(A) The RLF will closely coordinate all loan closing activity with the first participation lender to avoid duplication and to hold closing costs to a minimum.
(B) The RLF working with the participating lender will make all necessary preparations for the closing.
(C) After scheduling the date of closing, the RLF or participating lender will prepare the information and documentation for closing, including:
(1) RLF agreement;
(2) Participation agreement between RLF and the first position lender;
(3) Promissory, mortgage notes or other loan agreement;
(4) Security documents to be executed and recorded; and
(5) Check from the RLF.
(D) All closing costs incurred will be paid by the borrower at the time of closing.
(Res. passed 12-27-1993)