Illinois Administrative Code
Title 14 - COMMERCE
Part 640 - RURAL DIVERSIFICATION ACT PROGRAM
Subpart A - RURAL DIVERSIFICATION LOAN PROGRAM
Section 640.160 - Loan Security

Universal Citation: 14 IL Admin Code ยง 640.160

Current through Register Vol. 48, No. 12, March 22, 2024

Financial assistance shall be secured by first, second, or third mortgage positions on real or personal property, by royalty payments, by personal notes or guarantees, or by any other security satisfactory to the Department to secure repayment, if required, by the financial assistance agreement. Security for Department loans shall include but is not limited to any or all of the following:

a) First or second lien security interest in favor of the Department on all personal property of the borrower.

b) First or second position real estate mortgage in favor of the Department on real estate of the borrower.

c) Personal guarantees and/or corporate guarantees in the amount of the loan.

d) Irrevocable letter of credit.

e) First or second security interest in negotiable securities of the borrower or business principle owners.

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