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<br />( <br /> <br />( <br /> <br />( <br /> <br />acquisition by an Eligible Borrower pursuant to such Homebuyer <br />Agreement hereinafter referred to as the "Project"); and <br /> <br />WHEREAS, pursuant to the Consortium Agreement, the Consortium <br />Review Board has approved the Program and determined that an amount <br />not to exceed the Committed Amount of HOME Funds be used for the <br />Program upon the terms and conditions set forth in the Homebuyer <br />Agreement ("Committed Amount of HOME Funds" means (i) with respect <br />to Fiscal Year 1994 HOME Funds, $210,000 and (ii) with respect to <br />any subsequent Fiscal Year (as defined in the Participating Bank <br />Agreement as hereinafter defined) the amount of HOME Funds approved <br />for the Program by the Consortium Review Board, notice of which <br />shall be given in writing to the Participating Bank by the City; <br />and <br /> <br />WHEREAS, the Consortium and the City have determined it to be <br />in their best interest to have the City act on behalf of the <br />Consortium with respect to (i) the determination of eligibility of <br />an Eligible Borrower and (ii) the execution and delivery of the <br />Homebuyer Agreement; and <br /> <br />WHEREAS, the Council of the City has authorized the City to <br />enter into this Agreement by Ordinance No. -95 adopted on March, <br />1995; and <br /> <br />WHEREAS, the Lead Entity, on behalf of the Consortium, has <br />authorized the execution of this Agreement by a resolution adopted <br />on , 1995. <br /> <br />NOW, THEREFORE, the parties hereto for good and valuable <br />consideration, the receipt of which is hereby acknowledged by the <br />parties hereto, do mutually agree as follows: <br /> <br />1. SCOPE OF SERVICES. The City hereby agrees, (i) to <br />utilize the Committed Amount of HOME Funds for the purpose of <br />implementing the Program as described in the Program Description <br />attached hereto as Exhibit B and made a part hereof, (ii) to <br />determine the eligibility of an Eligible Borrower to participate in <br />the Program in accordance with the provisions of the Participating <br />Bank Agreement, dated ,1995, between the City and <br />, as the Participating Bank thereunder (the <br />"Participating Bank Agreement") a form of which is attached hereto <br />as Exhibit C and made a part hereof, (iii) to execute a Homebuyer <br />Agreement with each Eligible Borrower on behalf of the Consortium <br />and (iv) to perform its obligations under the Participating Bank <br />Agreement and each Homebuyer Agreement. <br /> <br />The Lead Entity hereby agrees to disburse the Committed <br />Amount of HOME Funds upon satisfaction of the provisions, or <br />portions thereof related to the applicable Consortium HOME Loan (as <br />defined in the "Homebuyer Agreement") . <br /> <br />-2- <br />