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18. <br /> <br />19. <br /> <br />20. <br /> <br />extaniof!l~LF participation in the loan. Loan documents shall reflect the entire amount of <br />debt ~c[i~ed, including the portion owed to the EDA, and in any foreclosure or other <br />colle.~,tiofllremedy employed by any participating lender, such lender shall use its best <br />effort{ t° ~ollect that portion of the debt owed to the EDA as well as that portion owed to <br />the le$dei';[ however, any amount so collected shall be allocated first to interest due to the <br />partie~/pafigg lender, then to principal due to the participating lender, then to reasonable <br />allow~bl~ ~ollections costs, and the remainder to the,EDA. Participating lenders shall have <br />the sdJe r.~sponsibility of determining applicants credit risk and filing any liens on <br />collat~aL '~ <br />THE ~DAiBOARD OF COMMISSIONERS SHALL CONSIDER EACH APPLICATION <br />AT IT,S ttEGULARLY SCHEDULED OR SPECIAL MEETING IMMEDIATELY <br />FOLLOW ~l~qG,. , RECEIPT OF THE APPLICATION FROM THE LENDER <br />The EbA 3~loard of Commissioners shall approve the application for RLF participation or <br />reject !Such participation, stating the reasons why. Such rejection shall not preclude <br />resub~issi~n of the application with appropriate modifications. At the time of any <br />applic~itionl s approval by the EDA Board or Commissioners, an appropriate amount of <br />mone-y~in t~§e RLF shall be reserved to cover the RLF's anticipated participation in the loan <br />or the EDA~ shall indicate that insufficient funds for such participation then exist, in which <br />case i~e a~plication shall be placed on a waiting list until such time as funds become <br />availal~le o? the application is withdrawn. The EDA shall communicate its actions promptly <br />to the l~am6ipating lender. At any time prior to closing on a loan, the participating lender <br />may disapprove an application which had obtained preliminary approval, based upon <br />chang~ ck~umstances or for any other reasonable cause. <br />ro^ ! P 0CEEDS SU^LL PAID TO PARTICIPATING LENDER AND <br />LOAN !RECIPIENT <br /> <br />Ail invOiceS and other necessary documentation, as related to the project costs, shall be <br />providetl t° ihe EDA or its agent prior to the disbursement of funds. <br />RLF lo',l~n re4:ipients must close on the loan within thirty (30) days of final approval by the <br />EDA. ~ not closed within the thirty (30) day period, the EDA reserves the right to cancel <br />its co~it/fient of funds and use those funds for other RLF loans. <br />Only those ifunds lent for the loan recipient's project, activity or use stated in the applicant's <br />loan application may be collected by the lender prior to collection of the EDA's share of the <br />total Io .,a~l. <br />THE AI~. pLI~ATION SHALL BE MADE ON FORMS APPROVED BY THE EDA AND <br />pARTI¢IP/~TING LENDERS <br /> <br />These ~halllinclude information detailing the applicant's loan request and granting <br />permission for pre-inspection of any real property involved in the loan request. The <br />applicat on :JJ~all contain proposals from suppliers on any machinery and equipment to be <br />purchas id apd formal accepted contingent offers on any real property proposed for <br />purchas~ with RLF funds. <br /> <br />EDA Financing <br />Page 7 of 7 <br /> <br /> <br />