MORTGAGE LOANS:

The maximum loan to be granted would be $200,000.00 for a period of ten (10) years subject to the availability of funds.

Loans would be granted on the following conditions:

(i) All applicants must be a member for at least one (1) year in the Credit Union

(ii) All applicants must have at least 15% of the required loan as unencumbered shares

(iii) No waivers to be allowed

(iv) Land must be freehold or long term leasehold

(v) All legal, valuation, search fees, etc. are to be borne by the member, even if the
application is unsuccessful.