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Page 3 of 3 Chapin Bros. Inc. <br /> August 24, 1992 <br /> Finally, this letter is to notify you regarding liability insurance. (Thank you <br /> for submitting your insurance information showing 1 ,000,000 in liability <br /> coverage. ) When a loan closes that is funded by the California Department of <br /> Commerce, they require you to have liability insurance for at least $500,000. <br /> The policy must name the Department of Commerce as a Co-Insured and Loss Payee <br /> with the name, address and telephone number of the agent visible. Fire insurance <br /> needs to be at least the amount of the loan. <br /> For your information, once I receive all your information, I should have your <br /> request analyzed and to the state within a week to ten days. After the Office <br /> of Small Business receives the request, it can take up to 2 months for approval <br /> and another month before money can be dispersed if the loan is approved. <br /> Since ely, <br /> /gat- <br /> sa A. Mort <br /> Senior Loan Officer <br /> enclosure: Schedule of Current Debt (2) <br /> Financial Statement Certification forms (3) <br />