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

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12. Sponsor's Eli�ible Fees. The Sponsor may retain, as Project Delivery Costs (as defined by the Authority), up to fifteen percent (15%) of the HOME Program funds expended for Hard Costs and Soft Costs (both as defined by the Authority) budgeted for each Residence, provided that such Project Delivery Costs are documented Eligible Costs specific to such Residence. The Sponsor may also retain up to Six Thousand Five Hundred Forty and no/100 dollars ($6,540) for reimbursement of Administrative Costs (as defined by the Authority of the Homebuyer Program, provided that such Administrative Costs are Eligible Costs. The funds allocated for Administrative Costs pursuant to this section shall be allocated fifty percent (50%) in the First Year, and fifty percent(50%)in the Second Year. 13. Homebuver Counselin�. Counseling shall be provided as part of this program. All applicants receiving pre-approval letters must participate in an educational course on homeownership rior to making an offer to purchase a Residence and must obtain a certificate of completion. In addition, post-occupancy counseling from the Sponsor or an acceptable third-party provider to the Homebuyer is required. D. GENERAL PROVISIONS. 1. Assignment. This Letter is not assignable by the Sponsor, in whole or in part, without the prior written approval of the Authority's Director, Deputy Director, Assistant Director or Manager, Portfolio Administration, which may be withheld or conditioned in his or her discretion. 2. Termination. If the conditions of the making of the Grant set forth in the Grant Documents are not met on or before the Outside Effective Date, except by reason of the Authority's default under this Letter or the Grant Agreement, this Letter sha11, at the Authority's election, immediately terminate and be of no further force and effect. 3. No Personal Liabilitv. No member, officer, agent or employee of the Authority, its successors and assigns shall be liable personally concerning any matters arising out of or in connection with the undertakings or obligations set forth in this Letter. 4. Time for Acceptance. The terms and conditions of this Letter shall not become effective unless the Sponsor accepts it by executing three (3) copies of this Letter where indicated, and three (3) copies of the Contract Certifications, the TIN Disclosure, the Books and Records Certification and the Drug Free Workplace Certification attached to this Letter as Exhibits B, C,D and E, respectively, in the space provided for signature thereon, and returning two (2) original copies to Vanessa R. Hill, c/o the Illinois Housing Development Authority, 401 North Michigan Ave., Suite 900, Chicago, Illinois 60611, within sufficient time so that such originals are received on or before September l, 2005. 5. Publici . The Authority reserves the right to publicize the issuance of this Letter and the making of the Grant. The Sponsor shall notify the Authority immediately of any formal publicity in connection with the Homebuyer Program that is arranged or promoted by the Sponsor or any other party participating in the Homebuyer Program. Formal publicity includes, but is not limited to, participation in news conferences and media events such as ground breaking and 6