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

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, � ' , , ' . the Recapture Agreement; or(iv)a Default by the Homebuyer, beyond any applicable cure period, under the Homebuyer Program Agreement or any other document evidencing or securing the Loan. In the event of such Recapture Event,the Homebuyer shall repay to the Sponsor an amount ("Repayment Amount") equal to the unforgiven portion of the Loan, as set forth below; provided that, with respect to any Recapture Event described in clause (i) above, the Loan shall be repaid only from the "Net Proceeds," if any, of such sale, conveyance or transfer, and any portion of the Repayment Amount in excess of such Net Proceeds shall be forgiven. Any amounts recaptured by the Sponsor pursuant to the Recapture Agreement shall be remitted to the Authority within five (5) business days of receipt by the Sponsor. For purposes of this subparagraph, "Net Proceeds" shall mean the proceeds of sale minus (i) documented capital improvement costs incurred by the Homebuyer, (ii) principal payments and (iii) the Homebuyer's initial contribution to the cost of acquiring the Residence. If none of the events described in clauses (i), (ii), (iii) or (iv) above occurs prior to the expiration of the Recapture Period, or if any sale, conveyance or transfer of the Residence occurs due to a foreclosure or deed in lieu of foreclosure as aforesaid, the Loan shall be fargiven in its entirety. The outstanding principal balance of the Loan shall be reduced by one-sixtieth (1/60`i') of the original principal balance at the end of each full month of the Loan. (i) Proiect Set-Ups. The Sponsor shall provide the Authority with a set up for each Project in IDIS prior to the acquisition of the applicable Residence, in accordance with the Program Manual. (j) Sponsor's Eligible 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 Project, provided that such Project Delivery Costs are documented Eligible Costs specific to such Project. 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 one-half(1/2) of such amounts in the First Year, and one-half(1/2) of such amount in the Second Year. (k) Disbursement. (i) Intentionally Omitted. (ii) Amount. The Sponsor shall determine the amount of the Loan for each Homebuyer based on such Homebuyer's available funds for a down payment, anticipated income, expenses and debt service payments, as set forth in the Funding ' Notification. The amount of the Loan shall be an amount sufficient to make the Residence affordable to the Homebuyer, subject to the limitations set forth in , Paragraph 8(�. Homebuyers shall make down payments as provided on the ', Funding Notification, as approved by the Sponsor. ', 7