(a) Every application for financial assistance from the authority shall be in writing and shall be executed and verified both by the applicant local development corporation and by the project occupant.

(b) Every such application shall contain a statement that section 350.1 of this Part, has been read and understood by the officer executing and verifying the application on behalf of the applicant and by the project occupant or the officer or partner executing and verifying the application on its behalf.

(c) Every payment made, or agreed to be made to the applicant local development corporation or to any officer, director or authorized representative thereof by a project occupant or any person, firm or corporation affiliated with the project occupant, in connection with an application for financial assistance from the authority, shall be described in such application in such detail as may be possible at the time of execution of the application. At or prior to the closing of every loan the authority shall require proof of all facts relating to such payment or agreement.