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7.3.A. - Page 18 <br /> 1.12 "Loan Term" means ( ) years commencing upon the date of the <br /> Promissory 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 Safety First Pilot Program <br /> established pursuant to Resolution No. adopted by the City Council on <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 /> 2. Loan; Loan Repayment. <br /> 2.1 Loan Amount. City agrees to loan Borrower, and Borrower agrees to be <br /> obligated to repay according to the terms of this Loan Agreement, the amount of <br /> dollars and cents <br /> ($ )(the "Loan "). The Loan shall be evidenced by the Promissory <br /> 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 ( %) simple <br /> interest per annum. <br /> 2.3 From and after the Effective Date, Borrower shall neither: <br /> 2.3.1 Increase rental rates without first providing at least ninety (90) days <br /> written notice to tenants; nor <br /> 2.3.2 Increase rental rates during any twelve (12) month period by more than <br /> the annual Consumer Price Index —All Urban Consumers for San <br /> ATTY /RESO.3085 /CC RESO RWC FIRE SAFETY FIRST PILOT PROGRAM ATTACHMENT B- LOAN AGREEMENT <br /> REV: 07 -22 -15 VR <br /> Page 3 of 12 <br /> OAK #4815- 4791 -7093 v1 <br />