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07/27/2015 <br /> 7.3.A. - Page 17 <br /> J. Borrower has applied to the Program Manager for a Program Loan and the <br /> Program Manager has determined that Borrower has satisfied all requirements for the Program <br /> Loan made pursuant to this Loan Agreement and related documents; and <br /> K. Borrower agrees to be responsible for compliance with all Prevailing Wage Laws <br /> applicable to the Project and to indemnify and hold the City harmless with regard to all such <br /> compliance obligations; and <br /> L. In order to enforce the purpose and intent of the Program, it is necessary to <br /> impose provisions that restrict the use of the Property including restrictions on re-financing debt <br /> secured by the Property and the assumption of debt secured by the Property as set forth herein; <br /> and <br /> NOW THEREFORE, in consideration of substantial economic benefits received by <br /> Borrower and the public purposes served by the Program, Borrower and City agree as follows: <br /> 1. Definitions. <br /> 1.1 "Automatic Sprinkler System" means a fire sprinkler system as defined in the <br /> 2013 California Fire and Building Codes at Section 202, Definitions, and as <br /> required by Section 12.18 of the City's Fire Code, as amended by Ordinance <br /> Number_ <br /> 1.2 "Borrower" shall mean the borrower and any co-borrower who executes this <br /> Loan Agreement and all relevant Program documents related hereto. <br /> 1.3 "City" means the City of Redwood City, California. <br /> 1.4 "City Council" means the legislative body of the City. <br /> 1.5 "City Manager" means the duly appointed and acting City Manager of the City. <br /> 1.6 "Deed of Trust" shall mean the Deed of Trust of even date with this Loan <br /> Agreement executed by Borrower as Trustor in favor of the City as Beneficiary to <br /> secure the Promissory Note and this Loan Agreement. <br /> 1.7 "Effective Date" means the date of this Loan Agreement. <br /> 1.8 "Eligible Building" shall mean a pre-1989 residential building with four or more <br /> units lacking a City permitted Automatic Sprinkler System that has been <br /> determined to be eligible by the City in accordance with the Program Guidelines <br /> in effect at the time of the making of this Loan. <br /> 1.9 "Events of Default" has the meaning ascribed to it in Section 4 of this Loan <br /> Agreement. <br /> 1.10 "Fire DepartmenY' means the Redwood City Fire Department. <br /> 1.11 "Loan Agreement" means this agreement. <br /> ATTY/RE50.3085/CC RESO RWC FIRE SAFETY FIRST PILOT PROGRAM ATTACHMENT B-LOAN AGREEMENT <br /> REV:07-22-15 VR <br /> Page 2 of 12 <br /> OAK#4815-4791-7093 v1 <br /> �1 RESO.#15428 <br /> MUFF#705 <br />