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! • <br /> 1 � <br /> 3 . Upon receipt of an application from the City, the <br /> Financial Institution shall decide whether such applicant shall <br /> be given a home mortgage loan under the Program. <br /> 4 . If the Financial Institution decides that an applica- <br /> cation under the Program should be approved for a loan, the <br /> Financial Institution shall provide 70g of the money necessary to <br /> finance the purchase, or purchase and rehabilitation, of the <br /> described property. The Financial Institution shall loan said <br /> money to the successful applicant and shall obtain a first ' <br /> priority mortgage on such property. <br /> 5 . If the Financial Institution approves a loan under the <br /> Program, the City shall provide 25g of the money necessary to <br /> finance the purchase, or purchase and rehabilitation, of the <br /> described property. The City shall loan said money to the suc- <br /> cessful applicant and shall obtain a second priority mortgage on <br /> said property. <br /> 6 . DCDF shall receive the funds from the Financial In- <br /> stitution and the City for, and administer, that portion of said <br /> loans intended to be used for rehabilitation, including payment <br /> of contractors. <br /> 7 . The Financial Institution shall service both above <br /> described loans, including collection of monthly payments and <br /> other such necessary steps involved in mortgage servicing. <br /> 8 . The Financial Institution shall have complete and total <br /> discretion over the approval of the loans under the Program, and <br /> the Financial Institution represents that it will make funding <br /> available for such loans subject to approval as provided herein. <br /> t <br />