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0 Landlord's lien waiver if borrower is a tenant <br />Evidence that other special conditions have been met (e.g., county <br />residency, appraisal values, satisfactory Phase I environmental report, etc.) <br />2. Loan Closing Documentation Requirements <br />Loan Closing Checklist is attached as Appendix B. <br />Special timing requirements: <br />• Title commitments for real estate purchases are obtained the day of, or day <br />before, closing. Mortgages are filed and recorded immediately after the <br />closing. Title policies are ordered after the loan closes. <br />• If a UCC search is required, this is done as close to the closing date as <br />possible. UCC financing statements are filed immediately after the closing. <br />3. Loan Agreement Provisions <br />Each loan agreement will clearly state the purpose of each loan. All IRF loan <br />documents will protect and hold the Federal government harmless from and <br />against all liabilities that the Federal government incurs as a result of providing <br />an IRF grant to assist directly or indirectly in site preparation or construction, <br />as well as the direct or indirect renovation or repair of any facility or site. <br />All IRF loans will include call stipulations for instances of non-compliance with <br />Federal statutory and regulatory requirements that apply to activities carried out <br />with IRF loans. <br />4. Loan Disbursement Requirements <br />0 General requirements for drawing funds <br />Invoices are generally required before loan funds are disbursed. On occasion, <br />the borrower is required to make a deposit to order equipment. In this case, a <br />joint payee check is issued to the borrower and equipment supplier, Staff <br />disburses funds based on a purchase order and/or list of equipment being <br />purchased. Receipt is confirmed at the annual field audit. <br />0 Requirements for drawing working capital loans <br />Funds may be disbursed in whole at closing upon receipt of invoices for <br />inventory purchases, or a listing of eligible receivables. Funds may also be <br />disbursed over time, based on increased sales and/or receivables, <br />0 Requirements for new construction loans <br />32 <br />