Recapture Provision definition

Recapture Provision has the meaning set forth in the definition of Required Consents.
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Recapture Provision means that requirement in the Code pursuant to which certain Mortgagors must make a payment to the United States of America in respect of Mortgage Loans originated after December 31, 1990 from proceeds of Tax-Exempt Bonds, upon sale or other disposition of their homes financed by a Mortgage Loan, all as specified in the Code.
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Examples of Recapture Provision in a sentence

  • The Owner agrees, among other things, within the HOME Affordability Period, regardless of the applicable Recapture Provision of the Residence: to not vacate and then lease the Residence.

  • ADDI Recapture Provision If at any time during the five-year affordability period, the original homebuyer sells, trades, transfers title or otherwise ceases to occupy the home as their primary residence, the homebuyer will be subject to recapture and must pay back the funds as deemed applicable.

  • The HOME Consortium has opted to only use the Recapture Provision of the HOME Program Guidelines found in 24 CFR Part 92 and HUD CPD Notice 12- 003.

  • ADDI Recapture Provision If at any time during the five year affordability period, the original homebuyer sells, trades, transfers title or otherwise ceases to occupy the home as their primary residence, the homebuyer will be subject to recapture and must pay back the funds as deemed applicable.

  • Recapture Provision - If the homeowner sells the property during the affordability period, some or all of the HOME direct subsidy assistance provided to the homebuyer may be recaptured by the County.

  • The borrower executes a Recapture Provision Disclosure (Form #355).

  • Consequently, homebuyer housing with a Recapture Provision is not subject to the affordability requirements after the PJ has recaptured the HOME funds in accordance with its written agreement.

  • Grant – subject to resale provisions Recapture Provision – When the real estate is sold below fair market value; the difference between the fair market value and the purchase price plus reasonable closing costs is considered the direct subsidy to the homebuyer(s).

  • If Borrower has fully complied with the terms and provisions of this Agreement, the Note, the Deed of Trust, the Notice of Deed Restrictions, and is not in default on the expiration of the Affordability Period, then the entire unpaid principal amount of the City Loan, together with all interest accrued and other amounts due under this Agreement and the Note, will be forgiven.2. Recapture Provision.

  • For more information on how resale and recapture requirements can be structured, see HUD CPD Notice 2012 -003, Guidance on Resale and Recapture Provision Requirements under the HOME Program, January 2012, https://www.hudexchange.info/resource/2690/notice-cpd-12-003-guidance-resale-recapture-home/.

Related to Recapture Provision

  • Recapture Period means the period commencing on the Effective Date and ending on the fifth anniversary of the last date that a Project owned by the Company is Placed in Service.

  • Termination Option means the option of either party to terminate a transaction in the event that the other party fails to perform a Firm obligation to deliver Gas in the case of Seller or to receive Gas in the case of Buyer for a designated number of days during a period as specified on the applicable Transaction Confirmation.

  • Recapture Amount means, with respect to any Employment Violation by Grantee, the gross gain realized or unrealized by Grantee upon all vesting of Restricted Share Units or delivery or transfer of Vested Shares during the Look-back Period with respect to such Employment Violation, which gain shall be calculated as the sum of:

  • Basic Lease Provisions means and refer to the following collective terms, the application of which shall be governed by the provisions in the remaining Articles of this Lease.

  • Termination Right have the respective meanings given in the PRA Contractual Stay Rules.

  • Sublease Agreement shall have the meaning specified in Section 8.2(b).

  • Restricted network provision means any provision which conditions the payment of benefits, in whole or in part, on the use of network providers.

  • Recapture Event means any of the following events:

  • Restrictive Covenant Agreement means any agreement, and any attachments or schedules thereto, entered into by and between the Participant and the Partnership or its Affiliates, pursuant to which the Participant has agreed, among other things, to certain restrictions relating to non-competition (if applicable), non-solicitation and/or confidentiality, in order to protect the business of the Partnership and its Affiliates.

  • Right of First Refusal Agreement means the Right of First Refusal Agreement, dated as of August 4, 2017, among the Partnership, the Operating Partnership and NextEra Energy Resources, LLC.

  • Termination Assistance means the activities to be performed by the Supplier pursuant to the Exit Plan, and any other assistance required by the Customer pursuant to the Termination Assistance Notice;

  • Master Lease Agreement has the meaning set forth in Section 7.2(c)(xiv).

  • Recapture Income means any gain recognized by the Partnership (computed without regard to any adjustment required by Section 734 or Section 743 of the Code) upon the disposition of any property or asset of the Partnership, which gain is characterized as ordinary income because it represents the recapture of deductions previously taken with respect to such property or asset.

  • Master Lease means that certain [Master Lease title], relating to the leasing of, inter alia, the Healthcare Facility by Borrower to Master Tenant.

  • Severance Agreement means the Key Executive Severance Agreement, dated as of the date hereof, between the parties, as it may be amended from time to time, that provides for certain benefits related to termination of the Executive’s employment that are unrelated to a Change of Control.

  • Non-Renewal Notice shall have the meaning set forth in Section 2.

  • Post-Termination Exercise Period means the period following termination of a Participant’s Continuous Service within which an Option or SAR is exercisable, as specified in Section 4(h).

  • Original Lease shall have the meaning given such term in the recitals to this Agreement.

  • Termination for Convenience means the termination of the Trade Contract Agreement or the Trade Contractor Work by the Authority without cause and for the convenience of the Authority as decided in its sole discretion.

  • Right of First Refusal and Co-Sale Agreement means the agreement among the Company, the Purchasers, and certain other stockholders of the Company, dated as of the date of the Initial Closing, in the form of Exhibit F attached to this Agreement.

  • Employment Agreement means each management, employment, severance, consulting, relocation, repatriation, expatriation, visas, work permit or other agreement, or contract between the Company or any Affiliate and any Employee.

  • Right of First Refusal means the Company’s right of first refusal described in Section 8.

  • Severance Term means the six (6) month period following Employee’s termination by the Company without Just Cause (other than by reason of death or Disability) or by Employee for Good Reason; provided, that if such termination occurs within twelve (12) months following a Change in Control, the Severance Term shall be the twelve (12) month period following such termination.

  • Renewal Option has the meaning set forth in §12.1.

  • Restriction Termination Date means the first day on which the Board of Directors of the Corporation determines that it is no longer in the best interests of the Corporation to attempt to, or continue to, qualify as a REIT.

  • Transfer fee covenant means a declaration or covenant purporting to affect real property which requires or purports to require the payment of a transfer fee to the declarant or other person specified in the covenant or declaration, or to their successors or assigns, upon a subsequent transfer of an interest in the real property.