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

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r i � � t. a � ("First Year") and the actual amount of Grant proceeds available subsequent to the First Year through the second anniversary of the Effective Date ("Second Year") shall be determined by the Authority, in its sole discretion, based on the Sponsor's achievement of certain production goals and criteria established by the Authority. Prior to the end of the First Year, at least forty percent (40%) of the Grant shall have been either (i) actually expended (collectively "Expenditures"), or (ii) subject to an Unconditional Commitment to Expend (as hereinafter defined). In the event that Sponsor has made Expenditures and Unconditional Commitments to Expend for the First Year in an amount less than the First Year Funds (collectively "Allocated Expenditures") such deficiency in Allocated Expenditures compared to First Year Funds may not be carried over and may not be made available for use by the Sponsor during the Second Year. In addition, the deficiency in Allocated Expenditures compared to First Year Funds may result in a commensurate reduction in the amount of the Grant that will be available to the Sponsor in the Second Year. For purposes hereof an"Unconditional Commitment to Expend" shall mean those funds not yet actually distributed by Sponsor but are specifically identified and reserved for use in Sponsor's records for the acquisition of a Residence pursuant to a contract not subject to any contingencies entered into during the First Year but not scheduled to be closed until the Second Year. 5. EFFECTIVE DATE. The effective date of the Grant shall be such date as the Authority has executed this Agreement indicating that the Sponsor has satisfied all of the requirements set forth in this Agreement, as determined by the Authority in its sole discretion (the "Effective Date"). Unless the parties otherwise agree in writing, the Effective Date shall be no later than October 15,2005 (the "Outside Effective Date"). 6. GRANT DOCUMENTS. Prior to the Effective Date, the Sponsor shall deliver to the Authority tl�ree (3) executed copies of this Agreement and such other documents as the Authority, in its sole discretion, may require, all in form and substance acceptable to the Authority ("Grant Documents"). 7. OTHER SHOWINGS. Not less than ten (10) business days prior to the Effective Date, the Sponsor shall deliver to the Authority the following documents or showings, in form and substance satisfactory to the Authority: 3