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07/27/2015 7.3.A. - Page 16 ATTACHMENT B LOAN AGREEMENT City of Redwood City Fire Safety First Pilot Program NOTICE TO BORROWER: THERE ARE RESTRICTIONS ON REFINANCING, TRANSFERRING OF THE PROPERTY AND ASSUMPTIONS. This Loan Agreement ("�oan Agreement") is entered into as of this day of , 20_ ("Effective Date") by and between (hereinafter "Borrower") and the City of Redwood City, a municipal corporation (hereinafter "City"), regarding certain improved real property located at , Redwood City, California 94063 and further described in Exhibit A (hereinafter "Property"). Borrower and City are collectively referred to as the "Parties." RECITALS A. On May _, 2015, the City Council adopted Ordinance No. requiring pre- 1989 multi-unit residential buildings with four units or more to be retrofitted with Automatic Sprinkler Systems in compliance with new requirements of Section 12.18 of the City's Fire Code; B. Pursuant to Ordinance No. _, compliance with the new requirements of Section 12.18 of the City's Fire Code will be mandatory starting July 1, 2020; and C. The findings of fact made by the City Council in support of Ordinance No. are incorporated herein by reference; and D. The City Council in its sole discretion may provide economic incentives to owners of pre-1989 multi-unit residential buildings to encourage early compliance with the new requirements of Section 12.18 of the City's Fire Code; and E. The safety and other needs of the community are paramount as articulated in the findings of fact made by the City Council in support of Ordinance No. , and therefore, the City's economic support to assist in making these safety improvements in the community are appropriate and justified; and F. The City Council has found that some landlords owning pre-1989 multi-unit residential buildings in the City are raising rental rates without also retrofitting their buildings to provide safety amenities commensurate with the increased rental rates; and G. To further public safety, the City Council has approved Resolution No. _ adopting the Program; and H. The provisions of the Program as adopted pursuant to Resolution No. _ are incorporated herein; and I. Borrower is the owner of an Eligible Building which Borrower has retrofitted with automatic fire sprinklers as required by the City's Municipal Code; and ATTY/RE50.3085/CC RESO RWC FIRE SAFETY FIRST PILOT PROGRAM ATTACHMENT B-LOAN AGREEMENT REV:07-22-15 VR Page 1 of 12 OAK#4815-4791-7093 v1 10 RESO.#15428 MUFF#705