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3 <br />24. Underwriting: Applicants will be evaluated on a first-come first-served basis and will be <br />offered loan terms that are most favorable based on the applicant’s unique situation. In <br />addition to CEE’s standard underwriting criteria, applicants must: <br />• Not have any payments more than 60-days late in the past 12 months; <br />• No Bankruptcy in the past 18 Months (without reasonable explanation) <br />• Be current on all mortgage payments <br />• Be current on all real estate taxes <br /> <br />25. Disbursement of Funds: Funds are held by CEE in a non-interest bearing account and <br />payment is made to the contractor (or owner in sweat equity situations) upon completion <br />of work. An inspection will be performed by the City and/or CEE to verify satisfactory <br />completion of the work. The following items (and any additional as determined by CEE) <br />must be received prior to final disbursement of funds: <br />1. Final invoice from contractor (or materials list from supplier) <br />2. Final inspection verification by CEE (if necessary) <br />3. Completion certificate(s) signed by borrower and contractor <br />4. Lien waiver for entire cost of work and <br />5. Evidence of required city permit, where applicable <br /> <br /> <br /> <br /> <br /> <br />MMB: 4826-4898-5385, v. 1