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9.A. - Page 28 <br /> then this Letter shall be automatically revoked and the City will release the hold on the <br /> reserved Program Loan Funds and they will then be available for other Program Loans. <br /> In order to receive your Program Loan as provided herein, you must submit all of <br /> the following to the City prior to the Program Loan Commitment Expiration Date: <br /> 1. A paid detailed invoice for the expenses associated with the actual design, <br /> purchase and installation of the Automatic Sprinkler System in your Eligible <br /> Building per one of the acceptable bids previously submitted to the City; <br /> 2. Written documentation evidencing that the installed Automatic Sprinkler <br /> System has passed a final inspection by the Fire Official and/or the Building <br /> Official; and <br /> 3. Duly completed and executed Program Loan Documents as required by the <br /> City including a Loan Agreement, Promissory Note and Deed of Trust. You <br /> hereby acknowledge that the forms for the Program Loan Documents have <br /> been provided to you. Note that if you intend to elect a Rent Stabilization <br /> Program Loan, you will also need to provide the additional information <br /> required to prove your eligibility for that type of loan under the Program prior <br /> to the Program Loan Commitment Expiration Date. <br /> The specific terms for this Program Loan Commitment Letter are as follows: <br /> Borrower: <br /> Loan Amount (Reserved $ <br /> Program Loan Funds): <br /> Eligible Building Address: <br /> Program Loan Commitment <br /> Expiration Date: <br /> Loan Term: 60 months, payable monthly unless Rent <br /> Stabilization Program Loan provisions apply. <br /> Interest Rate: Either 3% per annum or the federal funds rate <br /> (11th District cost of funds index), whichever is <br /> higher, as determined by the Program Manager <br /> at the time the Loan is made. <br /> ATTY/RESO.3085/CC RESO RWC FIRE SAFETY FIRST PILOT PROGRAM ATTACHMENT B—LOAN COMMITMENT LETTER <br /> REV:05-11-15 VR <br /> Page 2 of 3 <br />