Laserfiche WebLink
b. Mortgage/Subordinated Mortgage Documentation <br /> All documentation relating to the mortgage and/or <br /> subordination of the mortgage which serves as the <br /> eligible recipient's contractual commitment to <br /> comply with the requirements of the IRCLHAProgram <br /> shall be completed and the mortgage document(s) <br /> prepared for filing in the public record. <br /> Preparation of the mortgage document(s) shall <br /> comply with all Federal, State, and Local <br /> regulations. <br /> The mortgage documentation shall specify the <br /> IRCLHAProgram Strategy assisting in the provision <br /> of the housing unit, the amount of the funding <br /> award for the unit, the applicable interest rate <br /> for the funding award, the commencement and <br /> termination dates for the unit's required <br /> affordability classification timeframe and unit <br /> resale requirements as applicable. <br /> 7. IRCLHAProgram Compliance Monitoring <br /> All housing units shall be monitored for compliance with <br /> the requirements of the IRCLHAProgram and Strategies as <br /> follows: <br /> a. Compliance Review Activities <br /> All housing units assisted by the IRCLHAPrograrn <br /> shall be subject to the following monitoring <br /> activities to determine compliance with the <br /> requirements of IRCLHAProgram and Strategies as <br /> appropriate: <br /> i. Property Tax Payment Verification <br /> For owner financed units, compliance <br /> verification with this requirement shall be <br /> conducted on an annual basis. For units <br /> receiving principal financing from a financial <br /> institution, payment of property taxes will be <br /> made through an escrow account. <br /> ii. Homeowner/Property Owner Insurance <br /> Verification <br /> For owner financed units, compliance <br /> verification with this requirement shall be <br /> conducted on an annual basis. For units <br /> receiving principal financing from a financial <br /> 47 <br />