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