A Payment Default definition

A Payment Default means a default in the payment of (i) Basic Rent, (ii) Additional Rent, and (iii) Community Charges to the extent such charges are necessary for the maintenance and preservation of the Common Areas and Community Facilities and to provide the services offered by the Community. A default on the part of the Resident in the payment of fees for use of the Community recreation facilities, fines assessed for violations of the Community Guidelines or charges for repairs, alternations, modifications and improvements to the Resident’s Home Site or Home are not Payment Defaults. The Rent Adjustment Index is [Insert alternative index if applicable] [the Cost of Living Index]. If the Rent Adjustment Index is discontinued and/or amended, then a successor or amended Index prepared by the same governmental agency or successor agency or comparable reporting agency will be used. The Secured Lender is the financial institution that (i) is making the loan to the Resident to enable the Resident to purchase the Home and acquire a leasehold interest in the Resident’s Home Site, or (ii) is refinancing an existing mortgage loan secured by the Resident’s Home and the Resident’s leasehold interest in the Home Site. The initial Secured Lender for the Resident’s Home is named in the Basic Information section of this Agreement. The Resident must inform the Land Owner in writing of any changes in this information, including a change in the entity servicing the Resident’s loan, the loan number and any modification of the terms of the financing. The Secured Lender is also any assignee of the original Secured Lender, including the noteholder on the Financing Documents. This Residential Ground Lease Agreement grants to the Resident a leasehold interest in the Resident’s Home Site subject to the terms of this Agreement, beginning on the Commencement Date and ending on the Termination Date. Under the terms of this Residential Ground Lease Agreement, the Land Owner, as landlord, leases the Home Site to the Resident, as tenant, and the Resident leases from the Land Owner, the Home Site for a Home owned by the Resident. In connection with the Resident’s leasehold interest in the Home Site, the Resident has an undivided interest and nonexclusive easement for ingress and egress to the Home Site and for the use and enjoyment of the Common Areas and Community Facilities.
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Examples of A Payment Default in a sentence

  • A Payment Default which has been cured in accordance with Section 11.3 of this Agreement.

  • A Payment Default which has been cured in accordance with Section 15.3 of this Agreement.

  • A Payment Default shall be deemed to have occurred notwithstanding the fact that the Payment Default results from compliance with or enforcement of the Subordination Agreement.

  • A Payment Default shall be deemed to have occurred notwithstanding the fact that the default in payment resulted from compliance with or enforcement of the Intercreditor Agreements subject to the terms thereof.

  • A Payment Default which has been cured in accordance with Section 9.3 of this Agreement.

  • H3.1 A person who is not a party to this Contract shall not have any rights under the Contracts (Rights of Third Parties) ▇▇▇ ▇▇▇▇ to enforce any term of this Contract.

  • A Payment Default shall be deemed to have been cured when (and only when) the full amount of the Payment Default, plus interest thereon at the Default Rate (as in effect from time to time), accruing from the date of the Payment Default until the date of cure, has been paid by the curing Defaulting Shareholder.

  • A Payment Default shall be deemed to have occurred notwithstanding the fact that the default in payment resulted from compliance with or enforcement of the Intercreditor Agreement.

  • A Payment Default can only be cured by the payment of all sums due and owing as set forth in the default notice.

  • B-1 Exhibit C--Form of Notice of A Payment Default................................