Sec. 2166.3. Execution of grant agreement

Prior to execution of the grant agreement, the grantee must submit for approval copies of any mortgages or other security instruments securing repayment of the public and/or private financing and of any mortgages or other security instruments securing repayment of the grant in the event the owner breaches his/her obligations and such other contracts as are necessary to implement the program. All such commitments and contracts shall be conditional only upon the award of a grant, except that conditions normally included in such commitments and contracts and which, in the sole opinion of the corporation, are acceptable, will be deemed to satisfy the requirements of this section.