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� ,��., <br /> ��_.;;��. _ , . <br /> ,�,.::. <br /> 3 . Upon receipt of an application from the City, the <br /> Financial Institutio i <br /> n shal_ decicie whether such applicant sh�.11 <br /> be given a home mortgaqe loan under the Program. <br /> � <br /> 4 . If the Financial Institution decides that an applica- <br /> tion under the Pro ram should be a roved for a loan th� r^in�t - <br /> 9 PP , n <br /> cial Institution shall provide 70% of the money necessary to <br /> finance- the purchase, or purchase and rehabilitation, of -:he <br /> de�cribed property. The Financial Institution shall loan s�id <br /> money to the successful applican� and shall obtain a fi:�st <br />� priority mortgage on such property. <br /> 5 . If the Financial Institution approves a loan under the <br /> Program, the City shall provide 25% of the money necessary to <br /> finance the purchase, or purchase and rehabilitati�n, of �he <br /> described property. The City shall loan said money to �he s�.c- <br /> cessful applicant and shall obtain a second priority mortgage on <br /> said ro ert . � <br /> P � Y <br /> 6 . DCDF shall receive the funds from the Financial I�- <br /> stitution and the City for, and administer, that portion of s� id <br /> loans intended to be used for rehabilitation, including payment <br />' of contractors . <br /> 7 . The Finar.cial Institution shall service both abovs- <br />' described loans, including collection of monthly payments �nd <br /> other such necessary steps involved in mortgage servicing. <br /> 8 . The Financial Institution shall have complete and tot31 <br />' discretion over the approval of the loans under the Program, �nd <br /> the Financial Institution represents that it will malce <br /> ;� 100,000.00 available for such loans subject to approval as <br /> provided herein. <br /> I <br />