The owner of the subject property shall agree in writing to all alterations to the property to be financed by the loan as a prerequisite to granting a loan to any arts organization which is a tenant in the subject property. A copy of the arts organization's lease shall also be filed with the Director.
Every loan made under this Chapter shall be fully secured. The Director shall evaluate the types of security offered by each loan applicant and shall give preference to those types and amounts of security that in his or her opinion will provide the greatest protection for the City's funds. Further, the Director shall determine that the liquidation value of any security equals or exceeds the full value of the loan and the expected costs of proceeding on such security and obtaining the proceeds of any collateral. Those types of security shall include, but are not limited to:
(a) A deed of trust on the subject property, naming the City and County as beneficiary;
(b) The guarantee of the owner of the subject property, in cases where the arts organization is the tenant of the property to be improved;
(c) The independent, joint and several, collateral guarantee of the Board of Directors of an arts organization;
(d) A chattel mortgage or financing statement on equipment or other personal property owned by the arts organization.
(Added by Ord. 69-84, App. 2/15/84; amended by Ord. 160-91, App. 4/25/91)
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