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All landlords participating in this program will be required to agree to a rental cote <br />agreement that allows a reM increase of no more than 10% each year for a period of <br />Five (5) years after connection an the OWASA water system. <br />NI grant recipients will be required to execute a Grant Agreement with the County. <br />Phase II - LowJnterest Direct Loans <br />For applicants with household Incomes that are above 80% of the area median. <br />assistance to these families will be provided in the form of a IowJntereat amortized <br />loan. The maximum term of the loan will be five (5) years. The loan will be secured by <br />a used of trust and promissory note. <br />Loan Processln <br />The Orange County Economic Development Commission will trainers and service loans <br />to Rogers Road applicants with household Incomes that are above 80 percent of the <br />areamaden A loan review committee, presumably the Orange County Small <br />Business Loan Program Company Boat of Directors or the Board of a newly created <br />ornprofit corpomtlon, will review to application and make recommendations to the <br />County Manager, who will have final authority. <br />The EDC will relate the loan evasion to the applicants and draft a commitment <br />Iefiedrelectlon letter, as appropriate. Additional loan responsibilities will be handled as <br />follows: <br />Closing <br />Pre are Gleam documents Attorney under contract with EDG <br />— <br />Li.wrmnate and arrange loan closing Attorney <br />rRecord deeds of trust Attorne _ <br />