BOARD RESOLUTION AUTHORIZING LOAN

At a duly held meeting of the Board of Directors of ___________________________________

______________________________________________________(“the Co-op”), held on
_______________, 20___ at (location)__________________________________, at which a
quorum was present, a motion was made, seconded and carried (“unanimously” or “by a majority”
_____________________________ , as follows:

RESOLVED: That ________________________________________________ (“Borrower”) is

hereby permitted to purchase and seek a loan from Homeownership Lending, LLC (“Lender”) in
the amount of $________________ (the “Loan”), and in consideration for such Loan we agree to
provide Lender with an interest in the shares of stock and proprietary lease appurtenant to
apartment # _______ as collateral for the Loan.”
RESOLVED: the following officers are authorized to execute any and all documents on behalf of
the co-op in this matter: It is understood and agreed that these officers are signing for the co-op
and that any new or subsequent officers must honor this agreement. Further, in the event that there
is a change of officers, the Board agrees to notify Homeownership Lending, LLC in writing of this
change.”
RESOLVED FURTHER: the approval for collateralizing this debt, and the representations for
repayment made herein are done to induce Homeownership Lending, LLC to advance the above
sum, with full knowledge that it does so relying on this commitment.”

Signature Print Name & Title Date

____________________ ___________________________ __________________
Signature Print Name & Title Date
_________________ ___________________________ __________________
Signature Print Name & Title Date
_________________ ___________________________ __________________
Signature Print Name & Title Date
_________________ ___________________________ __________________

Secretary: _____________________________________________
(Corporate Seal)