Laserfiche WebLink
foreclosure under the power of sale contained in the Deed of <br />Trust with respect to any Rehab Loan where payments are more <br />than sixty (60) days delinquent. <br />F. Refund of Portion of Interest Reduction Payment <br />In the event a Rehab Loan is fully prepaid before <br />maturity, or in the event a Rehab Loan is foreclosed, BANK <br />shall repay to CITY a portion of the interest reduction <br />payment in accordance with the repayment schedule set forth <br />in "Exhibit A," attached hereto and by this reference incor- <br />porated herein. <br />III DEFERRED LOANS <br />CITY may elect to make a deferred loan to an <br />applicant. A deferred loan shall be a loan under which <br />principal and interest are not due and payable until transfer <br />by the Borrower of the property securing the loan. Said <br />deferred loan shall bear interest at an interest rate pre- <br />scribed by CITY. The form of Note and Deed of Trust.shall <br />be prescribed by CITY. At the request of CITY, BANK shall <br />prepare necessary documentation, and shall be reimbursed by <br />CITY for out-of-pocket expenses, including, but not limited <br />to, the cost of a lot book report. BANK shall arrange for <br />the closing of the loan on behalf of CITY for a fee of One <br />Hundred Dollars ($100.00) payable upon the loan closing. <br />Disbursement of loan proceeds shall be made by CITY. <br />IV. REPRESENTATIONS AND WARRANTIES <br />CITY represents and warrants as follows: <br />A. That CITY has the requisite power and authority to <br />enter into this agreement. <br />B. That CITY has taken the required action for <br />execution, delivery and performance hereof. <br />C. That this agreement is valid and binding upon <br />CITY. <br />D. That the funds to be used by CITY for interest <br />reduction payments pursuant to the terms hereof may be used <br />for this purpose. <br />-5- <br />