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9.A. - Page 23 <br /> C. Completing a Program Loan. <br /> 1. In order to receive a Program Loan, the Owner must submit all of the <br /> following to the Program Manager prior to the Program Loan Commitment <br /> Expiration Date: <br /> a. A paid detailed invoice for the reasonable expenses associated with <br /> the actual design, purchase and installation of the Automatic <br /> Sprinkler System in the Eligible Building per one of the acceptable <br /> bids previously submitted to the Program Manager; <br /> b. Written documentation evidencing that the installed Automatic <br /> Sprinkler System has passed a final inspection by the Fire Official <br /> and/or the Building Official; and <br /> c. Duly completed and executed Program Loan Documents as required <br /> by the Program Manager including a Loan Agreement, Promissory <br /> Note and Deed of Trust. <br /> IV. PROGRAM LOAN OPTIONS. <br /> A. At the time a qualified Borrower completes all the requirements for a Program <br /> Loan as specified in the Program Loan Commitment Letter, the Borrower shall <br /> elect one of two types of Program Loans: 1) a Low Interest Program Loan, or 2) a <br /> Rent Stabilization Program Loan. <br /> B. Low Interest Program Loan. <br /> 1. A Low Interest Program Loan will be amortized over not more than 60 <br /> months, with monthly payments of principal and interest, and an interest <br /> rate established by the Program Manager at the time the Program Loan is <br /> made of either 3% per annum or the federal funds rate (11th District cost <br /> of funds index), whichever is higher. <br /> 2. Upon full repayment of the Low Interest Program Loan, the City shall <br /> acknowledge satisfaction of the Promissory Note and reconvey the Deed <br /> of Trust. <br /> 3. Should the Borrower fail to repay the Low Interest Program Loan or <br /> otherwise default on any of the terms provided in the Loan Documents, <br /> then the City shall have all of the remedies provided for at law or equity, <br /> ATTY/RESO.3085/CC RESO—RWC FIRE SAFETY FIRST PILOT PROGRAM—ATTACHMENT A <br /> REV:05-12-15 VR <br /> Page 7 of 10 <br />