2. Obligations. The municipality or local development corporation receiving money under this section must:

A. Own, or hold on long-term lease, the site for the project;

B. Be responsible for and present evidence to the authority of its ability to carry out the project as planned;

C. Site and maintain the community speculative industrial building on property that is appropriate to the size and location of the community speculative industrial building;

D. Provide and maintain, with funds other than those provided by the authority, an adequate access road from a public highway to the proposed site and provide and maintain water, sewer and power facilities. The municipality or local development corporation must be responsible for plowing out the plant site at all times and for landscaping the grounds surrounding the building until the building is occupied by a tenant;

E. Comply with applicable zoning, planning and sanitary regulations in the municipality where the community speculative industrial building is to be located. A loan may not be approved and a certificate of approval for the project or for any subsequent enlargement or addition to the project may not be issued until the Department of Environmental Protection has certified to the authority that all licenses required by the authority have been issued or that none are required; and

F. Make adequate provisions for insurance and fire protection and for maintenance of the community speculative industrial building while it is unoccupied.

3. Loan terms. Terms for a loan under this section are as follows.

A. The authority shall prescribe the terms and conditions of the loan.

B. Loans must be repaid in full, including interest and other charges, within 90 days after the community speculative industrial building is occupied.