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, � �. _ . <br /> � <br /> 3 . Upon receipt of an application from the City, the <br /> �inancial Institution sha�l decide whether such applicant shall <br /> be qiven a home mortgage loan under the Program. <br /> � <br /> 4 . If the Financial Institution decides that an applica- <br /> tion under the Program should be approved for a loan; the Finan- <br /> cial Institution shall provide 700 of the money necessary to <br /> finance the purchase, or purchase and rehabilitation, of the <br /> described pr�perty. The F�nancial Institution shal]. loan said <br /> money to the successful applicant and shall obtain a first <br /> priority mortqaqe on such property. <br /> 5 . If the Financia). Institution approves a loan under the <br /> Program, the City shall provide 25% of the money necessary to - <br /> �inance the purchase, or purchase and rahabi'itation, of the <br /> described property. The City shall loan said money to the suc- <br /> cessful applicant and shall obtain a sec�nd priority mortgage on <br /> said propert�1. <br /> 6 . DCDF shall receive the funds from the Financial In- <br /> stitution and the City for, and administer, that portion oi said <br /> loans intended to be used for :ehabilitazion, including pay!nent <br /> ot cont�rac�ors . <br /> 7 . The Financial Institutian shall service both zbove- <br /> described loans, includinq collection of monthly payments and <br /> ot:�er such necessary steps involved in martgage servicing. <br /> S . The Financial Institution shall have complete and total <br /> discretion over the approval of the loans under the Program, and ', <br /> the Financi 1 Institution represents t:at it will �aKe � <br /> � <br /> � 500,000.00 available for such loans subject to approval as , <br /> provided ilerein. I� <br />