Sec. 05.04.11.13. Loan Closing Procedures—All Loans

A. The sponsor shall furnish or cause to be furnished to the Administration and the Office of the Attorney General satisfactory evidence of compliance with the terms and conditions of the loan before closing of the loan.

B. The Administration shall require the sponsor to execute legal documents for closing in the form prescribed by the Administration. Only those modifications to the form documents necessitated by the business terms shall be approved for form and legal sufficiency by the Office of the Attorney General.

C. Upon approval by the Administration and the Office of the Attorney General of the loan documents and a binder for title insurance, loan closing shall be scheduled at a time and place acceptable to the sponsor and the Administration through an approved title company.