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c PY <br /> NOTICE TO BORROWER: <br /> THIS DOCUMENT CONTAINS PROVISIONS RESTRICTING RESALES AND <br /> ASSUMPTIONS <br /> PROMISSORY NOTE <br /> Secured by Second Deed of Trust <br /> Pleasanton, California <br /> 627,500.00 July 28, 1993 <br /> 1.0 FOR VALUE RECEIVED, the undersigned DAVID L. CASTANEDA <br /> and EUGENIA CASTANEDA ( "Borrower ") promises to pay to the City of <br /> Pleasanton (the "City" or "Lender ") at 123 Main Street, <br /> Pleasanton, California, 94566, or at such other place as the City <br /> may from time to time designate in writing, in accordance with <br /> the provisions of this Promissory Note (the "Note "), the <br /> principal sum of Twenty Seven Thousand Five Hundred and no /100 <br /> Dollars ($27,500.00), plus the additional sums including <br /> interest, in the manner described below: <br /> The principal and interest payments due shall be determined <br /> on an annual basis. Principal and interest payments shall <br /> be fully amortized over a period of fifteen (15) years <br /> commencing at the time Borrower is required to begin <br /> payments in accordance to Section 4.0, 4.1 and 4.2 of this <br /> Note. <br /> Upon notification by the City for the Borrower to commence <br /> principal and /or interest payments, the City shall determine <br /> the annual interest percentage rate. That will be applied <br /> to the outstanding principal balance. The annual interest <br /> percentage rate shall be equal to the average percentage <br /> rate of investment for the City's general investment pool <br /> for the previous City fiscal year ending June 30. At the <br /> time of the execution of this Note, the estimated interest <br /> rate for the fiscal year ending June 30, 1993 is 3.918 %. <br /> The interest rate is subject to change on an annual basis. <br /> Any interest rate and payment change shall become effective <br /> January 1st of each year. City will attempt to send <br /> Borrower a written notice of the monthly principal and <br /> interest due for the year beginning January 1st, no later <br /> than December 1st of each year. Failure to send written <br /> notice shall not eliminate the requirement to pay interest <br /> and principal as stated above. <br /> Any principal and /or interest payment due shall be made on <br /> the first day of each month and shall continue until the <br /> principal and interest are fully paid. <br /> - 1 - <br />