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C. The property shall not be delinquent in the payment of property taxes and special <br />assessments, and shall not become delinquent during the term of the loan. If taxes <br />shall become delinquent, the loan may be called at the option of the financial <br />institution if the delinquency is not remedied in a reasonable time frame. <br />D. The structure shall be fully insured during the term of the loan with the lending <br />institution and City named as mortgagor or covered under a loss payee clause <br />endorsement. <br />E. No loan shall exceed 80 percent of the estimated market value of the property to be <br />rehabilitated upon completion of the rehabilitation, less the principal balance of any <br />prior mortgage existing on the property at the time the loan is made; as required by <br />MSA 469.184, Subd. 4(3). <br />F. All out-of-pocket loan application expenses shall be the responsibility of the <br />applicant. No other fees shall be charged. <br /> <br />IXXI. ANNUAL REPORTING <br /> <br />Within 90 days of filing federal tax statements, businesses receiving loans shall annually submit <br />to the lending institution the following three items: <br /> <br />A. Proof of non-delinquency of property tax payments; <br />B. Profit/loss statement from Schedule C of federal tax statements; and <br />C. Personal financial statement satisfactory to the lender. <br /> <br />Participating lending institutions shall annually report to the EDA by March 1 of each year the <br />status of the RLGP loan. The annual report shall include the status and balance of each loan as <br />of December 31 of the previous year. <br /> <br />XII. IMPROVEMENT REVIEW PROCESS <br /> <br />Prior to being granted loan approval, the applicant shall receive a positive recommendation from <br />the CVEDA. The EDA shall review proposed plans and the existing exterior condition of the <br />property being improved. The Subcommittee shall base its recommendation upon the projects <br />consistency with the Design Guidelines. The applicant may appeal any recommendation of the <br />EDA to the City Council. In the event of limited funds, priority will be given to projects which <br /> <br />XIII. CONTRACTING AND CONSTRUCTION <br /> <br />The applicant shall prepare and have prepared a detailed Scope of Work, which will also be the <br />participating financial institution. <br /> <br />The Scope of Work shall include: <br /> <br /> A detailed description of the work to be undertaken; <br /> Estimates of the quantity and materials to be used in the project; <br /> Qualified licensed contractor(s) <br />8 <br /> <br />