For Sale definition
Examples of For Sale in a sentence
The purchase price shall be an amount that is the greater of (a) the amount of the debt secured by all Mortgages recorded against the subject For Sale Inclusionary Unit(s), including commercially reasonable costs and expenses, if any, incurred by Mortgagee as a result of a default and due and payable by the Inclusionary Unit Owner under the terms of the Mortgage or (b) the Maximum Resale Price.
The purchasing Inclusionary Unit Owner shall submit to the District Agency within seventeen (17) days after the closing on the Sale of any For Sale Inclusionary Unit a final executed HUD settlement statement and a copy of the deed recorded in the Land Records, including the Declaration of Eligibility and Certification of Income, Affordability, and Housing Size.
The Agency shall have the right to purchase a For Sale Inclusionary Unit in the event a notice of default or notice of intent to foreclose for a Mortgage in first position was recorded in the Land Records.
The Agency shall have thirty (30) days from the date a notice of default or a notice of foreclosure sale was recorded in the Land Records to exercise its option and to purchase the For Sale Inclusionary Unit.
In the event title to a For Sale Inclusionary Unit is transferred following foreclosure by, or deed in lieu of foreclosure to, a Mortgagee in first position, or a Mortgage in first position is assigned to the Secretary of HUD, the terms of this Covenant applicable to such unit shall be automatically terminated subject to Sections 8.3.4 and 8.4.