City Homebuyer Loan Sample Clauses

City Homebuyer Loan. The City Party shall provide to the Eligible Homebuyer who purchases a Home a loan of funds equal to the difference between the Resale Price and the sum of the Affordable Housing Cost of the Home and the Eligible Homebuyer’s down payment (“Homebuyer Loan”). The form of the loan documents to be entered into by the City Party and each Eligible Homebuyer for a Homebuyer Loan shall be prepared by the City Party and it is anticipated such documents will include without limitation a loan agreement, a promissory note, a subordinate deed of trust, a request for notice of default, a regulatory agreement or conditions, covenants and restrictions (CCRs), a buyer disclosure statement, a truth in lending statement, and a notice of right to cancel (collectively, the “Homebuyer Loan Documents”). Pursuant to the NSP Requirements, the affordability requirements for the Home shall, at a minimum, adhere to the affordability provisions under the Home Investment Partnerships Act at Title II of the Xxxxxxxx-Xxxxxxxx National Affordable Housing Act, as amended (42 U.S.C. § 12741, et seq.), and the implementing regulations (24 C.F.R. § 92, et seq). It is contemplated that the Homebuyer Loan will have the following terms: (a) 0% interest with a term of forty-five (45) years; (b) payments deferred during the initial thirty (30) year period of the term of the Homebuyer Loan (unless a default or the Home is sold); (c) equal monthly installment payments made during the last fifteen (15) years of the forty-five (45) year term, with the Homebuyer Loan paid in full in the forty-fifth year; (d) equity share payable during the term of the loan, with the amount payable in the initial thirty (30) year period to be in the same proportion that the Homebuyer Loan bears to the Resale Price, and with such amount reduced each year commencing in the thirty first year of the term of the Homebuyer Loan by an amount equal to 1/15 of the original equity share. Notwithstanding the foregoing, if equity sharing is not permitted under the NSP Requirements, it is contemplated that the Homebuyer Loan will be a simple interest deferred payment loan, with payment due in full upon the sale of the Home to the extent net proceeds are available to repay the Eligible Homebuyer’s investment and the NSP Loan. The Contract Officers, together with their respective legal counsel, shall have the authority to prepare, establish the terms of, and execute the Homebuyer Loan Documents consistent with the NSP Requirements. Su...
Sample 1
AutoNDA by SimpleDocs

Related to City Homebuyer Loan

  • Seller Financing Seller agrees to provide financing to the Buyer under the following terms and conditions:

  • Single Loan All Loans to Borrower and all of the other Obligations of Borrower arising under this Agreement and the other Loan Documents shall constitute one general obligation of Borrower secured, until the Termination Date, by all of the Collateral.

  • Purchaser Financing Purchaser assumes full responsibility to obtain the funds required for settlement, and Purchaser’s acquisition of such funds shall not be a contingency to the Closing.

  • Pre-Closing Collections Within two (2) Business Days after the Closing Date the Seller shall transfer to the account or accounts designated by Ally Auto (or by the Issuing Entity under the Further Transfer Agreements) all collections on the Receivables held by the Seller on the Closing Date, and conveyed to Ally Auto pursuant to Section 2.01.

  • Interlibrary Loan Using electronic, paper, or intermediated means, the Participating Institutions may at their discretion fulfill occasional requests from other institutions, a practice commonly called Interlibrary Loan ("ILL"). The Distributor agrees and ensures that the Publisher will agree that the electronic form of the Licensed Materials may be used as a source for the ILL whereby articles and/or chapters can be printed and these print copies can be delivered via postal mail, fax, or fax-based service to fulfill ILL requests from an academic, research or other non-commercial library. Requests received from for-profit companies will not be honored. An ILL through secure electronic transmission, as demonstrated by the ARIEL, is permitted. Files transmitted in this manner must carry copyright notices and comply with the applicable law.

  • Conveyance From Seller to Purchaser Subsection 6.01

  • Lost Shareholder Due Diligence Searches and Servicing The Trust hereby acknowledges that USBFS has an arrangement with an outside vendor to conduct lost shareholder searches required by Rule 17Ad-17 under the Securities Exchange Act of 1934, as amended. Costs associated with such searches will be passed through to the Trust as an out-of-pocket expense in accordance with the fee schedule set forth in Exhibit C hereto. If a shareholder remains lost and the shareholder’s account unresolved after completion of the mandatory Rule 17Ad-17 search, the Trust hereby authorizes vendor to enter, at its discretion, into fee sharing arrangements with the lost shareholder (or such lost shareholder’s representative or executor) to conduct a more in-depth search in order to locate the lost shareholder before the shareholder’s assets escheat to the applicable state. The Trust hereby acknowledges that USBFS is not a party to these arrangements and does not receive any revenue sharing or other fees relating to these arrangements. Furthermore, the Trust hereby acknowledges that vendor may receive up to 35% of the lost shareholder’s assets as compensation for its efforts in locating the lost shareholder.

  • Assets Purchased by Assuming Institution With the exception of certain assets expressly excluded in Sections 3.5 and 3.6, the Assuming Institution hereby purchases from the Receiver, and the Receiver hereby sells, assigns, transfers, conveys, and delivers to the Assuming Institution, all right, title, and interest of the Receiver in and to all of the assets (real, personal and mixed, wherever located and however acquired) including all subsidiaries, joint ventures, partnerships, and any and all other business combinations or arrangements, whether active, inactive, dissolved or terminated, of the Failed Bank whether or not reflected on the books of the Failed Bank as of Bank Closing. Assets are purchased hereunder by the Assuming Institution subject to all liabilities for indebtedness collateralized by Liens affecting such Assets to the extent provided in Section 2.1.

  • Purchaser The RPA Seller shall indemnify and hold harmless the Purchaser from and against any loss, liability, expense or damage suffered or sustained by reason of any acts, omissions or alleged acts or omissions arising out of activities of the RPA Seller pursuant to this Agreement or as a result of the transactions contemplated hereby, including, but not limited to, any judgment, award, settlement, reasonable attorneys’ fees and other costs or expenses incurred in connection with the defense of any actual or threatened action, proceeding or claim; provided, however, that the RPA Seller shall not indemnify the Purchaser if such acts, omissions or alleged acts or omissions constitute negligence or willful misconduct by the Purchaser.

  • Construction Loan Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties set forth in this Agreement, the Lender has agreed to lend to Borrower and Borrower has agreed to borrow from Lender the lesser of: (i) $27,000,000.00; or (ii) 55% of the Project Costs. Such amount shall be loaned by Lender pursuant to the terms and conditions set forth in this Agreement and the First Supplement to this Agreement.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!