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I <br /> <br />I <br />I <br />I <br />I <br /> <br />I <br />I <br />I <br />I <br />i <br />I <br />I <br />I <br />i <br />I <br />I <br />I <br /> <br />11. <br /> <br />12. <br /> <br />13, <br /> <br />14. <br /> <br />Evidence of physical damage insurance is required on all loans secured by insurable <br />property. <br /> <br />It. is t~e responsibility of. the person(s) closing, the loan to perfect the Ramsey FDA interest <br />m tho. collateral secunng the loan according to the Uniform Commercial Code or other <br />prevailing land laws and regulations. <br /> <br />A personal guarantee or endorsement will bc required where there is a close identity of <br />active management and ownership in a corporation. Cross guarantees of affiliate <br />comp~mies will bc required where appropriate. All guarantees shall be supported by <br />personal financial statements. <br /> <br />Changes to this loan policy shall be approved by the Ramsey Economic Development <br />AuthOrity. The EDA is also responsibIe for inter rretation of the policy. <br /> <br /> RLF <br />Page 7 of 7 <br /> <br /> <br />