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The Escambia Authority shall have full authority and responsibility to <br />negotiate, define, validate, market, sell, issue and deliver its Bonds in the <br />maximum Allocation Amount, based upon mortgage loan demand, permitted by law to <br />finance qualifying single family housing developments in the Participating County <br />and to take such other action as may be necessary or convenient to accomplish <br />such purpose. All lendable proceeds of the Bonds attributable to the mortgage <br />loan demand in the Participating County shall be reserved for use in originating <br />mortgage loans in the Participating County for an initial period of 120 days. <br />The issuance and administration costs and expenses related to the Bonds <br />issued to finance the housing program and administration of such program shall <br />be paid from proceeds of the Bonds and revenues generated from the housing <br />program. <br />A one-time fee consisting of a $1,000 application fee paid upfront and .5% <br />of the par amount of the bonds allocated for Indian River County, but not to <br />exceed $10,000, shall be paid to Indian River County on closing of the issue. <br />Section 3. Program Parameters. (A) Upon request of the Escambia <br />Authority, the County shall, to the extent permitted by law, (a) approve, <br />establish, and update, from time to time as necessary, upon the request of the <br />Escambia Authority, such program parameters including, but not limited to, <br />maximum housing price and maximum adjusted family income for eligible borrowers, <br />as may be required for any bonds issued by the Escambia Authority pursuant to <br />this Agreement and (b) approve the allocation of mortgage loan moneys for each <br />lending institution offering to originate Mortgage Loans within the Participating <br />County. (B) The fees and expenses of the County shall be paid from the proceeds <br />of the program in. the manner and to the extent mutually agreed upon by the <br />officials of the County and the Escambia Authority at or prior to the issuance <br />of the Escambia Bonds. <br />Section 4.'Term. This Agreement will remain in full force and effect from <br />the date of its execution until such time as it is terminated by any party upon <br />10 days written notice to the other party hereto. Notwithstanding the foregoing, <br />it is agreed that this Agreement may not be terminated by any party during the <br />Authorization Period, or by any party during any period that the Bonds issued <br />pursuant to the terms hereof remain outstanding, or during any period in which <br />the proceeds of such Bonds are still in the possession of the Escambia Authority <br />or its agents pending distribution, unless either (1) the parties to this <br />Agreement mutually agree in writing to the terms of such termination or (2) such <br />termination, by its term, only applies prospectively to the Authorization to <br />issue Bonds for which no Allocation Amount has been obtained and for which no <br />purchase contract has been entered into. It is further agreed that in the event <br />0 <br />of termination the parties to this Agreement will provide continuing cooperation <br />o <br />to each other in fulfilling the obligations associated with the issuance of bonds <br />CO <br />pursuant to this Agreement. <br />00 <br />Q0 <br />v <br />N <br />c.n <br />