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9.A. - Page 32 <br /> 1.12 "Loan Term" means five (5) years commencing upon the date of the Promissory <br /> Note. <br /> 1.13 "Prevailing Wage Laws" means all requirements of the Department of Industrial <br /> Relations in accordance with the California Labor Code, and all other applicable <br /> federal, state and local laws and regulations pertaining to labor standards and <br /> payment of prevailing wages. <br /> 1.14 "Program" means the City of Redwood City Fire Sprinkler Retrofit Pilot Program <br /> established pursuant to Resolution No. adopted by the City Council on May <br /> , 2015. <br /> 1.15 "Program Loan" means a loan granted to Borrower under the Program pursuant <br /> to this Loan Agreement. <br /> 1.16 "Program Manager" means the City Manager, or their designee, in their capacity <br /> as the City representative charged with the authority and responsibility to <br /> supervise the Program in all its aspects. <br /> 1.17 "Project" means Borrower's installation of an Automatic Sprinkler System in the <br /> Eligible Building. <br /> 1.18 "Promissory Note" shall mean that certain Promissory Note of even date with <br /> this Loan Agreement and executed by Borrower in favor of City evidencing the <br /> Loan. <br /> 1.19 "Property" shall mean the real property on which the Eligible Building is situated <br /> commonly known and described as <br /> (APN ), Redwood City, California, and further described in <br /> Exhibit A hereto. <br /> 1.20 "Rent Stabilization Program Loan" means a Loan governed by the provisions <br /> of Section 3 of this Loan Agreement. <br /> 2. Loan; Loan Repayment. <br /> 2.1 Loan Amount. City agrees to loan Borrower, and Borrower agrees to repay the <br /> Loan in the amount of dollars and <br /> cents ($ ) pursuant to the terms of this Loan Agreement. The Loan <br /> shall be evidenced by the Promissory Note. <br /> 2.2 Interest Rate. Interest shall accrue on the principal balance of the Loan <br /> commencing upon the Effective Date at the rate of percent ( (Y0) simple <br /> interest per annum. <br /> 2.3 Monthly Payments: Borrower agrees to repay the Loan pursuant to the terms of <br /> the Promissory Note, which terms are incorporated herein by reference. <br /> However, if the Loan is a Rent Stabilization Program Loan, then Borrower's Loan <br /> repayment obligations shall be governed by the Rent Stabilization Program Loan <br /> Provisions of Section 3 below. <br /> ATTY/RES0.3085/CC RESO RWC FIRE SAFETY FIRST PILOT PROGRAM ATTACHMENT B-LOAN AGREEMENT <br /> REV:05-11-15 VR <br /> Page 3 of 12 <br />