Common use of Forgiveness Clause in Contracts

Forgiveness. The balance of the Principal Amount will be reduced by the amount that is equal to the original Principal Amount multiplied by two and a half per cent (2.5%) on each anniversary of First Occupancy, until fully forgiven, if the Proponent is in good standing under the terms of this Agreement. Once the Principal Amount has been fully forgiven, the City shall discharge the City Charge and this Agreement and the obligations of the Parties hereunder will terminate. [NOTE: this timing is based on a 40 year Affordability Period]

Forgiveness. The balance of the Principal Amount will be reduced by the amount that is equal to the original Principal Amount multiplied by two and a half per cent (2.5%) on each anniversary of First Occupancy, until fully forgiven, if the Proponent is in good standing under the terms of this Agreement. Once the Principal Amount Xxxxxx has been fully forgiven, the City shall discharge the City Charge and this Agreement and the obligations of the Parties parties hereunder will terminate. [NOTE: this timing is based on a 40 year Affordability Period]

Forgiveness. The balance of the Principal Amount will be reduced by the amount that is equal to one-fifteenth of the original Principal Amount multiplied by two and a half per cent (2.5%) on each anniversary of First Occupancy, until fully forgiven, if the Proponent Owner is in good standing under the terms of this Agreement. Once the Principal Amount has been fully forgiven, the City shall discharge the City Charge and this Agreement and the obligations of the Parties hereunder will terminate. [NOTE: this timing is based on a 40 year Affordability Period]Charge.

Forgiveness. The balance of the Principal Amount will be reduced by the amount that is equal to the original Principal Amount multiplied by two and a half four per cent (2.54%) on each anniversary of First Occupancy, until fully forgiven, if the Proponent is in good standing under the terms of this Agreement. Once the Principal Amount Xxxxxx has been fully forgiven, the City shall discharge the City Charge and this Agreement and the obligations of the Parties parties hereunder will terminate. [NOTE: this timing is based on a 40 25 year Affordability Period]