§ 1738.251 - Offer and closing.

§ 1738.251 Loan offer Offer and loan closing.

The Agency will notify the applicant Applicant of the loan or loan/grant combination offer , in writing, and the date by which the applicant Applicant must accept the offer. If the applicant Applicant accepts the terms of the loan offer, a loan or loan/grant combination contract, note, security agreement, and any other necessary documents will be executed by the Agency will be and sent to the applicantApplicant. The applicant Applicant must execute the loan contract Award documents and satisfy all conditions precedent to loan closing within the timeframe specified by the Agency. If the conditions are not met within this timeframe, the loan or loan/grant combination offer will may be terminated, unless the applicant Applicant requests , and the Agency approves, an extension. The Agency may approve such a request if the applicant Applicant has diligently sought to meet the conditions required for loan closing and has been unable to do so for reasons outside its control.