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 the responsibility of the person(s) closing the loan to perfect the Ramsey EDA interest <br />in the collateral securing the loan according to the Uniform Commercial Code or other <br />prevailing land laws and regulations. <br /> <br />A personal guarantee or endorsement will be required where there is a close identity of <br />acuve management and ownership in a corporation, Cross guarantees of affiliate <br />companies will be required where appropriate. All guarantees shall be supported by <br />personal financial statements. <br /> <br />Changes to 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 /> <br />