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07/27/2015 7.3.A. - Page 52 However, you hereby acknowledge that if you fail to meet all of the requirements specified in this Letter prior to your Program Loan Commitment Expiration Date set forth below, then this Letter shall be automatically revoked and the City will release the hold on the reserved Program Loan Funds and they will then be available for other Program Loans. In order to receive your Program Loan as provided herein, you must submit all of the following to the City prior to the Program Loan Commitment Expiration Date: 1. A paid detailed invoice for the expenses associated with the actual design, purchase and installation of the Automatic Sprinkler System in your Eligible Building per one of the acceptable bids previously submitted to the City; 2. Written documentation evidencing that the installed Automatic Sprinkler System has passed a final inspection by the Fire Official and/or the Building Official; 3. Proof satisfactory to the Program Manager that from the date of this Program Loan Commitment Letter any rent increase you have imposed on the tenants in the Eligible Building was done in compliance with the Program criteria; and 4. Duly completed and executed Program Loan Documents as required by the City including a Loan Agreement, Promissory Note and Deed of Trust. You hereby acknowledge that the forms for the Program Loan Documents have been provided to you. The specific terms for this Program Loan Commitment Letter are as follows: Borrower: Reserved Program Loan $ Funds: Eligible Building Address: Program Loan Commitment Expiration Date: Loan Term: years. Interest Rate: Either 3% per annum or the federal funds rate (11tn District cost of funds index), whichever is higher, as determined by the Program Manager at the time the Loan is made. If you accept the terms and conditions of this Program Loan Commitment Letter, please countersign this Letter where provided below and return it to the undersigned. If ATTY/RES0.3085/CC RE50 RWC FIRE SAFETY FIRST PILOT PROGRAM ATTACHMENT B—LOAN COMMITMENT LETTER REV:07-22-15 VR Page 2 of 3 OAK#4849-7105-8981 v1 05674-0002 46 RESO.#15428 MUFF#705