Illinois Administrative Code
Title 35 - ENVIRONMENTAL PROTECTION
Part 886 - BROWNFIELDS REDEVELOPMENT LOAN PROGRAM
Subpart C - NONCOMPLIANCE WITH LOAN CONDITIONS AND PROCEDURES
Section 886.320 - Covenant Against Contingent Fees
Universal Citation: 35 IL Admin Code ยง 886.320
Current through Register Vol. 48, No. 38, September 20, 2024
a) The loan recipient must warrant, as part of the loan agreement, that no person has been employed or retained to solicit or secure a loan under this Part based upon an agreement or understanding for a commission, percentage, brokerage or contingent fee.
b) For breach or violation of this warranty, the Agency shall have the right to terminate the loan in accordance with Section 886.305 (Loan Termination by the Agency) of this Part, without liability, or to deduct from the loan award, or otherwise recover, the full amount of such commission, percentage, brokerage or contingent fee.
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