4.10. SR 09-08-2020 - Laserfiche WebLink

Home Browse Search

The LOCAL LENDER will secured the debt in this Agreement by directing that a special assessment be assessed to all properties receiving benefit from a loan issued under this program f rom the LOCAL LENDER and that the revenues from the special assessment be credited toward repayment of funds disbursed under this agreement. 2. The LOCAL LENDER has established policies to issue and certify the special assessment in accordance with applicable state and local regulations and statute. VIII. REPAYMENT TO THE DEPARTMENT A. The LENDER shall repay the DEPARTMENT all f unds disbursed to it under the AgBMP LOAN PROGRAM in accordance with the consolidated repayment schedule provided by the DEPARTMENT. The DEPARTMENT may prepare modifications to the consolidated repayment schedule at anytime to include the repayment of all funds due from the LENDER. B. For each disbursement to the principal account, the DEPARTMENTshall prepare a preliminary repayment schedule calculated based on the terms of the individual loans made to BORROWERS. The DEPARTMENT shall provide the preliminary repayment schedule to the LENDER if requested. The DEPARTMENT shall consolidate the preliminary repayment schedules of all loans with outstanding balances into a consolidated repayment schedule with semiannual payments dates of April 1 and October 1 of each year. The consolidated repayment schedule shall show the minimum amount due in aggregate by the lender on the respective payment date regardless of the amount paid by BORROWERS. Designation of payments by borrower is not required under this agreement. 1. The consolidated repayment schedule shall provide for the full repayment of all funds due to the DEPARTMENT. 2. The LENDER shall make payments to the DEPARTMENT in accordance with the consolidated repayment schedule. C. The LENDER may prepay the funds, in whole or in part without penalty. The LENDER may designate specific loans to be credited with any prepayments. D. The LENDER may establish the principal account as a sweep account and repay to the DEPARTMENT all principal repaid by BORROWERS. The amount paid under this option shall not fall behind the consolidated repayment schedule and shall be credited to the next and subsequent regularly scheduled payment dates. The LENDER is not required to designate specific loans to be credited when prepayments are made. E. The DEPARTMENT may charge the LENDER a late fee of 2 percent of the amount due for each month or part thereof that repayments are received or postmarked more than 15 days after the scheduled repayment due date. If the LENDER fails to repay the DEPARTMENT in accordance with provisions of this agreement or if the repayment and late fees from the LENDER are not received by the DEPARTMENT within six months of the due date, the DEPARTMENT may demand immediate full repayment of the entire principal amount disbursed to the LENDER. F. The LENDER shall immediately repayto the DEPARTMENTany disbursements received for projects or costs found to be ineligible. G. If a BORROWER fully satisfies its loan obligation ahead of the preliminary repayment schedule by more than one year, the LENDER shall repay the corresponding balance at the next scheduled repayment date. H. The LENDER, as guarantor, shall bearfull responsibility for collecting repayments from BORROWERS. If a BORROWER defaults on a loan made by the LENDER, it is the responsibility of the LENDER to obtain repayment from the BORROWER. Default on the part of BORROWERS shall have no effect on the LENDER'S responsibility to repay its obligations to the DEPARTMENT whether or not the LENDER fully recovers defaulted amounts from BORROWERS. IX. LENDER WITHDRAWAL FROM THE PROGRAM The LENDER may withdraw from the AgBMP LOAN PROGRAM by providing written notice to the DEPARTMENT at least 30 days prior to withdrawal. The written notice of withdrawal shall also include repayment to the DEPARTMENT of all funds in the principal account at the time of withdrawal. Upon notice of Minnesota AgBMP Loan Program