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Repayment <br />collateral and monitor other financing senior to the loan to <br />assure that payments are current. <br />The EDA may also require the servicer to make field visits <br />as necessary to review the condition of collateral and report <br />to the EDA any default or any other adverse trend condition <br />or information as they occur and take or propose remedial <br />servicing actions as ordinarily performed by a prudent <br />lender. The EDA will provide written instructions to the <br />servicer outlining the services that need to be provided as a <br />part of the servicing contract. In addition, the servicer will <br />not, without the prior written authorization of the Oakdale <br />EDA, authorize any actions regarding the EDA loan <br />including: <br />1) Make or consent to any substantial alteration in the <br />terms of the loan instrument. <br />2) Make or consent to release of collateral. <br />3) Accelerate the maturity of the note. <br />4) Sue upon the loan instrument. <br />5) Waive any claim against borrower, guarantor, obligor <br />or stand-by creditor arising out of the loan instrument. <br />6) Directly or indirectly charge or receive a bonus, fee, <br />commission or other payment or benefit in connection <br />with the making and servicing of the loan except as <br />authorized by the program. <br />7) Require or obtain any funds, certificates of deposit or <br />compensating balance not under the unrestricted control <br />of the small business concern or any other agreement <br />establishing any preference in favor of the lender. <br />The servicer is required to ensure the timely forwarding of <br />the small business concern's monthly payment to the <br />Oakdale Seed Fund. <br />63 <br />