(a) Applicants for Program awards shall be required to complete an application form and pay an application processing fee. Applicants may also be asked to appear before the Board of Trustees before an award decision is made. The application processing fee will be deducted from the final payment if an award is made and the borrower makes all payments as scheduled.

(b) All awards will be in the form of loans evidenced by a promissory note and, at the option of the Town, a lien on the real property being improved if there is a default. If the real property is owned by a corporation or LLC, a personal guarantee may be required. In the event of a default and pursuant to Frederick Municipal Code Section 4-12, as may be amended from time to time, the Town may certify the delinquency to the Treasurer of Weld County to be collected and paid in the same manner as taxes. (Ord. 1102 §4 (Exh. A), 2012; Ord. 1165 §1, 2014)