Conditions precedent to issuance of Loan Note Guarantee.

CFR · 2024-01-01 · US · Title 7

The Lender must not close the loan until all conditions of the Conditional Commitment are met or can be met. When loan closing plans are established, the Lender must notify the Agency in writing. (a) Coincident with, or immediately after loan closing, the Lender must provide the following forms and documents to the Agency: (1) An executed Lender's Agreement; (2) Form RD 1980-19, “Guaranteed Loan Closing Report,” and appropriate guarantee fee; (3) Copy of the executed Promissory Note(s); (4) Copy of the executed Loan Agreement; (5) Copy of the executed settlement statement and updated source and use statement including all Project funding; (6) Original, executed Forms RD 4279-14, as appropriate; (7) Borrower's loan closing balance sheet; and (8) Any other documents required to comply with applicable law or required by the Conditional Commitment or the Agency. (b) The Lender must provide their certification to each condition specified in paragraphs (b)(1) through (16) of this section. The Lender may rely on certain written materials (including but not limited to certifications, evaluations, appraisals, financial statements and other reports) to be provided by the Borrower or other qualified third parties (including, among others, (1) If required, hazard, flood, liability, worker compensation, and life insurance are in effect. (2) All truth-in-lending and equal credit opportunity requirements have been met. (3) The loan has been properly closed, and the required security instrum

official document · source cfr-2024 · id 7:§ 4279.281