- (a) Applicants must have adequate and reliable income to meet their credit obligations (including the new loan payment).
- (b) The borrower shall comply with all applicable code, planning, zoning, sanitary, building, and environmental laws, ordinances, and regulations of the federal, state, and local governments.
- (c) The borrower agrees not to convey, lease, or transfer any collateral for the loan without the prior written consent of Arkansas Rehabilitation Services or the Technology Equipment Revolving Loan Fund Committee.
- (d) The borrower will pay, when due, all taxes or charges assessed against any collateral and shall provide proof of payment to Arkansas Rehabilitation Services.
(e)
- (1) Property used as collateral to secure the loan shall be insured at an amount determined adequate by the committee, and the borrower shall maintain the collateral in good condition.
- (2) The borrower will repay any advances or expenses necessary to protect the collateral or enforce the rights of Arkansas Rehabilitation Services against the borrower or the collateral.
(f)
- (1) The borrower will not materially alter or relocate collateral without the prior written approval of and notification to Arkansas Rehabilitation Services.
- (2) Notification of such will be provided to the committee.
- (g) The borrower will comply with such other covenants as the committee may impose or establish.