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b. Structural; including the facade of the structure and energy related <br /> improvements. <br /> C. Hook-up to city senrices (i,e, water,sewer) <br /> d. ADA (Americans xvith Disabilities Act.) improvements <br /> 7. LOAN SECURITY AND GUARANTEES <br /> Applicant must be able to secure the loan by providing the FDA with, a n-tinimum. of <br /> a subordinate mortgage upon the building and/or assets or other approved collateral. <br /> Applicant Must demonstrate the financial me-iris to repay the loans, as deteri-nined by <br /> the Econon-ric Developi-nent ,kuthority, <br /> Whenever possible, personal guarantees will be made part of any loan agreement. <br /> Key person life insurance may be required as determined by the EDA Finance <br /> ,Committee based on loan amount and company ownership partners, <br /> 8. TIMING OF PROJECT EXPENSES <br /> No project should commence until the Ok River 11conomic Development Authority <br /> has approved the loan application. Any costs incurred prior to the approval of the <br /> loan application are generally not eligible expenditures. <br /> No building construction should comrrrenCeUntil the required city permits are <br /> secured. <br /> The applicant swill be responsible for all legal, recording, and ether fees required for <br /> protection of a security interest in the loan, payable by a non-refundable 10/16 <br /> processing fee, which is paid at the time of application. In addition to the <br /> non-refundable P,c) processing fee,all legal and filing fees shall be paid by the <br /> borrower at loan closing. <br /> 9. PROCEDURAL GUIDELINES FOR APPLICATION AND APPROVAL <br /> 1. All applicants shall first contact a pritnary lending institution to determirre if <br /> additional equity is needed, and if so, how much. <br /> 2. The applicantandthe primary lender shall then meet with city staff to obtain <br /> information about the Nlicroloan program, discuss the project, and obtain <br /> application forms. <br /> 3. The applicant shall complete and submit an application form to the city, along <br /> with a processing fee of 1% of the loan request. (The fee is used to cover <br /> processing expenses and will be returned only if application is denied.) The <br /> applicant must provide evidence of their ability, to meet the equity requirements <br /> or provide a letter of commitment for conventional financing from, the primary <br /> lending institution. <br /> Page 8 of 17 <br />