(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. The RLF, working with the participating lender, will make all necessary preparations for the closing. After scheduling the date of closing, the RLF will prepare the information and documentation for closing, including:
(1) RLF Agreement.
(2) Participating Agreement between RLF and the first position lender.
(3) Promissory or mortgage notes.
(4) Check from City of Marion Revolving Loan Fund.
(B) All closing costs incurred will be paid by the borrower at the time of closing.
(Ord. 87-27, passed 6-29-87)