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

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HOMEBUYER PROGRAM AGREEMENT THIS HOMEBUYER PROGRAM AGREEMENT("Agreement"),made as of this day of , ,by and between [and_ ] ("Owner"),who will purchase and will reside at ("Residence"), and City of Decatur, Illinois, an Illinois unit of local government ("Sponsor"), having its principal offices at 1 Gary K. Anderson Plaza, Decatur, Illinois 62523. WITNESSETH WHEREAS, the Sponsor has applied for funds from the Illinois Housing Development Authority ("Authority"), as administrator of the HOME Investment Partnerships Program ("HOME Program"), as authorized by Title II of the National Affordable Housing Act of 1990 (P.L. 101-165) ("HOME Act"), the regulations promulgated thereunder and codified at 24 CFR, Part 92 ("Regulations"), and the Authority's rules for the HOME Program, codified at 47 Ill. Adm. Code, Part 371 ("Rules"), all as may be amended and supplemented from time to time. The Authority receives funding for this program from the Department of Housing and Urban Development, CFDA number 14.239.; and WHEREAS, the Sponsor has entered into a Grant Agreement ("Grant Agreement") with the Authority, dated as of October 15, 2005, pursuant to which the Authority has agreed to make a grant ("Grant") to the Sponsor, the proceeds of which are to be used to make forgivable loans (individually, a "Loan") to eligible property owners for the acquisition of eligible single-family residences under the Sponsor's homebuyer program("Program"); and WHEREAS, the Owner will be the owner of the fee simple title to the Residence and has applied to the Sponsor for a Loan from the Sponsor in connection with the acquisition of the Residence ("Project"); and WHEREAS, it is a condition of the making of the Loan that the Owner enter into and be bound by this Agreement. In consideration of the recitals set forth above and other good and valuable consideration, the receipt of which is hereby acknowledged,the parties agree as follows: 1. RECITALS. The foregoing recitals are made a part of this Agreement. 2. GENERAL CONDITIONS. This Agreement and the Loan shall be subject to the terms and conditions of the HOME Act, the Regulation, the Illinois Housing Development Act, 20 ILCS 3805/1 et s�., and the Rules. 3. OWNER REPRESENTATIONS AND WARRANTIES. The Owner represents and warrants to the Sponsor as follows: