Res15 15428 - Laserfiche WebLink

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07/27/2015 7.3.A. - Page 9 L. "Loan Term" means the duration of a Program Loan made pursuant to the Program. M, "Program Loan" means a loan from the City granted to a qualified Borrower whereby, in accordance with its terms, the Borrower voluntarily agrees not to increase the rents in the Eligible Building more than an agreed percentage and in exchange all loan payments are deferred and the entire Program Loan is forgiven at the end of the Loan Term provided the Borrower has complied with all conditions of the Program Loan. If the Borrower fails to comply with all terms of the Program Loan, then upon the default arising from such noncompliance, the full amount of the Program Loan shall be immediately due and payable, including all principal and accrued interest at the interest rate established by the Program Manager at the time the Program Loan is made of either 3% per annum or the federal funds rate (11th District cost of funds index), whichever is lower. N. "Owner"means the legal owner(s) of an Eligible Building. O. "Prevailing Wage Laws" means all requirements of the California Department of Industrial Relations in accordance with the California Labor Code, and all other applicable federal, state and local laws and regulations pertaining to labor standards and payment of prevailing wages. p, "Program"means this City of Redwood City Fire Safety First Pilot Program. Q, "Program Application" means an application submitted to the Program Manager for a Program Loan. The Program Application shall be on a form provided by the Program Manager. R, "Program Loan"means a loan granted to a Borrower under the Program. $, "Program Loan Commitment Expiration Date" means the date specified in a Program Loan Commitment Letter by which the requirements for receipt of the Program Loan specified in the Program Loan Commitment Letter must be completed to insure that Program Loan Funds will be available for the Owner's requested Program Loan. T. "Program Loan Commitment Letter" means the letter the Program Manager gives to an Owner who has shown to the Program Manager's satisfaction that the proposed cost for design, purchase and/or installation of an Automatic Sprinkler System for the Owner's Eligible Building is satisfactory and eligible for reimbursement through a Program Loan, that the Owner qualifies under the ATTY/RES0.3085/CC RESO—RWC FIRE SAFETY FIRST PILOT PROGRAM—ATTACHMENT A REV:07-22-15 VR Page 3 of 9 OAK#4837-7968-0037 vl 3 RESO.#15428 MUFF#705