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14. 15. 16. 17. If th~ alive conditions have been met, the applicant may proceed using their own funds or integra'financing from a lender. However, this is done at the applicant's and/or lender's own!riskiunfil the to,,tal scope of work has been approved by the EDA and the loan has been closed, i ~R.LF funds are dispersed upon project completion. IN ~ IEVENT REQUESTS FOR RLF FUNDS EXCEED THE AMOUNT THAT IS AV~II/ikBLE, FIRST PRIORITY SHALL BE GIVEN tO INDUSTRIAL OR MAI~UF~ACTURING USES WITH EMPHASIS ON JOB CREATION OR RETENTION Se¢ci~d pti. 'ority shall be given to research, technology, or clinical uses. Third priority shall be gi~,en io all other types of uses. T~RE¥OLVING LOAN FUND MAY PROVIDE UP TO $ , PER LOAN PR6¥IBgD THAT THE LOAN RECLPIENT MEETS ELIGIB2.IT'x REQUIREMENTS ANIj~ TIk~E FUND AMOUNT IS MATCHED OR EXCEEDED BY A PARTICIPATING LENDERI Interks! ~ the portion of the loan borrowed from the fund shall be at an annual rate of , .. ~o oft prime rate on the fixed rate loan portion borrowed from the participating lender (to b4 aL!~ast 50% of total loaned to applicant). Other loan terms shall be determined by the parfi~ip ~atJng lender, except that no repayment period shall exceed ~_ years a~d loans by the P~t~xi~!pating lender and the RLF must be co-terminus. If the loan recipient s business is sOl~l or liquidated, the balance of the loan is due and payable. THE ~kPPLICANT IS REQUIRED TO PAY AN ORIGINATION FEE AT THE TIME OF CLO$!N.G IN THE AMOUNT OF 1 °70 FOR THE USE OF THE RLF LOAN FUNDS It shill be~ the responsibility of the lender to collect this fee at closing and remit it to the EDA. PARTICIPATING LENDERS SHALL PRESCRIBE LOAN APPLICATIONS UND~,R TH!SilPI~SN TO DETERMINE WHETItER APPLICATIONS MEET THE PLAN S ELIG~BIiLITY REQUIREMENTS, AND SHALL ADDITIONALLY APPLY THEIR ORISJNiARY STANDARDS FOR COMMERCIAL/INDUSTRIAL IMP~V~ MENT/DEVELOPMENT LOANS TO SUCH APPLICATIONS Pam¢lp~ng lenders then shall provisionally approve or reject the application, provided that no aPi~li .e~a~on can be rejected for any unlawful reason. If an application is provisionally approiped'~ fit shall be forwarded to the EDA for further consideration of the RLF portion of the loan. Participating lenders shall close the loans, obtaining properly executed security a~eements, mortg, ~geS~ promissory notes, corporate borrowing authorization, as appropriate from loan re¢ipt~nts.! At the closing, each loan recipient shall certify that such applicant has read, und~rga..,n~s, and will comply with the re.q. uirements of this Plan. The p articip atin,,e, lender shall l~omcle to the loan recipient such disclosures as may be required by law. Monthly, the pa'l'ticipating lender shall remit to the Ramsev EDA, 15153 Nowthen Boulevard N.W., Kams~Y, ~innesota 55303, that portion of any'loan recipient's monthly payment which repres~ntSi~r!epavment of the RLF portion of the principal and interest on the lo~n. The EDA shill nbt ~ a p~'tv to an3' of the loan documents but participating lenders, in a~eeing to the termsbf th!e Plan~ agree to act as the,EDA's agent in receiving the EDA's portion of the principal a~d interest payments on an~ loan ~ven and further a~ee to transn'fit that portion to the ~DT~ within fifteen (15) days~ of the receipt. Participating lenders shall provide copies {of all loan documents to the EDA along with a participation a~eement showing the EDA Financing Page 6 of 7