DEVELOPER RESPONSIBILITIES; LOAN APPLICATIONS Sample Clauses

DEVELOPER RESPONSIBILITIES; LOAN APPLICATIONS. The Agency hereby represents that the Developer of each Eligible Project has received approval from the Secretary of Housing for the construction of Eligible Residences in the Eligible Project under the Act 124 Program. The Developer is responsible for the construction of the Eligible Residences within a specified time and must identify Act 124 Purchasers and Non-Subsidized Purchasers for the completed Eligible Residences. The Mortgage Lender shall cooperate with and assist the Developer in identifying Act 124 Purchasers and Non-Subsidized Purchasers. Once a prospective Act 124 Purchaser or Non-Subsidized Purchaser has been identified, the Mortgage Lender will promptly process all required credit and loan documents so that the Developer can sell the Eligible Residences promptly upon completion and so that the Mortgage Lender can originate Mortgage Loans in the Commitment Amount within the Delivery Period.