is entered into pursuant to that certain CDBG Funding <br /> Agreement (the "Agreement") by and between the City and the Owner, <br /> dated , 2013. In the event of a conflict befinreen the provisions of this <br /> Note and the Agreement, the provisions of the Agreement will govern. Capitalized terms <br /> used in this Note will have meanings set forth in the Agreement unless otherwise <br /> defined herein. This Note is the "Promissory Note" as defined in the Agreement. <br /> 2. Security <br /> As security for payment of this Note, the Owner has granted to the City a deed of trust <br /> ("Deed of TrusY') on certain property located in the City of Redwood City and the <br /> improvements thereon as more fully described in the Agreement (the "Property"), which <br /> Deed of Trust will be subordinate only to such security instruments as are approved by <br /> the City in its sole discretion. <br /> 3. Repayment Provisions <br /> a. Except as set forth below, this Note shall be deferred of payments for a term of 30 <br /> years at zero percent (0%) interest. <br /> b. Notwithstanding the foregoing, the full amount of the cumulative principal advanced <br /> under this Note, shall become immediately due and payable upon a breach of the <br /> Agreement, this Note or the Deed of Trust, or the failure of the Owner to strictly abide <br /> by the provision of the Affordability Covenants (as defined in the Agreement) recorded <br /> against the Property and a failure to cure such breach within the time set forth in the <br /> Agreement. In such event, the Owner shall repay the full amount of the principal under <br /> this Note together with three percent (3%) interest per annum on said principal from <br /> either the date of its advance or the date of Project Completion described in the <br /> Agreement, at the sole option of the City, until the date of repayment. <br /> ATTY/AGR/2013.116/MHA FUNDING AGREEMENT <br /> REV:07-12-13 VR <br /> Page 23 of 32 <br />