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� i <br /> . , <br /> AGREEMENT � <br /> I <br /> � <br /> i <br /> i <br /> This Agreement by and between the City of Decatur,Illinois, a municipal corporation, <br /> ���Cl�"��and ov 1--.���TAL /�Ati/K ���Financial Institution"�. �10 � <br /> � <br /> "Financial Institution"agrees to maintain mortgage loan offices within the city of Decatur limits. ' <br /> WHEREAS, the"City"and the"Financial Institution"wish to spur redevelopment, <br /> preserve existing housing stock and improve the physical environment within the City of Decatur <br /> by providing mortgage money to assist low-and moderate-income families in the purchase of <br /> existing homes; and <br /> WHEREAS,the"City"and the"Financial Institution"have agreed to establish and � <br /> I <br /> administer funds for the purpose of providing mortgage loan money as above described, and ' <br /> have further agreed to work together on such mortgage loan program; and <br /> WHEREAS,the"City"has received funding from the U.S.Department of Housing and I <br /> � <br /> Urban Development(HL1D)to provide a down payment assistance program for low-income li <br /> homebuyers; I <br /> NOW,THEREFORE,for and in considezation of the mutual promises and obligations � <br /> made and assumed herein,the"City"and the"Financial Institution"agree as follows: <br /> 1. The program established by the provisions of this Agreement shall be known as <br /> i <br /> the"HOME"Buyer pown Payment Assistance Program("the Program"). � <br /> 2. The"Program"shall be made available to any income-eligible applicant who is a <br /> first time homebuyer. An applicant's maximum gross annual household income may not exceed <br /> 80%of the area median,according to figures provided annually by the U.S. Department of � <br /> Housing and Urban Development. The term"first-time homebuyer"means an individual and his ;� <br /> 1 <br />