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9.A. - Page 24 <br /> including but not limited to all rights and remedies under the Deed of <br /> Trust. <br /> C. Rent Stabilization Program Loan (Loan Forgiveness). At the time a Borrower <br /> completes all the requirements for a Program Loan as specified in the Program <br /> Loan Commitment Letter, a Borrower may also elect a Rent Stabilization Program <br /> Loan if they meet the requirements specified below. <br /> 1. A Rent Stabilization Program Loan consists of the same terms as low <br /> interest Program Loans described above except that loan payments will be <br /> deferred until the end of the five (5) year period provided the Borrower <br /> continues to meet all of the conditions of the loan. <br /> 2. If the Borrower complies with all terms of the Rent Stabilization Program <br /> Loan, including the Rent Stabilization requirements,then at the end of the <br /> five (5) year period of the Loan Agreement, the City shall forgive the <br /> deferred balance of interest and principal, the City shall cancel the <br /> Promissory Note, and the City shall reconvey the Deed of Trust. <br /> 3. Borrowers who elect a Rent Stabilization Program Loan must comply with <br /> the following Rent Stabilization conditions: <br /> a. The Borrower must not have recently imposed an unusual rent <br /> increase on the tenants in the Eligible Building as determined by the <br /> Program Manager based on the following criteria: <br /> i. The Borrower must provide proof satisfactory to the <br /> Program Manager establishing that any increase in rent <br /> imposed on tenants residing in the Eligible Building within <br /> the twelve (12) months preceding submission of the <br /> Borrower's Program Application and continuing through <br /> the date of the Loan Agreement has not been greater than <br /> the average increases on a percentage basis than during the <br /> five (5) years preceding the date of submission of the <br /> Borrower's Program Application. For example, if a <br /> proposed Borrower submits a Program Loan Application on <br /> July 1, 2015, and the proposed Borrower had increased <br /> rents in the Eligible Building since July 1, 2010 as follows: <br /> 6/1/11 — 5%; 6/1/12-5%; 6/1/13-5%; 6/1/14-5%; and <br /> 6/1/15-5%, then the increase within the last twelve (12) <br /> months (5%) would not be greater than average of the <br /> ATTY/RESO.3085/CC RESO—RWC FIRE SAFETY FIRST PILOT PROGRAM—ATTACHMENT A <br /> REV:05-12-15 VR <br /> Page 8 of 10 <br />