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FIRST AMENDMENT TO PROMISSORY NOTE THIS FIRST AMENDMENT TO PROMISSORY NOTE ("First Amendment") dated as of October 13. 1998, is entered into by LEE RIVERSIDE GROUP I, LLC, a California limited liability company ("Maker") and THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, a public agency ("Holder"), with respect to the following Recitals: RECITALS A. Pursuant to that certain Promissory Note dated as of March 25,1998, ("Promissory Note"), by and between Maker, as borrower, and Holder, as lender, Holder lent Maker Five Hundred Thousand Dollars ($500,000) and Maker borrowed from Holder Five Hundred Thousand Dollars ($500,000). B. The Promissory Note is in the principal amount of Five Hundred Thousand Dollars ($500,000) and is secured by that certain Deed of Trust with Assignment of Rents, Security Agreement and Fixture Filing and Rider to the Deed of Trust ("Deed of Trust") dated March 25, 1998, and recorded March 26, 1998, as Instrument No. 113306, Records of Riverside County, California. C. The parties are entering into this First Amendment in order to provide for the modification of the payment terms and to amend the Promissory Note in other respects. Except as otherwise provided in this First Amendment, all capitalized terms used herein without definition shall have the same meaning as in the Promissory Note. D. As of the date of this First Amendment to the Promissory Note, Maker has exercised the Partial Release option for the Freeland Tractor Parcel, as identified in Section 1.4 of the Rider to the Deed of Trust, and the Holder has received Two Hundred Twenty Five Thousand Dollars ($225,000) for the release of the Freeland Tractor Parcel. E. Maker has exercised the Partial Release clause for the Corner Parcel, as identified in Section 1.6 of the Rider to the Deed of Trust, and the Holder has received Fifty Thousand Dollars ($50,000) for the release of the Corner Parcel. F. In as much as the Rider to the Deed of Trust identifies specific release options, and Maker has utilized the Partial Release Options for the Freeland Tractor Parcel and the Corner Parcel, and Holder has received funds in the amount of $225,000 and $50,000 for a total amount of $275,000, the beginning Promissory Note balance will be reduced from $500,000 to $225,000. NOW, THEREFORE, in consideration of the foregoing Recitals, the agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Holder and Maker mutually agree as follows: R.\R- ID-13-Qro RA - I ~La-