SOZU SHUSI - PROMISSORY NOTE - Laserfiche WebLink

Ant PROMISSORY NOTE • (Nahmee Manderscheid/Sozu Sushi Restaurant,2835 Hopyard Road) Pleasanton, California Date: August 22, 2002 Amount: $11,105.22 FOR THE VALUE RECEIVED,the undersigned promises to pay to the order of the City of Pleasanton the sum of Eleven Thousand One Hundred Five Dollars and twenty-two cents ($11,105.22), and to pay interest on the unpaid principal amount of this Note from the date hereof, at the rate of Three and One-Quarter Percent(3.25 %)per annum, until paid. Said interest rate is 1.5% less than the rate set by the Bank of America's reference rate and shall be adjusted every March 1 and September 1. Both the principal and interest on this Note are payable on the 1 st day of each month in sixty(60)monthly installments, including both principal and interest, commencing with a payment of Two Hundred Dollars and Seventy-eight Cents ($200.78) on September 1, 2002, and of$200.78 (except as adjusted every March 1 and September 1)on the first day of each month thereafter for the next 59 months. Payment will be made in lawful money of the United States at the principal office of the City of Pleasanton at 123 Main Street, Pleasanton, California or such other place as shall be designated by the City of Pleasanton. The City of Pleasanton shall notify • the undersigned of any change in the monthly installment. The undersigned reserve(s)the right to prepay at any time all or any part of the principal amount of this Note without the payment of penalties or premiums. All payments on this Note shall be applied first to the interest due on the Note, and then to the principal due on the Note, and the remaining balance shall be applied to late charges, if any. IN THE EVENT the undersigned shall fail to pay the interest on or principal amount of this Note when due,and if such failure be existing on the date the next installment payment under this Note becomes due and payable,the unpaid principal amount of this Note,together with accrued interest and late charges, shall become due and payable, at the option of the City of Pleasanton, without notice to the undersigned. Failure of the City to exercise such option shall not constitute a waiver of such default. No default shall exist by reason on nonpayment of any required installment of principal and interest so long as the amount of optional prepayments already made pursuant hereto equals or exceeds the amount of the required installments. If the interest on, and principal of,this Note are not paid during the calendar month which includes the due date,the undersigned shall pay to the City of Pleasanton a late charge of 4%per calendar month, or fraction thereof, on the amount past due and remaining unpaid. IF suit is instituted by City of Pleasanton to recover on this Note,the prevailing party shall be entitled to recover all costs of such collections including reasonable attorney's fees and court costs. Page 1 of 2