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. , . <br /> 3 . Upon receipt of an application from the City, the <br /> rinancial Institution shall deci3e whether such applicant shall <br /> be given a home mortgage l�an under the Program. <br /> ,. <br /> 4 . If , the Financial Institution decides that an applica- <br /> tion under the Program should be approved for a Ioan; the Finan- <br /> cial Institution shall provide 70% of the money necessary ta <br /> finance the purchase, or purchase and rehabilitation. of the <br /> �escribed property. The Einancial Institution shall loan said <br /> money to the successtul applicant and shali obcain a first <br /> �riority mortqaqe on such property. <br /> 5 . If the Financial Institution approves a Ioan under �he <br /> Program, the City shall provide 250 of the money necessary to <br /> �inance 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 priariLy mortqage on <br /> said property. <br /> � . DCDF shall receive the funds from the Financial IZ- <br /> stitution and the City for, and administer, that portior. of said <br /> loans intended to be used for rehabil�tation, includinq payr.ient <br /> Or CCIItr3CLC)L'S . <br /> 7 . The Einancial Institution shall ser�,�ice both above- <br /> described loans, including collection oi month?y payments an� <br /> other such necessary steps involved in mortgage servicing. <br /> 8 . The Financial InstitLtion shall have complete and total <br /> discretion over zhe approval of .the loans under tne P.rogram, and <br /> the Financial Inszitution represents that �t will make <br /> �c <br /> ��t,"TCC�� available for such loans subject to approval as <br /> �rov�.d2d he�-ei:,. <br />