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SENT BY: ; 2-27-92 ; 4:55PM : 7146821832-> 7143705154;# 6 EXHIBIT Al $270,000,00 EMENDED PROMISSORY NOTE DECEMBER 2,1992 ASSESSMENT NOTE a W11 A. THE REDEVELOPMENT AGENCY FOR THE CITY OF COLTON, CALIFORNIA, a public body, corporate and polirlc (ihe "Agency"), and THE PRICE COMPANY, a California corporation (the "Redeveloper"), entered into a Disposition and Development Agreement dated 0clober 16, 1986 ("DDA"), relating to the redevelopment of certain real property located in the West Valley Redevelopment Project Area in the City of Colton. A true and correct copy of the DDA is on file in the Agency's office at City Hall, located at 650 North U Cadena Drive, Colton, California, 92324. B. The Agency and the Redeveloper executed and delivered a Promissory Note dated December 2, 1986 in the principal amount of $270,000 (the "Original Assessment Note") pursuant to Section 4.11,2 and the Method of Financing (Exhibit "D") of the DDA, with the form of that Note being the same as is set forth in Exhibit '12" to the DDA. C. By Amendment to the DDA dated March . 1992, certain changes to the terms required by the DDA and specifically by Exhibit "D" to the DDA were changed necessitating execution of this Amended Assessment Note. NOW, THEREFORE, Agency agrees as follows: 1. Definitions, For purposes of this Note, the following definitions shall apply: (a) "Agency," "Redeveloper," "Assessment Loan," „Project Area," "Option Parcels 9 and 10" and "Site" shall have the same meaning herein as in the DDA, (b) "Debt Service Payment" means any and each of the payments required to be made by the Agency under the terms of this Note in repayment of the principal and interest on this Note, (c) "Note Year" means (i) the twelve (12) calendar months beginning on the first day that the new Price Club warehouse facility as described in Section 2.A of the Scope of Development (Exhibit "E") to the DILA. is open for business to the public, and (ii) each twelve (12) calendar months thereafter. If the Price Club opens for business to the public other than the first day of a calendar month, the first Not:, Year shall consist of the twelve (12) calendar months beginning on the first day of the next full calendar month after J HB96979 -5-