| (a) Each eligible borrower shall provide all information as requested by the lender and the Authority may request copies of any and all information provided to the lender. (b) Each lender shall report in writing to the Authority as follows: (1) notification if the loan is either adversely classified or the lender has placed a reserve amount to cover any potential loss due to the loan; (2) quarterly monitoring reports indicating loan balance, repayment status, and any credit changes reported to the commercial lender as indicated on the prescribed form to be supplied by the Authority; (3) notification to the Authority of the payment of all personal or real property taxes; and (4) notification in the event of any breaches or defaults in the terms, conditions, or covenants of the note, loan agreement, or other loan documents. (c) If necessary, the Authority may request other reports or documentation reasonably necessary for an assessment of the borrower's compliance with the program. |
