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

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, I 2. the availability of monies for the Homebuyer Program in, and the Authority's , receipt for the Homebuyer Program of funds from, the United States Department of Housing and Urban Development("HUD"); 3. evidence satisfactory to the Authority of each Homebuyer's commitment to provide not less than One Thousand and no/100 Dollazs ($1,000) toward the purchase of the applicable Residence plus an amount equal to closing costs associated with the acquisition of the Residence not paid for through the Homebuyer Program; 4. evidence satisfactory to the Authority of a commitment or commitments from one or more local financial institutions to provide first mortgage loans to the Homebuyers in the aggregate amount of approximately Eight Hundred Seven Thousand Six Hundred and No/100 Dollars($807,600); and 5. the Sponsor's fulfillment of each and every term and condition set forth in this Letter to the Authority's sole satisfaction, including, without limitation, closing of the transaction contemplated hereunder on or before the Outside Effective Date(as hereinafter defined). Notwithstanding the foregoing, the Authority's performance shall at all times remain contingent upon its determination, in its sole discretion that on each date upon which funds from the Grant are to be disbursed to a Homebuyer in connection with the purchase of a Residence the funds received from all sources listed above, plus any additional funds committed for the Residence,will be sufficient to pay for the acquisition of the Residence. B. GENERAL CONDITIONS: This Letter 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. Sponsor shall cooperate with the Authority at all times with respect to the implementation and enforcement of the terms and conditions of the HOME Act, the Regulations, the Act and the Rules. Proceeds of the Grant shall be used only for such purposes as may be specifically approved in advance by the Authority for each disbursement thereof, subject in all events to the limitations set forth in the HOME Act, the Regulations, the Act and the Rules. In addition, the Sponsor shall review and become familiar with the HOME Program requirements set forth in the Authority's HOME Homebuyer Program Implementation Manual (as amended and implemented from time to time, the "Program Manual"). The Program Manual shall be incorporated into this Letter by this reference. C. TERMS AND CONDITIONS OF THE GRANT. The Grant shall be subject to the following terms and conditions: 1. Amount of Grant. The Grant shall not exceed One Hundred Thirty-Seven Thousand Three Hundred Forty and No/100 Dollars($137,340). 2. Grant Agreement. Sponsor shall enter into a Grant Agreement ("Grant Agreement") with the Authority, setting forth the terms and conditions governing the disbursement and use of the proceeds of the Grant. The Grant Agreement shall contain provisions that may include,but are not limited to,the following: 2