Laserfiche WebLink
7.3.A. - Page 15 <br /> verified by the Program Manager, or five percent (5 %), whichever is <br /> lower. <br /> 3. The Program Manager may allow for greater increases in rent charges <br /> during any twelve (12) months reasonably justified by capital <br /> improvements or upgrades made to the subject rental units other than the <br /> installation of the Automatic Sprinkler System. <br /> 4. The Borrower must submit a written statement to the Program Manager <br /> annually verifying that rents in the Eligible Building have not increased in <br /> violation of the Loan Agreement and this Program. The written statement <br /> shall be on a form provided by the Program Manager. <br /> 5. If the Program Manager determines that a violation has occurred in breach <br /> of the Loan Agreement, the Borrower is entitled to an informal hearing <br /> before the City Manager or the City Manager's designee to provide <br /> evidence why a breach of the Loan Agreement has not occurred. The <br /> Borrower must provide a request in writing to the City Clerk no later than <br /> fifteen (15) calendar days after the Program Manager's written <br /> determination. The determination of the City Manager (or the City <br /> Manager's designee) shall be final. <br /> 6. If the Borrower violates the terms of the Loan Agreement, the entire <br /> Program Loan with accrued interest shall be due in full within ninety (90) <br /> days of the City Manager's or his designee's final determination, and the <br /> City shall have all of the remedies provided for at law or equity, including <br /> but not limited to all rights and remedies under the Deed of Trust. <br /> 7. If the Borrower complies with all terms of the Program Loan, then at the <br /> end of the Loan Term, the City shall forgive the deferred balance of interest <br /> and principal, the City shall cancel the Promissory Note, and the City shall <br /> reconvey the Deed of Trust. <br /> ATTY /RES0.3085 /CC RESO — RWC FIRE SAFETY FIRST PILOT PROGRAM — ATTACHMENT A <br /> REV: 07 -22 -15 VR <br /> Page 9 of 9 <br /> OAK #4837 - 7968 -0037 v1 <br />