Sec. 25.4. Administrative fee

The UDC shall assess an administrative fee of up to 1.5 percent of the project loan payable by the borrower at closing. The UDC may allocate the administrative fee to cover the project-related expenses it deems appropriate. In addition, the borrower will be obligated to pay for all expenses related to the project loan, including but not limited to expenses, expenses related to appraisals, surveys, title insurance and other requirements deemed appropriate by the UDC.