Deferred payment loan definition
Examples of Deferred payment loan in a sentence
The Loan Agreement for such Eligible ▇▇▇▇▇▇ Loan is substantially in the form of one of the Deferred Payment Loan Agreements attached to Schedule 3 hereto or any other form of Loan Agreement provided to and deemed satisfactory by Agent.
Beginning with the thirty-first (31st) year after achievement of stabilization, payments will also begin on the Deferred Payment Loan, at which point 60% of Net Cash Flow will be paid toward each of the two loan balances in equal amounts based upon the respective balances of each loan at that point in time.
With respect to any Mortgage Loan, other than a Deferred Payment Loan, that does not have a first payment date on or before the last day of the Due Period relating to the first Distribution Date, the Seller shall deposit into the Distribution Account on or before the Distribution Account Deposit Date relating to the first Distribution Date, an amount equal to one month's interest at the related Net Mortgage Rate on the Cut-off Date Principal Balance of such Mortgage Loan.
HOME Program funds will be disbursed on behalf of the DEVELOPER under the following terms and conditions; HOME funds are provided as a Deferred Payment Loan at 0% interest.
The funding will begin as a Deferred Payment Loan at 0% interest until Clearance is obtained.
City has the right to accelerate the payment of the loans, as evidenced by Exhibits "C" and "D", respectively, upon breach of this Agreement by Borrower, and City further has the right to declare that the entire principal amount of the Forgivable Deferred Payment Loan, and the entire outstanding principal advanced and all accrued interest under the terms of the Amortized Loan are immediately due and payable by Borrower to City at the time of the contract breach.
If Borrower breaches any term or condition of this Section III., entitled "Conditions Precedent," the entire principal amount of the Forgivable Deferred Payment Loan, as evidenced by Exhibit "C", and the entire outstanding principal advanced and all accrued interest under the terms of the Amortized Loan, as evidenced by Exhibit "D", shall immediately be declared due and payable, and City shall be entitled to exercise all rights and remedies reserved to it under Section V.
Provided Borrower complies with the terms and conditions of this Agreement, repayment of the Forgivable Deferred Payment Loan shall be deferred and the entire principal balance shall be forgiven following expiration of the HUD-mandated minimum affordability period of ( ) years, to commence on the date of project completion in described in Section IV.
If Clearance is not achieved within 180 days by fault of the Owner, and PDC has not granted of extension for the time of completion, the loan will revert to a Deferred Payment Loan at 3% non-amortizing interest.