Sec. 09.10.06.31. Debt

Latest version.

A. The application documents shall describe any lien that encumbers 1 percent or more of the applicant's assets or 1 percent or more of the assets of a person with an ownership interest in the applicant of 25 percent or more.

B. The disclosure for each lien listed under §A of this document shall include:

(1) The name and address of the lender or secured party;

(2) The amount of the indebtedness;

(3) The terms of the lien; and

(4) A copy of each document executed with respect to the lien.

                    
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