(1) Each CRP loan must be evidenced by a note and approved by the board.
(2) All CRP loans must be closed within 90 days of the sale of the bonds unless otherwise authorized by the board.
(3) The borrower must submit the following documents prior to the disbursement of loan funds: a fully executed mortgage, access easement, note, fully executed subordination agreement (where applicable) , an executed successor in interest agreement signed by both the borrower and the local ASCS committee, and a mortgagee's title insurance policy, 1970 form ALTA, issued by a title company, approved by the board and accepted by the board as to form, exceptions and endorsement, in an amount not less than the CRP loan, insuring the mortgage as a valid first lien on the land described therein, subject only to encumbrances acceptable to the board.
(4) A borrower must agree to repay the CRP loan with interest in annual installments, the last of which shall be due not later than the final stated maturity of the bonds whose proceeds are used to fund such loan.
(5) If all program documents have been submitted, and are fully and accurately completed and recorded, the board shall authorize disbursement of loan funds to the borrower.