Ownership of Reserves Sample Clauses

Ownership of Reserves. The Mortgagor hereby agrees and acknowledges that, upon the payment in full of the Mortgage Loan and TCAP Loan, sale of the development or refinancing of the Mortgage Loan, all amounts in the Development escrow and reserve accounts, or other accounts relating to the Development, other than amounts in the tax and insurance escrow accounts not required for payments of taxes, payments in lieu of taxes and insurance premiums, remaining after payment to the Mortgagor of all permissible Limited Dividend Payments, shall be the property of the Authority, and the Mortgagor shall have no right to those moneys. All unnecessary amounts remaining in the tax and insurance escrow accounts shall be the property of the Mortgagor.
Sample 1
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Ownership of Reserves. The Mortgagor hereby agrees and acknowledges that, upon the earliest of payment in full of the Mortgage Loan, a default under the Section 1602 Regulations or other Section 1602 requirements resulting in the Mortgagor becoming liable for a Recapture Obligation as pursuant to section 34 above, sale of the development or refinancing of the Mortgage Loan, all amounts in the Development escrow and reserve accounts, or other accounts relating to the Development, other than amounts in the tax and insurance escrow accounts not required for payments of taxes, payments in lieu of taxes and insurance premiums, remaining after payment to the Mortgagor of all permissible Limited Dividend Payments, shall be the property of the Authority, subject to any lawful claims by HUD and the Mortgagor shall have no right to those moneys. All unnecessary amounts remaining in the tax and insurance escrow accounts shall be the property of the Mortgagor subject to any lawful claims by HUD.
Sample 1
Ownership of Reserves. The Mortgagor hereby waives all current or future claims to all amounts in the Development escrow and reserve accounts, or other accounts relating to the Development, other than amounts in the tax and insurance escrow accounts not required for payments of taxes, payments in lieu of taxes and insurance premiums, remaining after payment to the Mortgagor of all permissible Limited Dividend Payments. All unnecessary amounts remaining in the tax and insurance escrow accounts shall be the property of the Mortgagor, subject to any lawful claims by HUD.
Sample 1
Ownership of Reserves. The Mortgagor hereby agrees and acknowledges that, upon the earliest of the expiration of the Extended Use Period, a default under the Section 1602 Regulations or other Section 1602 requirements resulting in the Mortgagor becoming liable for a Recapture Obligation as pursuant to section 30 above, or sale of the Development or refinancing of the First Mortgage Loan, amounts in the Development escrow and reserve accounts, or other accounts relating to the Development, other than amounts in the tax and insurance escrow accounts not required for payments of taxes, payments in lieu of taxes and insurance premiums, shall be the property of the Authority, and the Mortgagor shall have no right to those moneys. All unnecessary amounts remaining in the tax and insurance escrow accounts shall be the property of the Mortgagor.
Sample 1

Related to Ownership of Reserves

  • Ownership of Results Any interest of Contractor or its subcontractors, in the Deliverables, including any drawings, plans, specifications, blueprints, studies, reports, memoranda, computation sheets, computer files and media or other documents prepared by Contractor or its subcontractors for the purposes of this Agreement, shall become the property of and will be transmitted to City. However, unless expressly prohibited elsewhere in this Agreement, Contractor may retain and use copies for reference and as documentation of its experience and capabilities.

  • Ownership of Content 4.1 All materials including paper based resources, and all materials displayed on the Site and the Apps, including without limitation all information, text, materials, graphics, software, tools, results derived from the use of software and tools, advertisements, names, logos and trade marks on the paper based version, the Site and the Apps (Content) are protected by copyright, trade mark and other intellectual property laws unless otherwise indicated.

  • Ownership of Rights 6. 1. Licensed Material remains the property of either Licensor or the relevant third party and any rights not explicitly granted herein are expressly reserved.

  • Ownership of Shares The ownership of Shares shall be recorded on the books of the Trust or a transfer or similar agent for the Trust, which books shall be maintained separately for the Shares of each Series (and class). No certificates evidencing the ownership of Shares shall be issued except as the Board of Trustees may otherwise determine from time to time. The Trustees may make such rules as they consider appropriate for the transfer of Shares of each Series (and class) and similar matters. The record books of the Trust as kept by the Trust or any transfer or similar agent, as the case may be, shall be conclusive as to the identity of the Shareholders of each Series (and class) and as to the number of Shares of each Series (and class) held from time to time by each Shareholder.

  • Ownership of Accounts In the event of termination, so long as Producer has promptly accounted for and paid all premiums or return commissions for which it may be liable, the Producer’s records and use and control of expiration, shall remain the property of Producer; otherwise, use of records and control of expirations shall be vested promptly and exclusively in Broker.

  • Ownership of Records All records required to be maintained and preserved by the Corporation or Fund pursuant to the provisions of rules or regulations of the Securities and Exchange Commission under Section 31(a) of the Act and maintained and preserved by the Manager on behalf of the Corporation or Fund, as appropriate, are the property of the Corporation or Fund, as appropriate, and will be surrendered by the Manager promptly on request by the Corporation or Fund, as appropriate.

  • Ownership of Card Your Card remains our property and may be cancelled by us at any time without notice. You agree to surrender your Card and to discontinue use of the account immediately upon our request.

  • Ownership of Cards Any card or other device which we supply to you is our property and must be returned to us, or to any person whom we authorize to act as our agent, or to any person who is authorized to honor the card, immediately according to instructions. The card may be repossessed at any time at our sole discretion without demand or notice. You cannot transfer your card or account to another person.

  • Ownership of Website The content, information and offers on our website are copyrighted by Bank and/or Vendor and the unauthorized use, reproduction, linking or distribution of any portions is strictly prohibited. You agree not to copy, display, distribute, download, license, sub-license, modify, publish, repost, reproduce, reuse, sell, transmit, create a derivative work from or otherwise use for public or commercial purposes, the information and materials on the Sites, except as provided in this Agreement, without our express written permission. Unless otherwise noted, all other trademarks, service marks, and logos used on the Bank’s sites are the trademarks, service marks or logos of Bank, or others as indicated.

  • Ownership of Material Copyright in the pages and in the screens displaying the pages, and in the information and material therein and in their arrangement, is owned by Profinium and/or its Service Providers unless otherwise indicated. All registered and unregistered trademarks used in the Service are the sole property of their respective owners. Unauthorized reproduction in whole or part is prohibited.

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