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7.3.A. - Page 9 <br /> L. "Loan Term" means the duration of a Program Loan made pursuant to the <br /> Program. <br /> M. "Program Loan" means a loan from the City granted to a qualified Borrower <br /> whereby, in accordance with its terms, the Borrower voluntarily agrees not to <br /> increase the rents in the Eligible Building more than an agreed percentage and in <br /> exchange all loan payments are deferred and the entire Program Loan is forgiven <br /> at the end of the Loan Term provided the Borrower has complied with all <br /> conditions of the Program Loan. If the Borrower fails to comply with all terms of <br /> the Program Loan, then upon the default arising from such noncompliance, the <br /> full amount of the Program Loan shall be immediately due and payable, including <br /> all principal and accrued interest at the interest rate established by the Program <br /> Manager at the time the Program Loan is made of either 3% per annum or the <br /> federal funds rate (11 District cost of funds index), whichever is lower. <br /> N. "Owner" means the legal owner(s) of an Eligible Building. <br /> O. "Prevailing Wage Laws" means all requirements of the California Department of <br /> Industrial Relations in accordance with the California Labor Code, and all other <br /> applicable federal, state and local laws and regulations pertaining to labor <br /> standards and payment of prevailing wages. <br /> P. "Program" means this City of Redwood City Fire Safety First Pilot Program. <br /> Q. "Program Application" means an application submitted to the Program Manager <br /> for a Program Loan. The Program Application shall be on a form provided by the <br /> Program Manager. <br /> R. "Program Loan" means a loan granted to a Borrower under the Program. <br /> S. "Program Loan Commitment Expiration Date" means the date specified in a <br /> Program Loan Commitment Letter by which the requirements for receipt of the <br /> Program Loan specified in the Program Loan Commitment Letter must be <br /> completed to insure that Program Loan Funds will be available for the Owner's <br /> requested Program Loan. <br /> T. "Program Loan Commitment Letter" means the letter the Program Manager gives <br /> to an Owner who has shown to the Program Manager's satisfaction that the <br /> proposed cost for design, purchase and /or installation of an Automatic Sprinkler <br /> System for the Owner's Eligible Building is satisfactory and eligible for <br /> reimbursement through a Program Loan, that the Owner qualifies under the <br /> ATTY /RES0.3085 /CC RESO — RWC FIRE SAFETY FIRST PILOT PROGRAM — ATTACHMENT A <br /> REV: 07 -22 -15 VR <br /> Page 3 of 9 <br /> OAK #4837 - 7968 -0037 v1 <br />