EXHIBIT “A” RESTATED PROMISSORY NOTE
(Amended to Extend Maturity Date)
$250,000.00
July 31, 2021
(As Amended September 9, 2025)
Lancaster, California
FOR V ALUE RECEIVED, Friends of Antelope Valley Fair, Inc., a California nonprofit corporation (“Maker”), promises to pay on or before July 31, 2027 (“Maturity Date”), to City of Lancaster, a California municipal corporation and charter city (“Holder”), or order, the principal sum of Two Hundred Fifty Thousand Dollars ($250,000.00) with interest in an amount equal to the average of the average monthly effective yields of the Local Agency Investment Fund (“LAIF”), as published by the California State Treasurer, for the period commencing upon disbursement to Maker of the funds documented by this Note and ending June 2027; provided, however, that in the event of prepayment, the interest period shall end the month preceding such prepayment.
Maker shall make all payments in lawful money of the United States of America and in immediately available funds. This Note may be prepaid in whole or in part, without penalty, at the option of Maker and without the consent of Holder. All payments under this Note shall be paid to Holder at 44933 Fern Avenue, Lancaster, California, or at such other address as Holder shall direct Maker in writing. Should Maker default in the payment of principal when due, the whole sum of principal due under this Note shall be immediately due and payable without further demand or notice and shall bear interest at the rate set forth in the previous paragraph or seven percent (7%) per annum, whichever is greater.
This Note shall be governed by the laws of the State of California excluding its conflict of laws rules. The exclusive jurisdiction and venue of any legal action instituted by any party to this Note shall be Los Angeles County, California. Maker waives presentment, protest and demand, notice of protest, notice of demand and dishonor, and notice of nonpayment of this Note. Maker expressly agrees that this Note or any payment under this Note may be extended by Holder from time to time without in any way affecting the liability of Maker. Maker shall pay all costs and expenses, including attorney fees, incurred: (i) in collecting payment on this Note; (ii) in connection with any dispute that arises as to its enforcement, validity, or interpretation, whether or not legal action is instituted or prosecuted to judgment; or (iii) in enforcing any judgment obtained in any related legal proceeding.
If any provision or any word, term, clause, or part of any provision of this Note shall be invalid for any reason, the same shall be ineffective, but the remainder of this Note and of the provision shall not be affected and shall remain in full force and effect. Any of the terms or conditions of this Note may be waived by Holder, but no such waiver shall affect or impair the rights of Holder to require observance, performance, or satisfaction, either of that term or condition as it applies on a subsequent occasion or of any other term or condition of this Note.
MAKER:
FRIENDS OF THE ANTELOPE V ALLEY FAIR, INC.,
a California nonprofit corporation
NAME: __________________________
ITS: Chief Executive Officer