R2005-112 AUTHORIZING THE PARTICIPATION IN THE ILLINOIS HOUSING DEVELOPMENT AUTHORITY

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� '. (e) Annual Reports. Within ninety (90) days of the end of each of Sponsor's fiscal years, Sponsor shall furnish to the Authority, in form and substance acceptable to the Authority, an annual status report on each Loan funded with Grant proceeds, including but not limited to paytnent frequency and timeliness, funds recaptured, if any, and funds ' returned to the Authority during such fiscal year. (fl Recapture Pavments. At the request of the Authority from time to time, but in no event later than five (5)days after any Recapture Event,the Sponsor shall account � for all amounts recaptured by the Sponsor pursuant to the Recapture Agreement and shall , remit such funds to the Authority within five(5)business days of receipt by the Sponsor. I 13. DEFAULT. A violation of any of the provisions of this Agreement by the Sponsor I shall be an "Event of Default" hereunder. The Authority shall give written notice of an Event of Default to the Sponsar as provided in Paragraph 17 hereof. If(i)the Event of Default is not cured to the satisfaction of the Authority within thirty (30) days after the date such notice is given, or witkin such further time as the Authority in its sole discretion pernuts (but if such violation is of a nature that it cannot be cured within such thirty (30) day period, then so long as the Sponsor commences to cure within such thirty (30) day period and diligently pursues such cure to completion within a reasonable period not to exceed one hundred twenty (120) days from the date of such notice, it shall not be considered an Event of Default), or (ii) if there exists any Default under any Homebuyer Program Agreement or any Loan Document (as defined in the Homebuyer Program Agreement), then the Authority may declare a default ("Default") under this Agreement, effective on the date of declaration of Default and notice thereof to the Sponsor, and upon such Default the Authority may: (a) Terminate this Agreement, recover any unexpended proceeds of the Grant and recover as damages any amounts that the Authority may be required to return to HUD pursuant to the HOME Program as a consequence of the breach of this Agreement; (b) Apply to any court, State or Federal, for an injunction against any Default, or for such other relief as may be appropriate. The Sponsor acknowledges and agrees that, because the injury to the Authority arising from a Default would be irreparable and the amount of damages would be difficult to ascertain, the Authority's remedies at law, in the event of a violation of this Agreement,would be inadequate to assure the Authority's public purpose under the Act and the HOME Act; and (c) Exercise such other rights ar remedies as may be available to the Authority hereunder, at law or in equity. The Authority's remedies are cumulative, and the exercise of one remedy shall not be deemed an election of remedies, nor foreclose the exercise of any other remedy by the Authority. No waiver of any Event of Default of this Agreement by the Authority shall be deemed to be a waiver of any other Event of Default or a subsequent Event of Default. If the Authority fails to exercise, or delays in exercising, any right under this Agreement, such failure or delay shall not be deemed a waiver of such right or any other right. 12