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DRAFT <br />3 <br />Error! Unknown document property name. <br />• Once approved, loan documents shall be prepared by staff for approval and execution by all <br />parties. In addition to any other requirements which may be deemed necessary loans will be <br />subject to the following terms: <br />o At the end of one year following the distribution of loan funds, assuming that the <br />business has not been sold and all Business Improvements are still being utilized by the <br />recipient, the entire loan balance will be forgiven. <br /> The business owner must provide EDA and/or consultant’s staff with photographs <br />of the still utilized Business Improvements or, at the request of EDA and/or <br />consultant’s staff, with an opportunity to visit the business to confirm that the <br />Business Improvements are indeed still being utilized. <br /> <br />o Should the business or any of the Business Improvements be sold during the one year <br />following the disbursement of loan funds, the recipient shall be obligated to pay the <br />entirety of the loan back to the EDA, without interest. <br />• <br />