Borrower Eligibility Clause Samples

Borrower Eligibility. Community Solutions 100 offers “Teacher A+,” “Safety 1st” and “HealthCare Worker+” borrower options, as described below. In the case of co-borrowers, Community Solutions is available if at least one of the co-borrowers qualifies under one of the Teacher A+, Safety 1st or HealthCare Worker+ borrower options described below. To be eligible for Teacher A+, the borrower must be: a) a full time employee at the elementary or secondary education level in a public or private school (in any capacity, including but not limited to teacher, administrator, librarian, counselor, administrative support and custodial staff) who is either (i) state certified, (ii) in the process of becoming state certified, or (iii) employed by a school that is recognized by a state or accredited by a state or regional accrediting association; or b) a full time teacher or administrator at the elementary or secondary education levels working at a federal, state, county, or municipal education agency and who is either state certified or in the process of becoming state certified. To be eligible for Safety 1st, the borrower must be: a) a full-time sworn employee of a police department, sheriff’s office, corrections department, or other law enforcement agency which is a part of or administered by the federal government, a state, a county, a city, or other political subdivision of a state, a commission created by an interstate compact, a university, a hospital, a utility or an airport or port authority who is responsible for the prevention and detection of crime, the enforcement of the penal, traffic or highway laws or the incarceration or detention of offenders; or b) a full-time sworn member of a local, state, or federal fire department or agency and be responsible for at least one of the following: fire suppression, emergency medical response and patient care, fire and injury prevention, arson investigation, hazardous materials incident response and management, and/or response to acts of terrorism. c) a full-time sworn member of a federal fire department or agency and be responsible for at least one of the following: fire suppression, emergency medical response and patient care, fire and injury prevention, arson investigation, hazardous materials incident response and management, and/or response to acts of terrorism. To be eligible for HealthCare Worker+, the borrower must: (a) be a full-time employee of an employer that offers its employees an employer-assisted housing benefit (“EAH”—an emp...

Borrower Eligibility. Eligible en tities . T o be eligible, a bo rr owe r m u s t m ee t t h e r eq u i r e m e n t s specified i n p ara g ra p h s ( a)(1) an d (2) of t h is sec t io n an d i n s u bp ar ▇ ▇ ▇ ▇ ▇ ▇ is p ar t , a s a pplic a ble.

Borrower Eligibility. Borrower is an eligible borrower under the Farm Credit Act and the regulations promulgated thereunder;

Borrower Eligibility. An entity with an eligible loan in good standing, which is secured by a first mortgage and security agreement on a project financed under the Rental Loan Program or Project-Based Section 8 Program prior to January 1, 2009 is eligible to apply under the program. No application for the Program will be considered or approved if the borrower, any of its principals, any entity controlled by the borrower, any affiliates or any guarantor of a borrower’s loan applications: • Is in default or violation of any obligation to Maine Housing; • Has been more than 60 days delinquent on any loan with MaineHousing within the past year from the date of this application or has been issued a Notice of Default or loan documentation violation in the last six months from the date of application, unless an approved payment or workout plan is in place and in good standing; or • Was the owner of any Maine Housing financed project upon which MaineHousing foreclosed. For any proposed changes in ownership, the borrower must demonstrate sufficient previous experience in the development of projects of similar scale and complexity, and satisfy the requirements of MaineHousing’s Ownership Transfer Process, a copy of which is available upon request. A borrower or member of a development team may not participate if the borrower or the development team member: • Is disbarred, suspended, or excluded from any federal program; or • Has ever had a professional license to provide the services the party seeks to provide for the project suspended or revoked; or • Is debarred, suspended, or voluntarily excluded from any MaineHousing programs. Borrowers and their contracts and agents will be required to certify that they are not so classified. MaineHousing may direct applicants to other financing programs for any proposed capital improvements, as it deems appropriate. I/We are requesting the following Loan Modification Option (please check only one option): OPTION 1: A fifteen (15) year loan term calculated on a thirty (30) year amortization schedule with a balloon payment at the end of fifteen (15) years. A prepayment prohibition for the first ten (10) years with prepayment allowed at any time throughout the remaining five (years) of the term. A prepayment penalty will apply in years eleven (11) through (15) as follows: • Year 11: 5% of the original loan amount • Year 12: 4 % of the original loan amount • Year 13: 3% of the original loan amount • Year 14: 2% of the original loan amount • Year 15: 1%...