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P R O M I S S O R Y N O T E <br />$1,000,000 <br />1c)77 <br />The Redevelopment Agency of the City of Redlands, California, <br />hereinafter called "Agency" for value received, promises to <br />pay to the City of Redlands, California, a municipal corporation, <br />hereinafter called "City" the sum of $800,000 with interest rate <br />equal to the annual yield of City investment plus l% payable in <br />quarterly installments from July 1, 1977 until paid, with said <br />principal plus said interest to be paid not later than June 30, <br />1987, or not later than a subsequent date agreed to by the Agency <br />and the City. <br />This Promissory Note is executed in compliance with and is intended <br />to incorporate all terms and conditions of that certain "Agreement <br />for Loan and Repayment", entered into the 21st day of June, 1977, <br />by Agency and City. <br />APPROVED FOR FORM: <br />Edward F. Taylor <br />City Attorney <br />The Redevelopment Agency of the <br />City of Rpolandsa California <br />�:&-IKMr <br />ATTEST: <br />V r <br />H. L. Archbold <br />Acting Executive Director <br />