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

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downpayment reflect no need for HOME downpayment assistance, the homebuyer is ineligible to participate in a Homebuyer Program receiving funds from the HOME Program. 8. Effective Date. The Effective Date shall occur at such time as the Sponsor has satisfied all of the requirements set forth in this Letter and the Grant Agreement, as determined in the Authority's sole discretion (the "Effective Date"). Unless otherwise agreed in writing by the parties,the Effective Date shall be no later than October 15, 2005 (the "Outside Effective Date"). SPONSOR ACKNOWLEDGES THAT TIME IS OF THE ESSENCE WITH RESPECT TO THE OUTSIDE EFFECTIVE DATE AND THAT IN NO EVENT SHALL THE AUTHORITY BE UNDER ANY OBLIGATION TO EXTEND THE OUTSIDE EFFECTNE DATE. 9. Grant Documents. Prior to the Effective Date, the Sponsor shall deliver to the Authority three (3) original copies of the Grant Agreement, executed by the Sponsor where indicated, in form and substance satisfactory to the Authority, and such other documents as the Authority or its counsel may require pursuant to the Grant Agreement, or otherwise, in its sole discretion. This Letter, the Grant Agreement and such other documents are hereinafter collectively referred to as the "Grant Documents". 10. Other Showin�s. Not less than ten (10) business days prior to the Effective Date, the Sponsor shall, at its sole cost and expense, deliver to the Authority the following documents, in form and substance satisfactory to the Authority: (a) Copies of the following corporate documentation: 1. Resolution or ordinance of the Sponsor, certified by the clerk or other authorized municipal official acceptable to the Authority, dated not more than thirty (30) days prior to the Effective Date, authorizing the transactions contemplated by this Letter; 2. Certificate of Incumbency of the Sponsor indicating those officers and/or officials who are authorized to execute and deliver the applicable documents required by Paragraphs C.9 hereof, with specimen signatures of those officers and/or officials, certified by an authorized officer or official of the Sponsor, as of a date within thirty (30) days prior to the Effective Date; (b) Participant Selection Plan; and (c) Any and all other documents and showings requested by the Authority or its counsel, in their sole discretion. 11. Program Schedule. The Sponsor has agreed to the Program Schedule attached hereto as Eachibit A and acknowledges that (i)time is of the essence with respect to the deadlines set forth therein and (ii) failure by the Sponsor to achieve such deadlines may result in the loss of or reduction in Grant proceeds. 5