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PROMISSORY NOTE <br />RANCHO MILL PROJECT AREA <br />REDEVELOPMENT AGENCY FOR THE CITY OF COLTON <br />COLTON, CALIFORNIA <br />September 16, 2003 <br />For value received, the RANCHO MILL DEBT SERVICE FUND ("Rancho <br />Mill") promises to pay the CITY OF COLTON ("City") the principal sum of <br />FIVE HUNDRED THOUSAND DOLLARS ($500,000) with interest thereon <br />from the date of September 16, 2003 at the current LAIF rate per annum, principal <br />and interest payable annually on June 1 and due in full by June 1, 2007, as <br />provided herein. The RANCHO MILL Fund shall utilize the funds in accordance <br />with all legal requirements. The Note is payable from all legally available <br />revenues. In the event that insufficient revenues are available to make annual <br />payments, interest shall accrue and be capitalized. The term of the Note shall be <br />four (4) years, unless extended by mutual consent of both parties. <br />This note is issued in connection with the provision of funds to finance authorized <br />redevelopment activities of the RANCHO MILL fund. The Redevelopment <br />Agency for the City of Colton ("Agency") is authorized, with the consent of the <br />Board of Directors, to undertake certain actions which are necessary and <br />incidental to carrying out the: Redevelopment; Plan and the purposes of the Rancho <br />Mill Redevelopment Plan. This note is issued under the authority and pursuant to <br />the Community Redevelopment Law, commencing with Section 33600 of the <br />Health and Safety Code of the State of California, as Amended. <br />Each payment shall be credited first to interest due and the remainder to principal; <br />and interest shall thereupon cease upon the principal so credited. Any unpaid <br />interest shall accrue and be added to the outstanding principal balance. In event <br />of default in payment of any amount as herein provided, then the entire amount <br />shall become due at the option of the Agency. Principal and interest shall be <br />payable in lawful money of the United State at Colton, California. Demand, <br />presentment for payment, protest and notice of protest are hereby waived. <br />REDEVELOPMENT AGENCY FOR THE <br />CITY OF COLTON <br />Lo <br />DEIRDRE H. BENNETT, Chairperson <br />