Section 260.201  Invitations to Participate in the Programs

From time to time the Authority may send application materials to potential Lenders inviting them to submit to the Authority Lender Applications to participate in the Authority's Programs. Lenders wishing to participate in such Programs shall execute and return to the Authority the following documents: the Lender Application, the  Mortgage Purchase Agreement (if not already executed),  and the Servicing Agreement (if applicable and if not already executed).  The Lender Application shall contain, but not be limited to, the following:

a)         The unconditional agreement of the prospective Lender, effective upon acceptance of the Lender Application by the Authority, to sell to the Authority or its designee Mortgage Loans that comply with the terms of the Lender Application, the Mortgage Purchase Agreement, the Notice of Acceptance and the requirements of the Programs;

b)         Provision for the prospective Lender to furnish financial and other information as the Authority may reasonably require;

c)         A pro forma copy of any letter of credit or pledge of deposits or assets the Authority may require as security for the Lender's performance of its obligations under the Series Program.

(Source:  Amended at 33 Ill. Reg. 7295, effective May 22, 2009)