R2011-07 AUTHORIZING AN AGREEMENT FEDERAL HOME LOAN BANK OF CHICAGO AND BUSEY BANK

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�fuA�PvA�llJ��IPYBJ Iu�LJ�L11�I Ily�V�ti�1` �AP&.�l.Y<��V �,�+�+��1l�.F��E Ht�3U�TtT�1��'��'�I�� A��E�l��1�I7C The Fecleral Home Loan Lanlc oi Chicago ("Bank"); the Member(1s defined in Annen ti hereto) and the Project Sl�onsor(1s deF�ined in �`.nnex A herefo) enter into this Affordable IIousinb Probram A�reeinent("Abreement") as of tl�e Lffective Date (as defined in la.nnex A hereto), which sets forth the respective duties and obligations of the Baulc,the lVleil�ber and the Pi•oject Sponsor��ith regard to the approval ancl funding of the Project (as defined ii1 Aune�A hereto)by the Banlc. This Agreemeni shall be bindi»g upon the parties hereto and upou any successor in interest to such parties. �e��a� llo The Member and the Pi•ojecti Sponsor sh�lll be bound by the terms and conclitions gover�iing the approval ai7d fundii�g of the AffordaUle Housing Program Application ("Application"), including any and all representations ulade in ihe Apl�lication. The Pz'oject Name and Project Nlunber are listed on Amlex A hereto. �ec�ioa�2. All parties agree to be bound by(a)the Affordable Housing Prob�am ("AI�'") regulations of the Federal Housing I'inance Agency("FHFA") (cut•rently 12 C.F.R. Part 1291) as may be in effect fi-om time to time, or the regulations in effect from time to time of any successor in interest to the FHFA("Regulations") and(b) the AHI' guidelines and requirements of the Bank or any successor in interest to the Banlc as may be in effect from . e made to the Pro'ect's s�ecifications, time to time. Member and Project Sponsoi agree that no modifications will b J 1 as set foi-�h in the Application, without the prior written approval of the Banlc. To the extent the Regulations are inconsistent with any term or provision of this Agreement,the Regulations shall govei7l the conduct and obligations of the parties. 5ection 3. The use of the subsidy is set forth in the approved Application. I�Z order to ensure that the approved level of subsidy from the Bai�ic is still warranted at the actual fiulding date(s), in conformity with the requirements of the Regulations, the Bai�lc will reevaluate the subsidy level aud will only fiuid that portion of fhe suUsidy deemed necessaiy Uy the Bai�lc to fund the Pi•oject. In such reevahiation,the Banlc will verify that the Project meets the eligibility requirements of� 1291.5(c)of the Regulations and all obligations coirunitted to by the Member and the Project Sponsor in the Application. Sectiou 4. Before fimding,flie Banlc shall determine whether the Project is developmentally ai�d operationally feasible, in accordatice with the Banlc's project feasiUility guidelines as set forth in the Banlc's AHI' Lnplementatioi� Plau("I�nplementation Plan"). Sectiou 5. The Member shall pass through the full amount of the suUsidy to the Project for which the suUsidy was approved. Sectiou 6. The Member shall use the subsidy in accordance with the terms of the Apl�lication,the requirements of the Regulations and the Banlc's policies and procedures. 5eetion 7. The Project Sponsor agrees to use the subsidy in accordance with the terms of the Elpplication,the requirements of tl�e Re�ulations, and ihe Banlc's policies aud pi•ocedures. �ection �. Some or all of the subsidy must Ue lil<ely to be dra��,�n do��i1 by tlie Project or used by the Project to procure other�nancii�g conuilitmeilts«�ithin 12 mozrths of the date of the approval of the Application. SeEtiob� 90 The Member shall repay to the Banl:that portion of the subsid}�, including interest as determined in the Banlc's discretion, if appropriate,thai as a result of the Member's actions or omissions, is not used in compliance with the te�-ins of the fipplication or tl�e requirements of the P�e�ulations, uiiless such noncompliauce is cured by�he Member«�ithin a reasonable period oi time as determined b}�the Banl:or tlie circumstances of such noncompliance are eliminated thi�ou�vh a modif�cation of the Applicatiion; pursuant to the Re�ulations. Porm No. 200-0�2(12/2010) "yE3�