Laserfiche WebLink
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 ~e re~sponsibility of the person(s) closing the loan to perfect the Ramsey EDA interest <br />in th~ collateral securing the loan according to the Uniform Commercial Code or other <br />prev~ilifil~ land laws and regulations. <br /> <br />A personal guarantee or endorsement will be required where there is a close identity of <br />active m}tnagement and ownership in a corporation. Cross guarantees of affiliate <br />com~ani,~s will be required where appropriate. All guarantees shall be supported by <br />perao~'nal,~financial statements. <br /> <br />Changes lo this loan policy shall be approved by the Ramsey Economic Development <br />Authfirit¥~> The EDA is ',dso responsible for interpretation of the policy. <br /> <br /> RLF <br />Page 7 of 7 <br /> <br /> <br />