Refinance. The City shall permit a prepayment and refinance of the First Lender Loan and shall agree to subordinate this Agreement and the City Deed of Trust to the refinanced First Lender Loan provided that: (1) following such refinance, the principal amount of all debt secured by the Property does not exceed the Permitted Encumbrance Amount; (2) the refinanced First Lender Loan is a fully amortized fixed rate loan, is fully documented, and requires no balloon payments; (3) if the remaining balance of the original First Lender Loan exceeds ninety percent (90%) of the Maximum Restricted Resale Price, then the refinanced First Lender Loan reduces the Owner's principal and interest payments; and (4) the total new housing cost to the Owner after the refinance does not exceed the Owner's ability to pay.
Appears in 2 contracts
Sources: Occupancy, Resale, and Refinancing Restriction Agreement, Occupancy, Resale, and Refinancing Restriction Agreement
Refinance. The City shall permit a prepayment and refinance of the First Lender Loan and shall agree to subordinate this Agreement and the City Deed of Trust to the refinanced First Lender Loan provided that:
(1) following such refinance, the principal amount of all debt secured by the Property does not exceed the Permitted Encumbrance Amount;
(2) the refinanced First Lender Loan is a fully amortized fixed rate loan, is fully documented, and requires no balloon payments;
(3) if the remaining balance of the original First Lender Loan exceeds ninety percent (90%) of the Maximum Restricted Resale Price, then the refinanced First Lender Loan reduces the Owner's principal and interest payments; and
(4) the total new housing cost to the Owner after the refinance does not exceed the Owner's ability to pay.
Appears in 1 contract
Sources: Occupancy, Resale, Refinancing Restriction and Equity Share Agreement