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11. <br /> <br />12. <br /> <br />13. <br /> <br />14. <br /> <br />Evic~enee of physical damage insurance is required on all loans secured by insurable <br />prol~rty.! <br /> <br />It is .the i~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~tilin$ land laws and regulations. <br />^ pe~so,nhl guarantee or endorsement will be required where there is a close identity of <br />activg n~l~nagement and ownership in a corporation. Cross guarantees of affiliate <br />comL~ani~s will be required where appropriate. Ail guarantees shall be supported by <br />personal financial statements, <br />Changes, io this loan policy shall be approved by the Ramsey Economic Development <br />Auth0rity.i The EDA is also responsible for interpretation of the policy. <br /> <br /> RLF <br />Page 7 of 7 <br /> <br /> <br />