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V. Compliance Agreement and Security Instrument <br /> The county's Land Bank Market Purchase Loan shall <br /> be secured by a mortgage in favor of Indian River <br /> County. This mortgage may be subordinated to <br /> construction and/or permanent mortgages applied to <br /> the same unit upon approval of the IRCLHAProgram <br /> Review Committee. This mortgage shall serve as the <br /> eligible recipient's contractual commitment to <br /> comply with the requirements of the IRCLHAProgram. <br /> ��. Land Bank - Tax Deed Purchase <br /> a. Description <br /> The Indian River County, through the Board of County <br /> Commissioners and the IRCLHAProgram, may acquire vacant <br /> parcels or lots by purchasing the properties via Tax Deed <br /> Auction for the purpose of providing sites for the <br /> development of eligible housing units by eligible <br /> sponsors for eligible persons. The funds for acquisition <br /> shall be delivered at the time of tax deed sale, whereby <br /> the transaction transferring ownership of the parcel or <br /> lot to the county is completed. This Tax Deed Purchase <br /> Strategy may be considered a strategy of "last resort", <br /> whereby it may be utilized in the event unexpended or <br /> encumbered funds for the IRCLHAProgram are available and <br /> expenditure through the remaining IRCLHAProgram <br /> Assistance Strategies is unlikely. <br /> The acquired property shall be classified as a monetary <br /> asset of the IRCLHATF to be utilized as an equivalent <br /> loan to an eligible sponsor or person for the development <br /> of an eligible housing unit. <br /> Upon transfer of the acquired property to an eligible <br /> sponsor, the effective land bank loan shall be secured by <br /> a primary or first mortgage upon the subject property <br /> until the eligible sponsor obtains the construction <br /> and/or permanent loan financing for the development and <br /> construction of a housing unit. At the time the <br /> construction/permanent financing is provided for the <br /> housing unit, the land bank loan shall be subordinated to <br /> the construction/permanent mortgage. <br /> For the purposes of the IRCLHAProgram, funds expended for <br /> property acquisition under the Land Bank Tax Deed <br /> Purchase Assistance Strategy shall be classified as a <br /> homeownership expenditure, and an eligible housing unit <br /> 36 <br />