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3 . Upon receipt of an application from the City, the <br /> Financial Institution shali decide whether such applicant shall <br /> be given 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 /> c,ial Institution shall provide 700 of the money necessary to <br /> finance the purchase, or purchase and rehabilitation, of the <br /> cescribed pr�perty. ihe Fi�anciai Ir�stitu�ion �hall l�an said � <br /> money to the successful applicant and shall obtain a first <br /> priority mortqage on such property. <br /> � . If the Financial Institution approves a loan under t�e <br /> Proqram, the City shall provide 25% of the money necessary to <br /> zinance the purchase, or pLrchase and rehabilitation, of the <br /> describe� property. The �ity shall loan said money to the suc- <br /> cessrul applicant and sha1Z obtain a second priority mortgage on ' <br /> said pro�erty. II <br /> 6 . DCDF shall receive the funds from the Financial In- <br /> stitution an3 the Citv for, and administer, that portion of said <br /> laans intended to be used for rehabilitazion, including payment <br /> of contractors . <br /> 7 . The Financial Institution shall service both 3bove- <br /> descr�bed ioan�, including collection uf monthl� payments and <br /> other such necessary steps involved in mortgage servicing. <br /> 8 . The Financial Institution shall have complete and totai <br /> discretion over the approval of t�e loans under the Program, and <br /> Lhe �inancial Institution represents that it will make <br /> � 500,000.00 available ror such loans subject to apgroval as <br /> arovided he�ein. <br />