Recapture Provisions. CCHIP Agreements will include a provision for the recapture of the incentives (e.g. grants and loans) in the event Agreement terms and requirements are not met. These recapture provisions will survive any subsequent assignment of the Agreement.
Recapture Provisions. If the amount for which the taxpayer is at risk in any activity as of the close of the taxpayer’s last taxable year beginning before January 1, 1979, is less than zero, section 465(e)(1) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] (as added by section 203 of this Act) shall be applied with respect to such activity of the taxpayer by substituting such negative amount for zero.
Recapture Provisions. The Grantor shall maintain the Property as his or her principal place of residence for the entire Affordability Period. In the event the Grantor becomes in default of any terms and conditions of this Deed of Trust other than the foregoing principal residence requirement or becomes in default of any terms and conditions of any deed of trust which primes this Deed of Trust, the Holder shall be paid the full Net Proceeds of any private or public sale of the Property up to the original principal balance of the Loan without any reduction of the principal balance by the Earned Deed of Trust Subsidy. In the event the (i) the Property ceases to be the principal residence of the Grantor as a result of the sale of the Property by the Grantor during the Affordability Period and (ii) the Net Proceeds are adequate to repay the Loan reduced by the Earned Deed of Trust Subsidy plus enable the Grantor to recover the Homeowner Investment, the Holder shall be paid the full recapture amount out of the Net Proceeds of such sale. In the event (i) the Property ceases to be the principal residence of the Grantor as a result of the sale of the Property by the Grantor during the Affordability Period and (ii) the Net Proceeds are not adequate to repay the Loan reduced by the Earned Deed of Trust Subsidy plus enable the Grantor to recover the Homeowner Investment, the Net Proceeds shall be divided proportionally as set forth in the following mathematical formulas: Amount of Loan X Net Proceeds = Amount to Holder Amount of Loan + Homeowner Investment Homeowner’s Investment X Net Proceeds = Amount to Borrower Amount of Loan + Homeowner Investment
Recapture Provisions. In the circumstance that the jurisdiction is not satisfied that the terms of the contract were met, the conditions for reclaiming funds is established. SAMPLE RECAPTURE PROVISION In the event that the CONTRACTOR fails to expend funds under this agreement in accordance with state laws and/or the provisions of this agreement, the CITY reserves the right to recapture funds in an amount equivalent to the extent of noncompliance. Such a right of recapture shall exist for a period not to exceed three years following agreement termination. Repayment by the CONTRACTOR of funds under this recapture provision shall occur within thirty (30) days of demand. In the event that the CITY is required to institute legal proceedings to enforce the recapture provision, the CITY shall be entitled to its costs thereof, including reasonable attorney's fees. Termination and Review of Agreement – Identifies the terms for terminating and reviewing the agreement prior to the end of the agreement period.
Recapture Provisions. The City shall adopt, and shall cause each Agency to adopt, implement and enforce the HOME Program recapture provisions of 24 CFR § 92.254(a)(5)(ii) (the “Recapture provisions”) in compliance with all applicable terms thereof. The Recapture provisions shall be contained in the written agreements with homebuyers required by Section III-D hereof, shall be enforced by recorded deeds of trust securing repayment of HOME subsidies, and shall remain in effect for each award of HOME assistance to a homebuyer for the minimum period of affordability provided in 24 CFR § 92.254(a) applicable to that award. The Recapture provisions shall otherwise be uniformly applied to all individual homebuyer HOME assistance awards. The execution of this HOME Agreement with Attachments 1 and 2, and of the City HOME Agreements in the forms of those Attachments 1 and 2, constitutes the County’s and the City’s approval respectively of the Agencies’ Recapture provisions.
Recapture Provisions. The Agency shall adopt, implement and enforce the HOME Program recapture provisions of 24 CFR § 92.254(a)(5)(ii) (the “Recapture provisions”) in compliance with all applicable terms thereof. The Recapture provisions shall be contained in the written agreements with homebuyers required by Section III-D hereof, shall be enforced by recorded deeds of trust securing repayment of HOME subsidies, and shall remain in effect for each award of HOME assistance to a homebuyer for the minimum period of affordability provided in 24 CFR § 92.254(a) applicable to that award. The Recapture provisions shall otherwise be uniformly applied to all individual homebuyer HOME assistance awards. The execution of this HOME Agreement constitutes the City’s approval of the Agency’s Recapture provisions.
Recapture Provisions. Borrower agrees that if at any time during the Affordability Period the Qualifying Home is not my and my qualifying family member’s principal residence, either through sale, foreclosure, or other event, then Parkview Services shall have the right to require me/us to pay in full all amounts owed on the Subordinate Deed of Trust Note, including principal and accrued interest, on thirty (30) days’ notice. This is known as recapture.
Recapture Provisions. Borrower agrees that if at any time during the Affordability Period the Qualifying Home is not my principal residence, either through sale, foreclosure, or other event, then HOMESIGHT shall have the right to require me to pay in full all amounts owed on the Note, including principal and accrued interest, on thirty (30) days’ notice. This is known as recapture.
Recapture Provisions. Borrower agrees that if at any time during the Affordability Period the Qualifying Home is not their principal residence or is transferred either through sale, foreclosure, or other event, that the Xxxxxxxxx Xxxxxxxxxxx HOME Consortium and the Town of Davidson shall have the right to require Borrower to pay in full all amounts owed on the Promissory Note, including principal and accrued interest, on thirty (30) days’ notice. This is known as Recapture.
Recapture Provisions. The recapture provisions described in the Note shall apply to the Loan, which provisions are consistent with 24 CFR 92.254.
