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Exhibit B: Parcel Map, Exhibit C: Public Improvement Scope of Work. Exhibit D: Form of Promissory Note. Exhibit E: Form of Deed of Trust. Exhibit F: Personal Guarantee. ARTICLE 2 PUBLIC IMPROVEMENT LOAN PROVISIONS Section 2.1 Public Improvement Loan, The City shall lend the Public Improvement Loan to the Borrower a total amount not to exceed Thirteen Million Dollars ($13,000,000.00), for the purpose of constructing and installing the City Funded Improvements as set forth in the Budget. Section 2.2 City's Discretion. City may decide in its sole and absolutely discretion to fund the Public Improvement Loan either from the City's general fund or City may enter into a private rate loan, Section 2.3 Loan Repayment, The obligation to repay the Public Improvement Loan is evidenced by the Promissory Note and the Public Improvement Loan shall be repaid in accordance with the terms set forth therein and this Agreement. Section 2.4 City Costs. Borrower agrees to pay City for all costs, including staff time associated with entering into this Agreement in addition to any interest for the Public Improvement Loan. Section 2.5 Interest. (a) If the City determines to fund the Public Improvement Loan from the City's General Fund, then the Public Improvement Loan shall accrue interest at the Local Agency Investment Fund (LAIF) rate. The rate shall readjust July]" of each year. For each rate adjustment on July 1, the LAIF rate for the 12 months ended the preceding May shall be used. Until the first rate adjustment on July 1, 2023, the LAIF rate for the 12 months ended December 2022 shall be used. The Borrower shall deposit the full amount of each debt service payment with the City three (3) days prior to the due date as determined by the City: prior to the first such payment. (b) If the City determines to fund the Public Improvement Loan through a Private Loan, then Borrower shall repay the City for any and all interest and fees charged as a result of that Private Loan, The Borrower shall deposit the full amount of each debt service payment with the City ten (10) days prior to the due date required by the City's lender, Section 2.6 Use of Loan Funds. The Borrower shall use the Public Improvement Loan solely to pay the cost of construction and installation of the City Funded Improvements in accordance with the City Approvals, any improvement plan submitted to 55394.00049W0884170.6