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7.3.A. - Page 16 <br /> ATTACHMENT B <br /> LOAN AGREEMENT <br /> City of Redwood City <br /> Fire Safety First Pilot Program <br /> NOTICE TO BORROWER: THERE ARE RESTRICTIONS ON REFINANCING, <br /> TRANSFERRING OF THE PROPERTY AND ASSUMPTIONS. <br /> This Loan Agreement ( "Loan Agreement ") is entered into as of this day of <br /> 20 ( "Effective Date ") by and between (hereinafter "Borrower") <br /> and the City of Redwood City, a municipal corporation (hereinafter "City "), regarding certain <br /> improved real property located at , Redwood City, California 94063 and <br /> further described in Exhibit A (hereinafter "Property "). Borrower and City are collectively <br /> referred to as the "Parties." <br /> RECITALS <br /> A. On May , 2015, the City Council adopted Ordinance No. requiring pre - <br /> 1989 multi -unit residential buildings with four units or more to be retrofitted with Automatic <br /> Sprinkler Systems in compliance with new requirements of Section 12.18 of the City's Fire <br /> Code; <br /> B. Pursuant to Ordinance No. compliance with the new requirements of <br /> Section 12.18 of the City's Fire Code will be mandatory starting July 1, 2020; and <br /> C. The findings of fact made by the City Council in support of Ordinance No. <br /> are incorporated herein by reference; and <br /> D. The City Council in its sole discretion may provide economic incentives to owners <br /> of pre -1989 multi -unit residential buildings to encourage early compliance with the new <br /> requirements of Section 12.18 of the City's Fire Code; and <br /> E. The safety and other needs of the community are paramount as articulated in the <br /> findings of fact made by the City Council in support of Ordinance No. , and therefore, the <br /> City's economic support to assist in making these safety improvements in the community are <br /> appropriate and justified; and <br /> F. The City Council has found that some landlords owning pre -1989 multi -unit <br /> residential buildings in the City are raising rental rates without also retrofitting their buildings to <br /> provide safety amenities commensurate with the increased rental rates; and <br /> G. To further public safety, the City Council has approved Resolution No. <br /> adopting the Program; and <br /> H. The provisions of the Program as adopted pursuant to Resolution No. are <br /> incorporated herein; and <br /> Borrower is the owner of an Eligible Building which Borrower has retrofitted with <br /> automatic fire sprinklers as required by the City's Municipal Code; and <br /> ATTY /RESO.3085 /CC RESO RWC FIRE SAFETY FIRST PILOT PROGRAM ATTACHMENT B- LOAN AGREEMENT <br /> REV: 07 -22 -15 VR <br /> Page 1 of 12 <br /> OAK #4815- 4791 -7093 v1 <br />