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<br />í <br /> <br />( <br /> <br />Consortium HOME Loan and executed by an Eligible Borrower shall be written in the name of <br />the Consortium, and the Participating Bank shall have no right, title or interest therein. <br /> <br />B) The Participating Bank shall service, or cause to be serviced, all First <br />Mortgage Loans to Eligible Borrowers, in accordance with its standard servicing guidelines, as <br />the same may be amended from time to time by the Participating Bank in its sole discretion. <br />The Consortium shall service, or cause to be serviced, all Consortium HOME Loans in <br />accordance with guidelines that it approves from time to time. <br /> <br />SECTION 7. REPRESENTATIONS. WARRANTIES AND COVENANTS OF THE <br /> <br />CITY <br /> <br />The City hereby represents, warrants and covenants to the Participating Bank as <br /> <br />follows: <br /> <br />A) The City is duly organized and validly existing as a municipal corporation <br />under the laws of the State of Ohio and has the power to perform each and every obligation <br />contained herein. <br /> <br />B) The City is a participant in the Cuyahoga Housing Consortium for the <br />purpose of Hup's HOME Program and the Consortium's fiscal year 1994 allocation, and it is <br />not under temporary or permanent suspension or disbarment from participation in said Program <br />and will remain so throughout the term of this Agreement. <br /> <br />C) This Agreement represents a valid and binding obligation of the City, <br />enforceable according to its terms, except as the same may be subject to or limited by <br />bankruptcy, insolvency, reorganization, arrangement, moratorium or other similar laws relating <br />to or affecting the rights of creditors or by general principles of equity, including, without <br />limitation, concepts of materiality, reasonableness, good faith and fair dealing, and the possible <br />unavailability of specific performance or injunctive relief, regardless of whether considered in <br />a proceeding in equity or at law, and the making and performance of which has been duly <br />authorized by all necessary governmental, corporate and other action, including but not limited <br />to, action of the City and HUD, and will not constitute a violation of any law, any requirement <br />imposed by a judicial, arbitral body or governmental entity or instrumentality, or the Charter <br />of the City. . <br /> <br />D) The City shall perform each and every act or thing necessary or desirable <br />in order to secure the disbursement of the Committed Amount of HOME Funds by the Lead <br />Entity and by the Participating Bank, in each case for the benefit of the applicable Eligible <br />Borrower, in accordance with the provisions of, and during the term of, this Agreement and the <br />applicable Homebuyer Agreement. <br /> <br />7 <br />