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LEVERAGED LENDING AGREEMENT ORIGINAL <br /> FOR REHABILITATION LOANS <br /> <br /> This Agreement entered into this ~ day of <br />is made by the CITY OF REDWOOD CITY, a p~--~ic body, corporate and <br />politic, of the State of CALIFORNIA (herein called "AGENCY"), and <br />CONTINENTAL COMMUNITY FUNDING, a Delaware Corporation (herein <br />called "CCF"). <br /> <br /> RECITALS <br /> <br /> WHEREAS, AGENCY has authorized a Property Rehabilitation or <br />Revitalization Program hereafter collectively called <br />"Rehabilitation Program"; and <br /> <br /> WHEREAS, as part of the AGENCY'S implementation of its <br />Rehabilitation Program, AGENCY desires to make below-market <br />interest rate Property Rehabilitation Loans ("Loans" or "Program <br />Loans") to certain owners ("Applicants" and/or Borrowers") of <br />real property who reside within the AGENCY; and <br /> <br /> WHEREAS, CCF will offer mortgage credit, subject to <br />considerations described herein and other mortgage services in <br />relation to AGENCY'S Rehabilitation Program at fee and interest <br />rates substantially below prevailing industry standards offered <br />to the general public and/or agencies independent of this or <br />similar agreements. <br /> <br /> NOW, THEREFORE, FOR AND IN CONSIDERATION OF THE FOREGOING <br />AND THE MUTUAL AGREEMENTS MADE HEREIN, AND FOR OTHER GOOD AND <br />VALUABLE CONSIDERATION, THE PARTIES HERETO AGREE AS FOLLOWS: <br /> <br /> PART ONE <br /> <br /> DEPOSIT OF FUNDS <br /> <br /> A. Lump Sum Deposit of Rehabilitation Program Funds <br /> <br /> 1. AGENCY shall deposit $ ~O, ~ O0_3. of AGENCY <br /> Rehabilitation Program Funds with a major banking <br /> institution (the "Financial Institution") of CCF's <br /> choice. <br /> <br /> 2. AGENCY may deposit additional lump sum funds during <br /> the Agreement. Additional deposits shall be <br /> administered according to the provisions of part one <br /> <br /> <br />