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F.OUIREMENTS RELATIVE TO CQUATERAL <br />A. Borrower will submit to SBA evidence of title to collateral and of SBA's lien position <br />and of payment of appropriate fees prior to the disbursement of Loan funds in ex,-css of <br />S5,000.00. Such evidence will be in a form satisfactory to SBA Counsel and will be at <br />Borrower's expense. <br />B. Borrower will not sell or transfer any collateral described in paragraph 2 hereof <br />without the prior written consent of "RA. <br />4. USE OF LO NN PROCEEDS <br />Borrower will use the proceeds of this Loan solely to rehabilitate or replace property of <br />Borrower located at 1951 Concordia Street. Orono. Minnesota 55391_ 13maged or destroyed by <br />disaster occurring in the month of July. 1987. Borrower will apply all Loan proceeds to the <br />following specific items or areas: <br />A. Approximately S700.00 to repair/rcplace disaster damagcd personal property in <br />similar kind and quantity. <br />B. Approximately S2.800.00 to rcpair/repaint disaster dame^d walls, ceilings, doors, <br />etc. <br />C. Approximately S1.500,00 to replace carpeting, pads, etc. <br />D. Apt, . cimately 51,C'00.00 to rcpair/replace disaster damaged landscaping. <br />E. Approximately - 5.I.500.00 to fill and regrade disaster eroded areas. <br />F. Approximately WIN for disaster clean-up and debris remova' exaenses incurred <br />at 1951 Concordia Street, Orone, Minnesota 55391. <br />G. Approximately S3.800.00 to repair/replace other disaster damaged land improvements, <br />including rctainintt wall with fill. <br />N. Approximately 4 n to rcpair/rcplace ether disaster damagcd land improvements, <br />including wood Dicr. <br />1. Approximately S700.00 to repair/replace other disaster damaged land improvements, <br />including Stairs. <br />5. REQUIREMENTS FOR USE OF LOAN EROCEEDS AND kLC_LIj <br />A. Borrower will obtain and itemize receipts (paid receipts, paid invoices or cancci'cd <br />checks) and contracts for all Loan f,.n s spent and retain these receipts for 3 yews <br />from the date of the final disbursement. Prior to each subsequent disbursement (if any, <br />and whenever requested by SBA, Borrower will submit to SBA such itemization together <br />with copies of the receipts. <br />B. Borrower will make the damaged, repaired or replacement property(ies) available to SBA <br />for inspection and verification of the use of Loan proceeds when so requested. <br />SDA Form 1191 (7-84) Q¢li Pagc 2 Rcf 50 30 <br />