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with BANN's procedures. BANK shall obtain an appraisal of <br />applicant's property in those cases when BANK deems an <br />appraisal to be necessary. BANK shall advise the applicant <br />and CITY if the loan application is approved or disapproved. <br />If the loan is not approved in the requested amount, BANK <br />shall endeavor to approve the loan for a lesser amount when <br />possible and shall inform CITY of the approved loan amount <br />provided prior authorization has been given by the applicant. <br />If the funds needed by Borrower to complete the rehabilitation <br />work exceed the funds available from a Rehab Loan, CITY may <br />provide funds to Borrower to cover the amount by which the <br />cost of rehabilitation exceeds funds available from the <br />Rehab Loan. If the loan application is approved, BANK shall <br />indicate the amount of the loan and any conditions of the <br />loan. The conditions of the loan shall include, but not be <br />limited to, an agreement by CITY to make interest reduction <br />payments in accordance with Paragraph I hereinabove. <br />B. Terms of Rehab Loans. <br />1. All Rehab Loans made by BANK pursuant to <br />approved applications shall be for a term not.to exceed <br />fifteen (15) years. <br />2. Rehab Loans shall bear interest, payable by <br />Borrower, at the per annum rate specified by CITY based on a <br />365-day year. Principal and interest shall be payable in <br />equal monthly installments during the term of the loan; <br />provided, however, that the total minimum monthly payment <br />will be Twenty -Five Dollars ($25.00). <br />3. Rehab Loans for single family residences <br />shall not exceed Fifteen Thousand Dollars ($15,000.00), <br />except when BANK determines that special circumstances <br />warrant a larger loan. Under no circumstances shall the <br />loan for a single family residence exceed Twenty -Five <br />Thousand Dollars ($25,000.00). <br />4. Rehab Loans for multiple family residences <br />shall not exceed.Ten Thousand Dollars ($10,000.00) per unit <br />nor exceed Fifty Thousand Dollars ($50,000.00) per structure <br />or property. <br />5. A deed of trust shall be executed as security <br />for all Rehab Loans in excess of Two Thousand Dollars <br />-3- <br />