Common use of Repayment Provision Clause in Contracts

Repayment Provision. ▇▇▇▇▇▇ agrees that ▇▇▇▇▇▇▇▇ shall have the right, at his sole discretion, to repay the Loan by selling their interest in the subject real property to Lender for its then current fair market value. The parties shall mutually agree in good faith as to the fair market value of the property, but in no event shall the mutually agreed upon fair market value of the property be less than the amount the Borrower has invested in improvements of any kind to the property. The sale price of the property shall be applied to reduce any outstanding principal and interest that may be owing on the Loan at the time of the sale. If the sale price as determined herein is in excess of the outstanding principal and interest owing on the Loan at the time of the sale, such excess shall be paid to Borrower at close.