(A) Final closing preparations. Upon City Council approval, the applicant will be asked to execute assurances regarding the creation of jobs and maintenance of records necessary to determine all representations made by the applicant to the SEDF during the application process. At this time the Director for the Shelby Development Corporation will prepare for execution by the SEDF, the applicant and the city, an agreement specifying the terms of assistance provided by the SEDF. Upon acceptance of the final application and execution of the aforesaid agreement, the Director shall move to close the transaction between the SEDF and the applicant.
(B) Transaction closing. The Director will engage an attorney acceptable to the SEDF to prepare all loan documents, security instruments and other items, such as title examination, for the closing and the Director shall provide the attorney with all pertinent information about the transaction, in writing, so as to assist the attorney in a prompt completion of these documents. The SEDF shall appoint an attorney if the borrower does not specify one. The SEDF closing will occur at the same time as any closing between the applicant and any other superior lenders. All costs associated with document preparation shall be paid by the recipient of the SEDF assistance and may be withheld from the proceeds of any loan. Loan proceeds will be disbursed to the recipient in accordance with terms and conditions previously negotiated with the SEDF.
(Ord. 87-006, passed 1-28-87)