S.D. Admin. R. 12:22:02:13
After the application is approved by the VAFA and the agency, and after the financial status of the applicant is reviewed, the VAFA shall execute a loan agreement with the borrower. The loan agreement shall contain the rights and responsibilities of the parties and the terms and conditions of the loan. Any requirements for loan security shall be included in the loan agreement. Loans may be secured or unsecured. Secured loans may be secured by liens on the interest of the borrower in real or personal property, tangible or intangible property, easements, rights-of-way, water rights, leasehold interest used in connection with the project, and any other assets of the borrower considered necessary by the VAFA to adequately collateralize the loan.
S.D. Admin. R. 12:22:02:13
General Authority: SDCL 1-16E-24.
Law Implemented: SDCL 1-16E-8.