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,, <br /> J � <br /> 3 . Upon receipt of an application from the Cit the I�' <br /> Y, <br /> Financial Institut:on s�all. decide whether such applicant shall ', <br /> be given a home mortgage loan under the Proqram. <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 /> ciai Institution sha11 provide 700 of the money necessary to <br /> f:.nance the purchase, or purchase and rehabilitati�n, of the <br /> cescribed property. Th� Financial Inst�tution shall ioan said <br /> money to the successful applicant and sha�l ob�ain a iirst <br /> priority mortgage on such property. <br /> 5 . If � the Financial Institutian approves a loan uader the <br /> Proqram, the City shall provide 25% of the money necessary to <br /> �inance zhe purchase, or purchase and rehabilitation; of the <br /> �escr�bed property. The City shall loan said money to ihe suc- <br /> cessful apgl�cant and shall obtain a second priori�y mortgage cn <br /> saiC vropert�. <br /> 6 . DCDF shall receive the funds from the Financial In- <br /> stitution and the City for, and administer, that portion of said <br /> Ioans intended to be used for rehabilitation, includir.g paymznt <br /> or contrac�ors . <br /> 7 . The Financial Institution shall servzce both above- <br /> descr=�zd Zoans, iZcluding collection of mo�thly payments and <br /> other such necessary steps invclved in mortgage servicing. <br /> 2 . T�e r^inancial Institution shall have complete a�d totai <br /> discretion over the approval of the loans under th� Program, and <br /> the Financial Institution represents that it �aill nake <br /> � 150,000.00 availabi� for such Zoans subject to apFroval as <br /> pr�vi3ed hereii:. <br />