2018-08-27 EDA Packet - Laserfiche WebLink

Home Browse Search

collateral and monitor other financing senior to the loan to assure that payments are current. The EDA may also require the servicer to make field visits as necessary to review the condition of collateral and report to the EDA any default or any other adverse trend condition or information as they occur and take or propose remedial servicing actions as ordinarily performed by a prudent ® The EDA will. provide written instructions to the servicer outlining the services that need to be provided as a part of the servicing contract. In addition, the servicer will not, without the prior written authorization of the Oakdale EDA, authorize any actions regarding the EDA loan including: 1) Make or consent to any substantial alteration in the terms of the loan instrument. 2) Make or consent to release of collateral. 3) Accelerate the maturity of the note. 4) Sue upon the loan instrument. 5) Waive any claim against borrower, guarantor, obligor or stand-by creditor arising out of the loan instrument. 6) Directly or indirectly charge or receive a bonus, fee, commission or other payment or benefit in connection with the making and servicing of the loan except azA authorized by the program. 7) Require or obtain any Rinds, certificates of deposit or compensating balance not under the unrestricted control of the small business concern or any of agreement establishing any preference in favor of the lender. Repayment The servicer is required to ensure the timely forwarding of the small business concern's monthly payment to the Oakdale Seed Fund. ............................................................................................................................................... .................................................................................................................................................................................. 63