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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 /> March, 2011 <br /> FOR VALUE RECEIVED, the undersigned TIMOTHY M. COTTON ( "Borrower ") <br /> promises to pay to the City of Pleasanton, a municipal corporation (the "City "), at 123 <br /> Main Street, Pleasanton, California 94566 -0802, Attn: Finance Department, the <br /> following amounts: <br /> Amount Cit Fee Bein ' Deferred <br /> $4,385.00 Public Facilities <br /> $4,364.00 Traffic Develo•ment <br /> $10,155.00 Lower Income Housin• <br /> $3,400.00 Water Connection and Meter <br /> $500.00 Sewer Connection <br /> $22,804.00 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 single family residence located at 2517 Yolanda Court, <br /> Pleasanton CA 94566 (the "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 /> 1 <br />