Housing Assistance. The Employer agrees to provide, upon application by an employee, a salary advance for the purpose of buying, for personal use, a principal residence in the place of work assigned by the employer or its environs. This salary advance shall not exceed $30,000 and shall be made for a maximum period of five years. In the event of termination of an employee's employment prior to expiry of the period of repayment of the advance, the outstanding balance owed by the employee shall be repaid immediately. The recipient of the advance who wishes to repay it earlier may do so. The advance shall be secured by a promissory note drawn in favour of the Employer. There shall only be one advance issued per employee at any one time. Failure to comply with the terms of the advance or cessation of employment at the University renders the advance repayable at the discretion of the Employer.
Appears in 6 contracts
Samples: Collective Agreement, Collective Agreement, Collective Agreement
