Promissory Note

PROMISSORY NOTE
Loan Amount:   $3,000,000
Glendale, Arizona
Date: 
FOR VALUE RECEIVED, the undersigned ("Maker") jointly and severally promise(s) to pay to the order
of the City of Glendale, an Arizona municipal corporation (City), or its successors, the principal sum of
THREE MILLION DOLLARS AND NO/100 ($3,000,000.00). This Promissory Note (“Note”) is made
on a 10-year Deferred Payment basis, bearing interest at the rate of 0.0% per annum.
This Note shall become due and payable in full upon any transfer, voluntary, involuntary, or by operation
of law, of the property defined in Attachment 1 hereto (the “Property”) within ten years from the date of
this Note.
This Note is security for a portion of the obligations of the undersigned contained in the Developer
Agreement for Veterans Transitional Housing Development by and between Maker and the City dated as
of the date hereof (the “Agreement”) for the Project, as defined therein, executed by the parties as of the
date hereof.
The amount due at such time shall be the portion of the obligation in the Agreement equal to the
Maricopa County contribution of American Rescue Plan Act (“ARPA”) funding to the project.
If at the end of the term of this Note, the undersigned has continuously provided the services and
complied with the provisions of the Agreement, the City shall, in its sole and absolute discretion, consider
the obligations of this Note to have been met and shall consider its security interest in the Property to be
released to the undersigned.
Should default be made in the payment of any amount when due, or should the undersigned default on
any obligation owed to the City under the terms of this Note providing security, therefore, the whole sum
of principal shall become immediately due and payable at the option of the City.  If suit or action is
instituted by City to recover on this Note, the undersigned will pay reasonable attorneys’ fees and costs in
addition to the amount due on the Note.
Diligence, demand, protest and notice of demand and protest are hereby waived and the undersigned
hereby waives, to the extent which otherwise would apply to the debt evidenced by this Note.  Consent is
hereby given to the extension of time of payment of this Note, without notice.
The undersigned reserves the right to repay at any time all of the principal amount of this Note in a single
payment without the penalties, discount or premiums.
The Note is nonrecourse. The Loan evidenced by this Note may be prepaid at any time without penalty.
[Signature page to follow]

IN WITNESS WHEREOF, this Note has been duly executed by the undersigned, as of the date above
written.
MAKER:
By: _______________________________
Name: Bryan Meyer
Its: CEO
STATE OF _______________ )
) ss.
County of ________________
)
This Promissory Note is subscribed and sworn  to before me this _____ day of
_________________, 2025, by Bryan Meyer, the CEO of Veterans Community Project, Inc., an Arizona
501(c)(3) corporation, the Maker who signed the above document.
____________________________________
Notary Public
My Commission Expires:

Attachment 1
Legal Description
That portion of Lot 11 as said lot is shown on the plat entitled HADSELL’S
ADDITION TO GLENDALE, recorded June 4, 1892 in Book 2, of Maps, at Page
10, Official Records Maricopa County Recorder and situated in the Northwest
Quarter of Section 6, Township Two North, Range Two East, of the Gila and Salt
River Meridian, Maricopa County, Arizona, described as follows:
Commencing at a found 3” Arizona Highway Department brass cap in hand hole, down
0.8 feet, marking the locally accepted Center of Section 6, from which a found 1/2” rebar
in pothole, down 0.1 feet, marking the North quarter corner of said Section 6, bears North
00°18’56” East 2636.85 feet; (Basis of Bearings as shown on the RIGHT-OF-WAY
PLANS FOR THE WICKENBURG- PHOENIX HIGHWAY, PROJECT NUMBER: MA-
149-H7292-01R, DRAWING NUMBER D-7-T-1001, prepared by Arizona Department of
Transportation, dated October 30, 2020, hereinafter known as ADOT PLANS);
Thence North 00°18’56” East along the North-South mid-section line, a distance of 404.48
feet:
Thence South 88°55'28" West, a distance of 33.01 feet, to the Northeast corner of
the property described in Warranty Deed 2023-0405469, Official Records Maricopa
County Recorder, to the TRUE POINT OF BEGINNING;
Thence continuing along the North line thereof, South 88°55'28" West, a distance of
96.10 feet to a point on the Easterly right of way line of US Highway 60 (Grand
Avenue) as shown on said ADOT PLANS;
Thence Northwesterly along said Easterly right of way for the following two
courses;
North 43°37'38" West, a distance of 442.74 feet;
North 44°40'03" West, a distance of 449.04 feet to the beginning of a tangent curve
to the right, having a radius of 4,950.00 feet;
Thence along the Easterly right of way line of US Highway 60 (Grand Avenue) as
described in Resolution of Abandonment Number 2017-03-A-017, recorded 2017-
0435393, Official Records Maricopa County Recorder, Northwesterly along the arc of said
curve, through a central angle of 04°08'06", a chord bearing of North 42°36'00" West, a
chord distance of 357.16 feet, and an arc distance of 357.24 feet to a point on the North
line of said Lot 11 of HADSELL’S ADDITION TO GLENDALE;
Thence along the North line of said Lot 11, North 88°55'28" East, a distance of 486.74 feet
to the Northwest corner of the property described in Quit Claim Deed 2015-0085306,
Official Records Maricopa County Recorder;

Thence along the West line thereof, South 00°18'56" West, along a line parallel with
and 477.33 feet West of the East line of said Lot 11, a distance of 87.46 feet to the
Southwest corner thereof;
Thence North 88°55'28" East, a distance of 74.23 feet to the Northwest corner of the
property described in Warranty Deed 1997-0521215, Official Records Maricopa
County Recorder;
Thence along the West line thereof, South 00°18'56" West, a distance of 194.63 feet to
the Southwest corner of said property described in Warranty Deed 1997-0521215;
Thence along the South line thereof, North 88°55'28" East, a distance of 371.24 feet;
Thence continuing along said South line, North 44°37'12" East, a distance of 35.78 feet
to the Northeast corner of the property described in Special Warranty Deed 2008-
0809636, Official Records Maricopa County Recorder;
Thence along a line parallel with and 40.00 feet West of said North-South Mid-Section
line, South 00°18'56" West, a distance of 95.02 feet to a point on the North line of the
property described in Special Warranty Deed 2023-0122741, Official Records Maricopa
County Recorder;
Thence along the North line thereof, South 88°55'28" West, to the Northwest corner of
said property, a distance of 178.00 feet;
Thence South 00°18'56" West, a distance of 279.89 feet along the West line of said
property, to the Southwest corner thereof;
Thence along the South line thereof North 88°55'28" East, a distance of 185.00 feet to the
Southeast corner of said property described in Special Warranty Deed 2023-0122741;
Thence along the East line of said Lot 11 of HADSELL’S ADDITION TO GLENDALE,
parallel with and 33.00 feet West of said North-South Mid-Section line South 00°18'56"
West, a distance of 287.05 feet to the TRUE POINT OF BEGINNING.
Containing 318,220 square feet, or, 7.305 acres of land, more or less.