MassDevelopment may charge the following fees in connection with processing Applications and administering Loans and Grants.

1. (1) Application Fee. MassDevelopment may charge an Applicationfee payable to MassDevelopment in an amount to be determined by MassDevelopment and set forth in the Fund Guidelines. The commitment fee shall be non-refundable, unless waived by MassDevelopment.
2. (2) Commitment Fee. MassDevelopment may require that a commitment fee in an amount to be determined by MassDevelopment and set forth in the Fund Guidelines be paid to MassDevelopment within 30 days of MassDevelopment’s issuance of a commitment letter. The commitment fee shall be non-refundable, unless waived by MassDevelopment.

3. (3) Closing Fees. The Applicant may be required to reimburse the Fund for any and all direct expenses incurred by the Fund or MassDevelopment through the actual funding of the Loan or the Grant and any required follow-up to the funding. The expenses subject to reimbursement shall include without limitation, the costs incurred in connection with:

   1. (a) appraisals;
   2. (b) market studies;
   3. (c) legal costs;
   4. (d) engineering, architectural and environmental consultant costs; and
   5. (e) any other third party costs deemed necessary or appropriate by MassDevelopment. This reimbursement of expenses shall constitute the closing fees and shall be due no later than the

date on which the Loan or Grant is funded. If, for any reason, an Eligible Project is cancelled, terminated, or otherwise suspended before the closing date, MassDevelopment may require that the Applicant reimburse the Fund or MassDevelopment any and all expenses incurred by the Fund or MassDevelopment to that date.

1. (4) Administration Fees. MassDevelopment may charge and collect fees for expenses incurred in administering a Loan or Grant in an amount to be determined by MassDevelopment and set forth in the Fund Guidelines. These fees may include, but are not limited to:

   1. (a) fees for processing partial releases of mortgages;
   2. (b) fees for the late payment of principal and interest or other obligations; and
   3. (c) fees to defray MassDevelopment’s costs in administering requirements contained in the transaction documents.