Common use of Lease Fee Clause in Contracts

Lease Fee. 5.1 The Homeowner shall pay a monthly Lease Fee of $____, payable to JTCHA on the first day of each month (the “Due Date”). 5.2 JTCHA may, in its sole and absolute discretion, reduce or suspend the total amount of the Lease Fee for a period of time for the purpose of improving the affordability of the Homeowner’s monthly housing costs. Any such reduction or suspension must be in writing and signed by JTCHA. 5.3 JTCHA may increase the amount of the Lease Fee from time to time, but not more often than once every year. Each time such amounts are increased, the total percentage of increase since the date this Lease was signed shall not be greater than 2.5 percent per year. 5.4 If, for any reason, the provisions of Article 10 regarding transfers of the Home or Sections 4.4 and 4.5 regarding renting and occupancy are suspended or invalidated for any period of time, then during that time the Lease Fee shall be increased to an amount calculated by JTCHA to equal the fair rental value of the Leased Land for use not restricted by the suspended provisions. Such increase shall become effective upon the date such provisions are suspended or invalidated. Thereafter, for so long as these restrictions are not reinstated in the Lease, JTCHA may, from time to time, further increase the amount of such Lease Fee, provided that the amount of the Lease Fee does not exceed the fair rental value of the Leased Land, and provided that such increases do not occur more often than once in every year. 5.5 If JTCHA has not received the monthly installment of the Lease Fee within 30 days of its Due Date, JTCHA may assess (a) a $25.00 late charge; (b) interest at the rate of 12% per annum on the unpaid balance; and (c) a returned check fee in the amount charged by JTCHA’s bank for any checks returned for non-sufficient funds. 5.6 In the event that any amount of payable Lease Fee remains unpaid when the Home is sold, the outstanding amount of payable Lease Fee, including any late charges and interest as provided above, shall be paid to JTCHA out of any proceeds from the sale that would otherwise be due to Homeowner. JTCHA shall have, and the Homeowner hereby consents to, a lien upon the Home for any unpaid Lease Fee. Such lien shall be prior to all other liens and encumbrances on the Home except (a) liens and encumbrances recorded before the recording of this Lease, (b) Qualified Mortgages as defined herein; and (c) liens for real property taxes and other governmental assessments or charges against the Home.

Lease Fee. 5.1 The Homeowner shall pay a monthly Lease Fee of $____$ , payable to JTCHA on the first day of each month (the “Due Date”). 5.2 JTCHA may, in its sole and absolute discretion, reduce or suspend the total amount of the Lease Fee for a period of time for the purpose of improving the affordability of the Homeowner’s monthly housing costs. Any such reduction or suspension must be in writing and signed by JTCHA. 5.3 JTCHA may increase the amount of the Lease Fee from time to time, but not more often than once every year. Each time such amounts are increased, the total percentage of increase since the date this Lease was signed shall not be greater than 2.5 percent per year. 5.4 If, for any reason, the provisions of Article 10 regarding transfers of the Home or Sections 4.4 and 4.5 regarding renting and occupancy are suspended or invalidated for any period of time, then during that time the Lease Fee shall be increased to an amount calculated by JTCHA to equal the fair rental value of the Leased Land for use not restricted by the suspended provisions. Such increase shall become effective upon the date such provisions are suspended or invalidated. Thereafter, for so long as these restrictions are not reinstated in the Lease, JTCHA may, from time to time, further increase the amount of such Lease Fee, provided that the amount of the Lease Fee does not exceed the fair rental value of the Leased Land, and provided that such increases do not occur more often than once in every year. 5.5 If JTCHA has not received the monthly installment of the Lease Fee within 30 days of its Due Date, JTCHA may assess (a) a $25.00 late charge; (b) interest at the rate of 12% per annum on the unpaid balance; and (c) a returned check fee in the amount charged by JTCHA’s bank for any checks returned for non-sufficient funds. 5.6 In the event that any amount of payable Lease Fee remains unpaid when the Home is sold, the outstanding amount of payable Lease Fee, including any late charges and interest as provided above, shall be paid to JTCHA out of any proceeds from the sale that would otherwise be due to Homeowner. JTCHA shall have, and the Homeowner hereby consents to, a lien upon the Home for any unpaid Lease Fee. Such lien shall be prior to all other liens and encumbrances on the Home except (a) liens and encumbrances recorded before the recording of this Lease, (b) Qualified Mortgages as defined herein; and (c) liens for real property taxes and other governmental assessments or charges against the Home.

Lease Fee. 5.1 The Homeowner shall pay a monthly Lease Fee of $____$ , payable to JTCHA on the first day of each month (the “Due Date”). 5.2 JTCHA may, in its sole and absolute discretion, reduce or suspend the total amount of the Lease Fee for a period of time for the purpose of improving the affordability of the Homeowner’s monthly housing costs. Any such reduction or suspension must be in writing and signed by JTCHA. 5.3 JTCHA may increase the amount of the Lease Fee from time to time, but not more often than once every year. Each time such amounts are increased, the total percentage of increase since the date this Lease was signed shall not be greater than 2.5 percent per year. 5.4 If, for any reason, the provisions of Article 10 regarding transfers of the Home or Sections 4.4 and and 4.5 regarding renting and occupancy are suspended or invalidated for any period of time, then during that time the Lease Fee shall be increased to an amount calculated by JTCHA to equal the fair rental value of the Leased Land for use not restricted by the suspended provisions. Such increase shall become effective upon the date such provisions are suspended or invalidated. Thereafter, for so long as these restrictions are not reinstated in the Lease, JTCHA may, from time to time, further increase the amount of such Lease Fee, provided that the amount of the Lease Fee does not exceed the fair rental value of the Leased Land, and provided that such increases do not occur more often than once in every year. 5.5 If JTCHA has not received the monthly installment of the Lease Fee within 30 days of its Due Date, JTCHA may assess (a) a $25.00 late charge; (b) interest at the rate of 12% per annum on the unpaid balance; and (c) a returned check fee in the amount charged by JTCHA’s bank for any checks returned for non-sufficient funds. 5.6 In the event that any amount of payable Lease Fee remains unpaid when the Home is sold, the outstanding amount of payable Lease Fee, including any late charges and interest as provided above, shall be paid to JTCHA out of any proceeds from the sale that would otherwise be due to Homeowner. JTCHA shall have, and the Homeowner hereby consents to, a lien upon the Home for any unpaid Lease Fee. Such lien shall be prior to all other liens and encumbrances on the Home except (a) liens and encumbrances recorded before the recording of this Lease, (b) Qualified Mortgages as defined herein; and (c) liens for real property taxes and other governmental assessments or charges against the Home.