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PROMISSORY NOTE <br /> Secured by Deed of Trust <br /> DEFERRING THE PAYMENT OF <br /> CITY DEVELOPMENT IMPACT FEES <br /> Pleasanton, California <br /> 71/4- , 2010 <br /> FOR VALUE RECEIVED, the undersigned, Frank C. Door ( "Borrower"), promises <br /> to pay to the City of Pleasanton, a municipal corporation (the "City "), at 123 Main <br /> Street, Pleasanton, California 94566 -0802, Attn: Finance Department, the following <br /> amounts: <br /> Amount City Fee Being Deferred <br /> $1,695.00 Public Facilities <br /> $1,688.00 Traffic Development <br /> $330.00 _ Sewer Connection <br /> $3,713.00 TOTAL <br /> 1. Payment. Any amounts due under this Promissory Note shall be due and <br /> payable in full on the date of the earlier of: <br /> (a) The final inspection by the City of Pleasanton's Building Division for <br /> the New Second Unit located at 320 Abbie Street in Pleasanton (the <br /> "Residence "); <br /> (b) The issuance of a Certificate of Occupancy by the City of <br /> Pleasanton's Building Division for the Residence; or <br /> (c) The close of escrow for the sale of the Residence. <br /> The Borrower shall provide the City with at least five (5) business <br /> days notice of a potential sale of the Residence and information <br /> about the title company and escrow number for such transaction. <br /> Failure to declare the amounts due shall not constitute a waiver on the part of the City. <br /> 2. Interest. No interest shall be payable on the amount due for twenty -four (24) <br /> months from the date of this Promissory Note. If payment is not received within twenty - <br /> four (24) months of the date of this Promissory Note, even if one of the actions <br /> triggering payment set forth in Section 1, above, has not occurred, interest shall accrue <br /> and compound at the Bank of America Reference Rate, subject to adjustment every six <br /> 1 <br />