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NOW THEREFORE, THE PARTIES HERETO AGREE AS FOLLOWS: 5 <br /> I. Commitment of Resources <br /> A. The Lender agrees to allocate $ 50,000.00 dollars in loan funds for low and <br /> moderate resident owner housing rehabilitation loans as shall be submitted by <br /> CHIP. These loans are to be made with preferential terms - interest rate not to <br /> exceed 10% and only out of pocket loan fees shall be charged. <br /> B. The City agrees to allocate such funds as shall be available for loans from <br /> Community Development Block Grant funds, HOME funds, CHIP loan <br /> repayments, and interest earned on deposited CHIP funds for low and <br /> moderate income resident benefit through loans and technical assistance. <br /> The City agrees to take a junior lien position to the Lender when both are <br /> lending on a CHIP rehabilitation project. <br /> C. The Lender agrees to assist in the promotion of the CHIP program through <br /> means such as provision of lobby space for CHIP displays and verbal <br /> recommendation to unsuccessful loan applicants who might qualify for the <br /> program. <br /> Loan Applications.. <br /> A. The Lender agrees to review and consider loan applications referred to the <br /> Lender by CHIP, to act on such loan applications within ten (10) days of <br /> receipt, and to notify the City Housing Finance Advisor of its action and the <br /> reasons therefore within twelve (12) days of receipt. <br /> B. The City agrees to provide CHIP loan applicants seeking Guaranteed Loans <br /> with a list of the participating lenders so that they may determine the lender <br /> of their choice. Should they express no preference, the City will recommend <br /> lenders on a rotation basis in an effort to generate more equal lender <br /> participation. <br /> C. CHIP client loan applications submitted to the Lender by the City shall <br /> include or be accompanied by, to the extent feasible, the following: <br /> 1. The borrower/applicant(s) name(s), address, telephone number, and <br /> the address and legal description of the property; <br /> 2. Limited Title Policy or Title Report; <br /> 3. Borrower/applicant(s) income and sources of incomes, major debts, <br /> and monthly payments; <br /> 4. Credit report; <br /> 2 <br /> 45 <br />