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v. Compliance Agreement and Security Instrument Eligible housing units utilizing assistance from the IRCLHAProgram Downpayment/Closing Cost Loan Strategy shall be secured by a first mortgage in favor of Indian River County. This first mortgage may be subordinated to construction and/or permanent mortgages applied to the same unit upon approval of the IRCLHAProgram Review Committee. The first mortgage shall serve as the eligible recipient's contractual commitment to comply with the requirements of the IRCLHAProgram. a. Description The IRCLHAProgram anticipates providing low-interest loans to eligible non-profit sponsors for the acquisition of vacant parcels or lots for the purpose of providing eligible housing units for eligible persons. The funds for acquisition shall be delivered at the time of closing, whereby the transaction transferring ownership of the parcel or lot to the eligible sponsor is completed. The land acquisition loan shall be a primary or first mortgage upon the subject property purchased until the eligible sponsor obtains the construction and/or permanent loan financing for development and construction of the housing unit. At the time the construction/permanent financing is provided for the housing unit, the land acquisition loan shall be subordinated to the construction/permanent mortgage. For the purposes of the IRCLHAProgram, funds expended for property acquisition under the Land Acquisition Loan Assistance Strategy shall be classified as a homeownership expenditure, and an eligible housing unit must be constructed and certified for occupancy on the acquired property within one year of the closing transaction date. Failure to complete construction of and obtain a Certificate of Occupancy for a housing unit within one (1) year of the closing transaction date shall constitute grounds for foreclosure to obtain possession of the property which may be utilized as a land bank acquired property by the IRCLHAProgram. Loans 4. Land Acquisition a. Description The IRCLHAProgram anticipates providing low-interest loans to eligible non-profit sponsors for the acquisition of vacant parcels or lots for the purpose of providing eligible housing units for eligible persons. The funds for acquisition shall be delivered at the time of closing, whereby the transaction transferring ownership of the parcel or lot to the eligible sponsor is completed. The land acquisition loan shall be a primary or first mortgage upon the subject property purchased until the eligible sponsor obtains the construction and/or permanent loan financing for development and construction of the housing unit. At the time the construction/permanent financing is provided for the housing unit, the land acquisition loan shall be subordinated to the construction/permanent mortgage. For the purposes of the IRCLHAProgram, funds expended for property acquisition under the Land Acquisition Loan Assistance Strategy shall be classified as a homeownership expenditure, and an eligible housing unit must be constructed and certified for occupancy on the acquired property within one year of the closing transaction date. Failure to complete construction of and obtain a Certificate of Occupancy for a housing unit within one (1) year of the closing transaction date shall constitute grounds for foreclosure to obtain possession of the property which may be utilized as a land bank acquired property by the IRCLHAProgram.