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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 tl~ re}.~Ponsibility of the person(s) closing the loan to perfect the Ramsey EDA interest <br />in thelco}lgteral securing the loan according to the Uniform Commercial Code or other <br />prevailing land laws and regulations. <br /> <br />A per! 3haI guarantee or endorsement will be required where there is a close identity of <br />active' maiaagement and ownership in a corporation. Cross guarantees of affiliate <br />comP, ales! will be required where appropriate. Ail guarantees shall be supported by <br />person tl financml statements. <br /> <br />Chants t9 this loan policy shall be approved by the Ramsey Economic Development <br />Authority.. ~The EDA is also responsible for interpretation of the policy. <br /> <br /> RLF <br />Page 7 of 7 <br /> <br />Is" <br /> <br /> <br />