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PartiCipation Program under one ~ two underwriting <br /> programs. <br /> <br /> (a) A standard underwriting program in which CCF <br /> shall have no recourse to AGENCY on CCF's <br /> participation of each loan funded. <br /> <br /> (b) A Credit Enhanced underwriting program in which <br /> CCF may withdraw its portion, including accrued <br /> interest, of any Loan remaining in default for a <br /> continuous period of eighty (80) days from the <br /> AGENCY'S Reserve Account. <br /> <br /> If requested by AGENCY, CCF agrees to allow <br /> AGENCY to fund loan repayments for a period of <br /> up to a total of one hundred-forty (140) days <br /> prior to CCF withdrawing its loan portion from <br /> the Operating Account. <br /> <br /> 5. Loan approval criteria by CCF shall be significantly <br /> relaxed, below its standard criteria, for <br /> applications under CCF's Credit Enhanced Loan <br /> Participation Program. <br /> <br /> 6. Those applications not designated by AGENCY for <br /> consideration under the standard underwriting <br /> program, or not approvable under CCF's standard <br /> underwriting program, shall be considered under CCF's <br /> Credit Enhanced Loan Participation Program. <br /> <br /> 7. Direct Loans or those loans approved under CCF's <br /> standard approval criteria shall not require a 10% <br /> Reserve Account Loan Offset. Reserve Account <br /> adjustments shall be performed each anniversary of <br /> the initital Reserve Account deposit date or when the <br /> Operating Account has been exhausted, whichever <br /> occurs first. <br /> <br /> 8. CCF shall require borrowers to execute Promissory <br /> Notes and applicable security documents allowing CCF <br /> the ability to commence and complete foreclosure <br /> proceedings in accordance to all applicable state and <br /> federal laws on those properties wherein borrowers' <br /> loan repayments are in default. <br /> <br /> 9. CCF maintains the right to foreclosure on properties <br /> in default under CCF's Standard Criteria Loan <br /> Participation Program. CCF agrees to offer the AGENCY <br /> the opportunity to purchase CCF's Senior partici- <br /> pation share before CCF begins foreclosure <br /> proceeedings on Standard Criteria Loans. <br /> <br />10. CCF shall begin foreclosure proceedings on properties <br /> in default under CCF's Credit Enhanced Loan <br /> <br /> <br />