Terms, Recapture and Default Sample Clauses

Terms, Recapture and Default. The funds shall be made available in the form of a 0% interest rate, 10-year due upon sale loan, forgivable at the end of the compliance period. A mortgage is recorded on the property. The recipient is required to own and occupy the property as a principal residence during the compliance period. If the recipient defaults on any terms of the mortgage and note during the compliance period, then the full balance of the loan shall become due and payable. A subordination of this mortgage will only be approved under the guidelines of the Loan Subordination Policy established by the City of Gainesville.
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Terms, Recapture and Default. All SHIP funds provided to eligible households will be in the form of a grant and not subject to recapture.
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Terms, Recapture and Default. The terms and conditions of the funds used in this strategy will be determined on a case-by-case basis depending on the financial capacity of the rental housing project. SHIP funds may be provided as a loan and/or grant to support the financing structure and/or leveraging of the rental housing project. Funds may also be used as a match for the U.S. Department of Housing and Urban Development HOME Program and other related programs offered by federal, State of Florida and local government to produce and preserve rental housing. When HOME funds are used with SHIP, the most restrictive rules and regulations may apply. Loans may be a combination of deferred, due on sale, zero interest and/or low interest. A mortgage and/or other related instrument will be recorded on the property. Eligible sponsors assisted under this strategy must reserve rental housing for eligible persons for 15 years or the term of the assistance, whichever period is longer. A subordination of this mortgage will only be approved under the guidelines of the Loan Subordination Policy established by the City of Gainesville. Eligible sponsors that offer rental housing for sale before 15 years or that have an outstanding loan and/or grant balance under this strategy must give a first right of refusal to eligible nonprofit organizations for purchase at the current market value for continued occupancy by eligible persons. However, if the new buyer is eligible for the program, then the terms and conditions of the loan and/or grant may be assumed, as long as, all other SHIP and/or local requirements are met. Rental units constructed, rehabilitated or otherwise assisted from the local housing assistance trust fund must be monitored at least annually for 15 years or the term of assistance, whichever is longer, for compliance with tenant income and affordability requirements. Recapture of any loan and/or grant may be repaid to SHIP, HOME and other related programs based on the percentage of the financing provided to the project, as applicable. For those developments that the Florida Housing Finance Corporation provides the same monitoring and determination, the City may rely on such monitoring and determination of tenant eligibility.
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Terms, Recapture and Default. Funds will be awarded as a grant with no recapture terms.
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Related to Terms, Recapture and Default

  • Cure and Default An Interconnection Party that commits a Breach and does not take steps to cure the Breach pursuant to this Section 15.4 is in Default of this Appendix 2 and of the Interconnection Service Agreement.

  • Termination and Default Either party, upon determination that the other party has failed or refused to perform or is otherwise in breach of any obligation or provision under this Agreement or the Contract Document, may give written notice of default to the defaulting party in the manner specified for the giving of notices herein. Termination of this Agreement by either party for any reason shall have no effect upon the rights or duties accruing to the parties prior to termination.

  • Procedure and Effect of Termination In the event of termination and abandonment of the transactions contemplated hereby pursuant to Section 9.1, written notice thereof shall forthwith be given to the other parties to this Agreement and this Agreement shall terminate and the transactions contemplated hereby shall be abandoned, without further action by any of the parties hereto. If this Agreement is terminated as provided herein:

  • Absence of Defaults and Conflicts Resulting from Transaction The execution, delivery and performance by the Company of this Agreement, and the issuance and sale of the Offered Securities will not result in a breach or violation of any of the terms and provisions of, or constitute a default or a Debt Repayment Triggering Event (as defined below) under, or result in the imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of its subsidiaries pursuant to, (i) the charter, articles of association or bylaws (or similar governing documents) of the Company or any of its subsidiaries, (ii) any statute, rule, regulation or order of any governmental agency or body or any court, domestic or foreign, having jurisdiction over the Company or any of its subsidiaries or any of their properties (including, without limitation, the U.S. Food and Drug Administration (“FDA”)), or (iii) any agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the properties of the Company or any of its subsidiaries is subject, except in the case of clauses (ii) and (iii) as would not reasonably be expected to have a Material Adverse Effect; a “Debt Repayment Triggering Event” means any event or condition that gives, or with the giving of notice or lapse of time would give, the holder of any note, debenture, or other evidence of indebtedness (or any person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any of its subsidiaries.

  • Acceleration Waivers Amendments and Remedies 8.1. Acceleration;

  • Absence of Violations and Defaults Neither the Company nor any of its Subsidiaries is (A) in violation of its charter, bylaws or similar organizational documents, (B) in default in the performance or observance of any obligation, agreement, covenant or condition contained in any contract, indenture, mortgage, deed of trust, loan or credit agreement, note, lease, license or other agreement or instrument to which the Company or any Subsidiary is a party or by which it is bound or to which any of the properties or assets of the Company or any Subsidiary is subject (collectively, “Agreements and Instruments”), except for such defaults that would not, singly or in the aggregate, result in a Material Adverse Effect, or (C) except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, in violation of any federal, state, local or foreign statute, rule, regulation or any order, judgment, writ or decree of any arbitrator, court or governmental, regulatory or administrative agency, authority or body or any self-regulatory organization or other non-governmental regulatory authority having jurisdiction over the Company or any of its Subsidiaries or any of their respective properties, assets or operations (each, a “Governmental Entity”), except for such violations that would not, singly or in the aggregate, result in a Material Adverse Effect.

  • Agreement in Full Force and Effect as Amended Except as specifically amended hereby, all provisions of the Agreement shall remain in full force and effect. This Amendment shall not be deemed to expressly or impliedly waive, amend or supplement any provision of the Agreement other than as expressly set forth herein and shall not constitute a novation of the Agreement.

  • No Construction as Employment Agreement Nothing contained in this Agreement shall be construed as giving Indemnitee any right to be retained in the employ of the Company or any of its subsidiaries or affiliated entities.

  • Absence of Existing Defaults and Conflicts Neither the Company nor any of its subsidiaries is in violation of its respective charter or by-laws or in default (or with the giving of notice or lapse of time would be in default) under any existing obligation, agreement, covenant or condition contained in any indenture, loan agreement, mortgage, lease or other agreement or instrument to which any of them is a party or by which any of them is bound or to which any of the properties of any of them is subject, except such defaults that would not, individually or in the aggregate, result in a Material Adverse Effect.

  • Conditions to Obligations of Each Party to Effect the Merger The respective obligations of each party to this Agreement to effect the Merger shall be subject to the satisfaction at or prior to the Closing Date of the following conditions:

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