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I. CITY'S OBLIGATIONS <br />A. CITY agrees to refer to BANK, by correspondence, <br />applicants for Rehab Loans. CITY will furnish the following <br />documents for each such applicant: <br />1. Certificate of eligibility from CITY indicating <br />the Borrrower`s subsidised interest rate desired by CITY. <br />2. Loan application on a form provided by BANK <br />and other supporting documents required by BANK including <br />authorization from Borrower to permit BANK and CITY to <br />exchange information regarding Borrower's application. <br />3. Statement of the rehabilitation work to be <br />done, together with an itemized breakdown of the cost of <br />materials, supplies, services and labor necessary to complete <br />the work. <br />B. With respect to Rehab Loans which are approved as <br />provided below, CITY shall pay to BANK an interest reduction <br />payment concurrent with the making of Rehab Loans by BANK to <br />the Borrower. The interest reduction payment shall be in an <br />amount computed in accordance with the example set forth in <br />"Exhibit A" using rates currently quoted for individual <br />Rehab Loans. <br />C. With respect to Rehab -Loans which are approved as <br />provided below, CITY will advise BANK when it may advance <br />loan proceeds. <br />D. CITY may make deferred loans as set forth in <br />Paragraph III hereinbelow in those circumstances when CITY <br />determines such loans are desirable to carry out the Program. <br />II. BANK'S OBLIGATIONS <br />BANK agrees to make loans to approved applicants, <br />subject to the following terms and conditions: <br />A. Loan Prcc"ossing <br />BANK shall process the applications referred to <br />BANK by CITY pursuant to Paragraph IA above. BANK shall <br />make a credit evaluation of each applicant in accordance <br />-2- <br />