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

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/ � t a » 1. INCORPORATION. The foregoing recitals are made a part of this Agreement. 2. CONTINGENCIES. The Authority agrees to make the Grant to the Sponsor, contingent on the following: (a) sufficient appropriation of funds for the HOME Program by the State of Illinois; (b) the availability of monies for the Program in, and the Authority's receipt of funds for the Program from, the United States Deparhnent of Housing and Urban Development("HUD"); (c) evidence satisfactory to the Authority of a commitment or commitments in the aggregate approximate amount of Eight Hundred Seven Thousand Six Hundred and No/100 Dollars ($807,600) from one or more local financial institutions to provide first mortgage loans to the Homebuyers; (d) evidence satisfactory to the Authority of each Homebuyer's commitment to provide at least One Thousand Dollars ($1,000) toward the purchase of the applicable Residence ("Homebuyer Commitment"); (e) the Sponsor's satisfaction of each an every term and condition set forth in this Agreement; and (� the Authority's determination, in its sole discretion, on each date upon which funds from the Grant are to be disbursed to the Sponsar for a Project, that (i) the Grant funds to be disbursed, together with other sources of funding, will be sufficient to complete the Project and(ii) such Project is otherwise satisfactory. 3. GENERAL CONDITIONS. This Agreement and the Grant shall be subject to the terms and conditions of the HOME Act, the Regulations, the Act and the Rules, all as they may be amended and supplemented from time to time. 4. TERMS AND CONDITIONS OF THE GRANT. The Grant shall be subject to the following terms and conditions: (a) Amount. The Grant shall be in the maximum amount of One Hundred Thirty-Seven Thousand Three Hundred Forty and No/100 DOLLARS($137,340). (b) Use. The proceeds of the Grant shall be used by the Sponsor to make Loans to Homebuyers for one or more Projects under the Program, as more fully described in Paragraph 8 hereof. The proceeds of the Grant shall be expended in accordance with the Project Schedule set forth on Schedule 1 attached hereto, time being of the essence with respect to such expenditures. (c) Term and Use of Grant Proceeds. The Grant shall be available for use by the Sponsor far a period of two(2)years. The actual amount of Grant proceeds available to the Sponsor from the Effective Date through the first anniversary of the Effective Date 2