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applicable,the"Term"), and(iv)be forgiven at the rate of one thirty-sixth(1/36f')of the amount of <br /> the Loan at the end of each month throughout the Term. All Loans must be for a minimum Two <br /> Thousand and No/100 Dollars ($2,000.00)each. The unforgiven, outstanding amount of each Loan <br /> shall be payable in accordance with the note and mortgage upon the earlier of(w)the sale or transfer <br /> of the Home, other than by inheritance to a co-owner of the Home or by operation of law upon the <br /> death of a joint tenant owner or to a spouse as a result of a divorce of co-owners or(x)the Home is <br /> no longer the principal residence of the Household or(y)a refinancing of the Home resulting in the <br /> Household being allowed to receive a cash payment. To the extent Loan funds are available, <br /> Households may transfer such available funds from Roof Rehabilitation to Full or Accessibility <br /> Rehabilitation if health and safety issues are discovered in the Home; however, these rehabilitation <br /> options may not be combined, and the total funding may not exceed Forty-Five Thousand and <br /> No/100 Dollars($45,000.00)per Home. <br /> 3. Closing Date. The closing of the Funds shall occur at such time (the "Closing <br /> Date")as:(a)the Sponsor has satisfied all of the requirements set forth in this Letter,as determined <br /> in IHDA's sole discretion; and (b) IHDA has issued its internal closing memo authorizing the <br /> closing of the Funds. Unless otherwise agreed in writing by the parties, the Closing Date shall be <br /> no later than March 31,2023 (the"Outside Closing Date"). If the closing of the Funds does not <br /> occur on or before the Outside Closing Date, this Letter shall terminate and shall not be <br /> extended. <br /> 4. Purpose of Funds. The Sponsor shall enter into a funding agreement (the <br /> "Funding Agreement") with IHDA setting forth the terms and conditions governing the <br /> disbursement and use of the Funds. The Funding Agreement shall contain provisions including, <br /> but not limited to,the following: <br /> a. Use of Funds. The Sponsor shall use the Funds to make Loans to <br /> Households approved by the Sponsor to participate in the Project. The proceeds of the <br /> Loans shall be used to address accessibility, health, and safety issues of the property or to <br /> mitigate roof damage and deterioration so that the property is insurable. Funds may not be <br /> used for institutional properties, but must be for independently-owned residences. <br /> b. Conditions of Loans. As set forth in Paragraph C.2,along with the other <br /> conditions provided herein, the Loans shall not exceed Forty-Five Thousand and No/100 <br /> Dollars ($45,000.00) each for Full or Accessibility Rehabilitation, or Twenty-One <br /> Thousand Five Hundred and No/100 Dollars ($21,500.00) each for Roof Rehabilitation. <br /> Each Loan shall be governed by an Owner Agreement entered into by and between the <br /> Sponsor and the Household and further evidenced by a Note and a Mortgage from the <br /> Household, each in favor of IHDA. <br /> C. Proiect Completion Date. All Loans shall be made no later than twenty- <br /> four (24) months of the Closing Date (the "Termination Date"). Any unexpended Funds <br /> as of the Termination Date shall be retained by IHDA. <br /> 5. Disbursement Date. Funds will be disbursed upon submission of payout <br /> 3 <br />