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<br />( <br /> <br />í <br /> <br />SECTION 4. LEAD ENTITY RESPONSIBILITIES. The Eligible Borrower and the <br />City acknowledge that the Lead Entity will submit timely reports to HUD as may be required <br />in connection with the Program and as required under the Agency Agreement. <br /> <br />SECTION 5. CITY RESPONSIBILITIES. <br /> <br />A. The City acknowledges and agrees that: <br /> <br />i. there is and will continue to be personnel to administer the Project <br />and to adequately monitor and ensure compliance with the HOME <br />Program regulations; <br /> <br />ii. the monitoring of the Eligible Borrower's compliance with Section <br />3 and Section 6 of this Agreement is the responsibility of the City; <br /> <br />iii. the City will establish and maintain, and to the extent necessary <br />obtain from the appropriate parties, records relating to the Project <br />to document compliance with HOME Program regulations, <br />including, without limitation, the records required by 24 CFR <br />§92.508, and will retain such records through and including the <br />third year after the expiration of the Affordability Term; and <br /> <br />iv. it shall, before transfer of the ownership interest, (i) inspect the <br />dwelling unit for any violations of the City's Housing Code and <br />for any defects which pose a danger to health and safety, and (ii) <br />notify the Eligible Borrower, the owner, and the realtor, if any, of <br />the work needed to correct the violations or cure the defects and <br />the time by which same must be completed. <br /> <br />B. The City covenants to give written notification to the Eligible Borrower <br />of any noncompliance by any such party with any provision of this Agreement upon becoming <br />aware of such noncompliance, and to monitor any corrective action taken by Eligible Borrower <br />to effect compliance with such provision. <br /> <br />SECTION 6. COMPLIANCE BY THE ELIGIBLE BORROWER WITH COUNTY. <br />STATE AND FEDERAL REOillREMENTS. <br /> <br />A. The Eligible Borrower acknowledges that the Consortium HOME Loan is <br />being made available to the Eligible Borrower by the Consortium for the Project and for the <br />purpose of improving the overall quality and affordability of homeownership in the community <br />and stemming blight and that, in consideration of the receipt of Consortium HOME Loan, the <br />Eligible Borrower shall discharge the Eligible Borrower's obligations contained herein. <br /> <br />5 <br />