Canceled Contracts. If a contract is canceled prior to the closing of the school term, by mutual consent, the salary shall be paid in full on a pro-rata basis for the time actually taught. Revised: March 13, 2017 Approved: May 21, 1998
Canceled Contracts. In the event of the cancellation of any Contract which results in the Speculative Unit Limit outlined in Section 2.2(f) hereof to be exceeded, then Xxxxxxxx shall, within ninety (90) days after such cancellation or default, reduce and curtail the outstanding principal balance of the Loan to a sixty percent (60%) loan-to-value with regard to the unit or units over such limit, provided that Xxxxxxxx has not entered into a Contract with respect to such Unit within such ninety (90) day period. Notwithstanding the foregoing to the contrary, the Lender shall not be obligated to fund additional advances and/or readvances under the Loan for the Speculative Unit(s) which exceed the limit so long as the limit on Speculative Units continues to be exceeded. So long as no Default shall exist hereunder and so long as each and every condition to advances shall have been satisfied, the Lender shall continue to fund advances and/or readvances under the Loan for Pre-Sold Units and all Speculative Units as permitted. It is agreed that exceeding the applicable limit for Speculative Units is not an event of default and only Xxxxxxxx’x failure to curtail the Loan (as required) as it relates to any Speculative Unit over the limit shall be a Default hereunder.
