3.9. SR 07-15-2002 - Laserfiche WebLink

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6. Procedural Steps for Advances from Loan Fund. MCCF agrees that it will comply with all procedures for draws upon and reimbursement to the Loan Fund as set forth in the Loan Fund Escrow Agreement and further agrees that it will request the Escrow Agent for disbursement of Member Funds only for the purpose of initially funding Development Loans and then only upon the following conditions: (a) Co) MCCF has received a commitment for the pre-closing sale of the Development Loan to a Loan Purchaser at a sale price which is not less than the amount of Member Funds to be advanced by Escrow Agent from the Loan Fund; MCCF will utilize the services of the title company or closing agent approved by MCCF and Member Funds held by the Loan Fund shall be transferred by wire transfer to such title company or closing agent as of the date of the Development Loan closing; (c) The commitment which MCCF receives from the Loan Purchaser shall provide for payment of the pumhase price of the Development Loan by wire tinnier to the Loan Fund as of the same date as the Loan Fund transfers Member Funds to the title company or closing agent of MCCF; (d) MCCF will not irrevocably advance Member Funds to fund the Development Loan until MCCF has confirmed with Escrow Agent that Escrow Agent has received a wire transfer from the Loan Purchaser in an amount equal to the amount advanced by Escrow Agent to the title company or closing agent of MCCF. MCCF and Member agree that funds received by Escrow Agent from a Loan Purchaser or directly or indirectly from MCCF with respect to the closing or sale of the Development Loan funded from the Loan Fund shall be deposited in the Loan Fund and deemed a reimbursement of Member Funds previously advanced. 7. Refund of Member Funds. A Member shall receive a refund of its deposit balance in the Loan Fund upon 30 days advance writ-ten notice to MCCF and Escrow Agent specifying the amount of refund which the Member wishes to receive. This notice may be given at any time after the third anniversary date of the first deposit to the Loan Fund made by the Member. In the event the requested refund by a Member would reduce the Member's deposit balance in the Loan Fund to less than $25,000, the Member's entire deposit balance in the Loan Fund shall be refunded. All refunds are of principal only without interest. 8. Assignment of Interest and Income. Member hereby assigns to MCCF all income and revenue derived from Member Funds on deposit in the Loan Fund and Member hereby directs the Escrow Agent to distribute monthly from the Loan Fund all interest and income earned uPon their respective deposits held in the Loan Fund, net of fees and expenses of ESCrow Agent. The assignment contairted herein and tiffs direction is irrevocable until such time as the deposit of a Member in the Loan Fund is refunded to such Member pursuant to this Participation Agreement and the Loan Fund Escrow Agreement. 9. Investments Authorized. Member Funds on deposit in the Loan Fund shall be invested in U.S. Government Bonds, U.S. Insured Certificates of Deposit, U.S. Government Agency Bonds, and U.S. Government Money Market Funds pursuant to the directions of MCCF as agent of Member. 10. Escrow Agent Fees and Expenses. The fees and expenses of the Escrow Agent shall be determined by an agreement between MCCF and Escrow Agent. MCCF is hereby appointed as agent for Member with respect to the negotiation of such fee arrangement with the Escrow Agent. 11. MCCF Designated as Agent of Member. Member hereby irrevocably designates MCCF as its agent during the term of this Agreement and any extensions thereof with respect to the following matters: (a) All rights to act as agent as set forth in this Agreement and all directions which are authorized to the Escrow Agent pursuant to the Loan Fund Escrow Agreement;