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, FOUIREMENTS RELATIVE TO COLLATERAL <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 excess of <br />$5,000.00. 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 SBA. <br />MFORUTIMP •k 6 <br />Borrower will use the proceeds of this Loan solely to rehabilitate or replace. property of <br />Borrower located at 1251 Concordia Street Orono Minnesota 55391, damaged or destroyed by <br />disaster occurring in the month of ]ulv_ 1987. Borrower will apply all Loan proceeds to the <br />following specific items or areas: <br />A. <br />Approximately <br />3700.000 to repair/replace disaster damaged personal <br />property in <br />similar kind and quantity. <br />B. <br />Approximately <br />S2.800.00 to repair/repaint disaster damaged walls, ceilings, doors, <br />etc. <br />C. <br />Approximately <br />SI.500.00 to replace carpeting, pads, etc. <br />D. <br />Approximately <br />S1.000.00 to repair/replace disaster damaged landscaping. <br />E. <br />Approximately <br />_5j.,KO.j Q to fill and regrade 4isaster eroded areas. <br />F. <br />Approximately <br />S50000 for disaster clean-up and debris removal expenses incurred <br />at 1951 Concordia <br />Street Orono Minnesota 55391, <br />G. <br />Approximately <br />S3.800,00 to repair/replace other disaster damaged land <br />improvements, <br />including rctainintt <br />wall with file; <br />H. <br />Approximately <br />S400.00 to repair/replace other disaster damaged land <br />improvements, <br />including wood pier. <br />I. <br />Approximately <br />S700.00 to repair/replace other disaster damaged land <br />improvements, <br />including Stairs. <br />5. F FOUIREMENTS FOR USE OF LOAN PROCEEDS AND RECEIPTS <br />A. Borrower will obtain and itemize receipts (p..id receipts, paid invoices or cancelled <br />checks) and contracts for all Loan funds spent and retain these receipts for 3 years <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 />Kith copies of the receipts. <br />11, 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 />rm 1191 (7-84) 211&QO612 P.)ge 2 Ref 50 30 <br />