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2009-088
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2009-088
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The issuance and administration costs and expenses related to the Escambia Bonds <br />issued to finance the Program and administration of such Program shall be paid from proceeds <br />of the Escambia Bonds and revenues generated from the Program or other sources available to <br />the Escambia Authority. <br />Section 3. Program Parameters. <br />(A) Upon request of the Escambia Authority, the Participating County shall, to the <br />extent permitted by law, (i) approve, establish, and update, from time to time as necessary, <br />upon the request of the Escambia Authority, such Program parameters including, but not <br />limited to, maximum housing price and maximum adjusted family income for eligible <br />borrowers, as may be required for any bonds issued by the Escambia Authority pursuant to this <br />Agreement and (ii) approve the allocation of Mortgage Loan moneys for each lending <br />institution offering to originate Mortgage Loans within the Participating County. Unless <br />otherwise notified in writing by the Participating County, the Escambia Authority may from <br />time to time approve and establish such maximum price and family income amounts at the <br />maximum levels provided pursuant to the Code or the Act without further action of the <br />Participating County. <br />(B) The fees and expenses of the Participating County shall be paid from the <br />proceeds of the Program in the manner and to the extent mutually agreed upon by the officials <br />of the Participating County and the Escambia Authority at or prior to issuance of the Escambia <br />Bonds. <br />Section 4. Term. <br />This Agreement will remain in full force and effect from the date of its execution until <br />such time as it is terminated by any party upon ten (10) days written notice to the other party <br />hereto. Notwithstanding the foregoing, it is agreed that this Agreement may not be terminated <br />by the Participating County during the Authorization Period, or by any party during any <br />period that the Escambia Bonds issued pursuant to the terms hereof remain outstanding, or <br />during any period in which the proceeds of such Escambia Bonds (or investments acquired <br />through such proceeds) are still in the possession of the Escambia Authority, or its agents, <br />pending distribution, unless either (i) the parties to this Agreement mutually agree in writing <br />to the terms of such termination or (ii) such termination, by its terms, only applies <br />prospectively to the authorization to issue Escambia Bonds for which no Allocation Amount has <br />been obtained or used by the Escambia Authority and for which no purchase contract has been <br />entered into. It is further agreed that in the event of termination the parties to this Agreement <br />will provide continuing cooperation to each other in fulfilling the obligations associated with <br />the issuance of Bonds pursuant to this Agreement. <br />RIL-04/30109-8073-County Docs -Indian River ILA -vi 4 <br />
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