Laserfiche WebLink
<br />, <br />I <br />\ <br /> <br />( <br /> <br />I <br />! <br /> <br />2. EXECUTION AND DELIVERY OF HOMEBUYER AGREEMENTS. Upon a <br />determination by the City that a proposed Eligible Borrower is <br />eligible for the Program, the Consortium hereby authorizes and <br />directs the City, on behalf of the Consortium, to execute and <br />deliver a Homebuyer Agreement with respect to such Eligible <br />Borrower. <br /> <br />The City shall not execute and deliver on behalf of the <br />Consortium any Homebuyer Agreement if the maximum amount of HOME <br />Funds available under such Homebuyer Agreement, plus (a) the <br />aggregate of the maximum amounts of undisbursed HOME Funds <br />available at such time under all other existing Homebuyer <br />Agreements and (b) the aggregate of all amounts of HOME Funds <br />previously disbursed by the Lead Entity, exceeds the Committed <br />Amount of HOME Funds. <br /> <br />3. DISBURSEMENT OF HOME FUNDS. <br /> <br />A. Disbursements for the payment of Eligible <br />Acquisition Costs (sometimes referred to herein as "Eligible <br />Costs") and shall be made jointly payable to the Eligible Borrower <br />and the title company with respect to Eligible Acquisition Costs. <br />Such disbursement shall be made as described in each Homebuyer <br />Agreement and in the HOME Program regulations shall be made by the <br />Lead Entity to the City for the benefit of the applicable Eligible <br />Borrower against (i) the budget approved under this Agreement, a <br />copy of which is attached hereto as Exhibit C and made a part <br />hereof (the "Approved Budget") and (ii) the budget approved under <br />the applicable Homebuyer Agreement. To assist the Lead Entity in <br />the determining compliance with item (ii) of the immediately <br />preceding sentence, the City shall send a copy of each Homebuyer <br />Agreement to the Lead Entity immediately after such Agreement has <br />been fully executed and delivered. The Lead Entity has no <br />obligation hereunder to disburse HOME Funds to the City for the <br />benefit of an Eligible Borrower unless the Lead Entity has received <br />a copy of such Eligible Borrower's fully executed Homebuyer <br />Agreement. Only one disbursement will be made by the Lead Entity <br />to the City for Eligible Costs to be incurred by each Eligible <br />Borrower in accordance with the provisions of such Eligible <br />Borrower's Homebuyer Agreement. In addition to the documentation <br />evidencing an Eligible Borrower's Eligible Costs to be paid <br />pursuant to a disbursement request in connection with a Project <br />pursuant to such Eligible Borrower's Homebuyer Agreement, the City <br />shall provide, or cause to be provided by an Eligible Borrower, to <br />the Lead Entity and as part of such disbursement request other <br />additional documentation as requested of the Eligible Costs to be <br />incurred by an Eligible Borrower. All disbursements pursuant to <br />this Agreement are subject to the submission at the time that such <br />disbursement is requested, of written documentation evidencing <br />satisfaction of the Match Requirements set forth in <br />Section 6.D.iv.b. of the Homebuyer Agreement. <br /> <br />-3- <br />