Common use of Financial Difficulty Clause in Contracts

Financial Difficulty. If after you have paid the Entrance Fee you encounter financial difficulties making it impossible for you to pay the full Monthly Charges, then: 10.2.1 You shall in any case be permitted to remain at the Community for one hundred twenty (120) days after the date of failure to pay, during which time you shall continue to pay reduced Monthly Charges based on your current income; and 10.2.2 Because it is and shall continue to be our declared policy to not cancel your residency solely by reason of your financial inability to pay the full Monthly Charges, you shall be permitted to remain at the Community at reduced Monthly Charges based on your ability to pay for so long as you establish facts to justify deferral of such charges, and the deferral of such charges can, in our sole discretion, be granted without impairing our ability to operate on a sound financial basis. The loss of revenue to the Community from any such deferral of charges will be borne by us and will not be charged back to other residents under the Fair Share Allocation. This provision shall not apply if you have impaired your ability to meet your financial obligations hereunder by making unapproved gifts or other transfers. To evidence these agreements based on the circumstances at the time, you agree to enter into a special hardship agreement with us at the time of any such deferrals to reflect the reduced charges currently payable and the interest rate to be applied to the deferrals. Any payments otherwise due to you from us, including the refund of your Entrance Fee, will be offset against any such deferred charges as provided in Section 3.3.

Financial Difficulty. If If, after you have paid the Entrance Fee Fee, you encounter financial difficulties making it impossible for you to pay the full Monthly Charges, then: 10.2.1 11.2.1 You shall in any case be permitted to remain at the Community for one hundred twenty (120) days after the date of failure to pay, during which time you shall continue to pay reduced Monthly Charges based on your current income; and 10.2.2 11.2.2 Because it is and shall continue to be our declared policy to not cancel your residency solely by reason of your financial inability to pay the full Monthly Charges, you shall be permitted to remain at the Community at reduced Monthly Charges based on your ability to pay for so long as you establish facts to justify deferral of such charges, and the deferral of such charges can, in our sole discretion, be granted without impairing our ability to operate on a sound financial basis. The loss of revenue to the Community from any such deferral of charges will be borne by us and will not be charged back to other residents under the Fair Share Allocation. This provision shall not apply if you have impaired your ability to meet your financial obligations hereunder by making unapproved gifts or other transfers. To evidence these agreements based on the circumstances at the time, you agree to enter into a special hardship agreement with us at the time of any such deferrals to reflect the reduced charges currently payable and the interest rate to be applied to the deferralsdeferrals and to provide us with a perfected first security interest in your Loan repayment rights. Any payments otherwise due to you from us, including the refund repayment of your Entrance FeeLoan, will be offset against any such deferred charges as provided in Section 3.3.