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<br />( <br /> <br />I <br /> <br />( <br /> <br />B. Upon approval of an Eligible Borrower by (i) the <br />City with respect to such Eligible Borrower's eligibility for the <br />Program in accordance with the provisions of the Participating Bank <br />Agreement and (ii) the Participating Bank with respect to the other <br />financing applicable to the Project, the City shall submit the <br />disbursement request with respect to such Eligible Borrower to the <br />Lead Entity in a manner and form as required under each Homebuyer <br />Agreement, such disbursement request (a "Request for Disbursement ") <br />being in the form of Exhibit D to the Homebuyer Agreement. <br /> <br />C. Subject to the other provisions of this Section 3, <br />the Lead Entity shall disburse HOME Funds to the City for the <br />benefit of the Eligible Borrower in accordance with the provisions <br />of the Participating Bank Agreement, in an amount equal to the <br />amount being requested upon submission of a completed Request for <br />Disbursement signed by the Eligible Borrower and by the City <br />evidencing proof of Eligible Costs in accordance with such Eligible <br />Borrower's Homebuyer Agreement. <br /> <br />4. LEAD ENTITY RESPONSIBILITIES. The Lead Entity will <br />submit timely reports to BUD as may be required with respect to the <br />Program and each Project thereunder. <br /> <br />5. CITY RESPONSIBILITIES. <br /> <br />A. The City acknowledges and agrees that: <br /> <br />i. there is and will continue to be personnel to <br />administer the Program and to adequately <br />monitor and ensure compliance with the HOME <br />Program regulations; <br /> <br />ii. the monitoring of the Eligible Borrower's <br />compliance with the provisions of e'ach <br />Homebuyer Agreement is the responsibility of <br />the City; <br /> <br />iii. with respect to each Project the City will <br />establish and maintain, and to the extent <br />necessary obtain from the appropriate parties, <br />records relating to each Project to document <br />compliance with HOME Program regulations, <br />including, without limitation, the records <br />required by 24 CFR §92.508, from the beginning <br />of the Project through the Affordability Term, <br />as defined in each Homebuyer Agreement, and <br />will retain such records through and including <br />the third year after the expiration of such <br />Affordability Term. <br /> <br />B. The City covenants to: <br /> <br />-4- <br />