Common use of Entrance Fee Clause in Contracts

Entrance Fee. At the time of executing the Residency Agreement, you will be required to pay your Entrance Fee. When calculating the amount you owe at signing, Provider will apply your Reservation Deposit to the Entrance Fee amount, and you will pay the balance. Provider will deposit in escrow the Entrance Fee you pay and the funds will be released to Provider only upon the approval of the Department, which requires construction be completed and an occupancy permit issued; a long-term financing commitment has been received; and the total entrance fees received, plus the proceeds of the long-term financing commitment, equal or exceed ninety percent (90%) of the costs of constructing, equipping and furnishing the Community, funding start-up losses and assuring full performance of life care contracts.

Entrance Fee. At When the time Entrance Fee for your Residence comes due pursuant to the terms of executing the Residency Agreement, you will be required to pay your Entrance Fee. When calculating the amount you owe at signing, Provider will apply your Reservation Deposit to the Entrance Fee amountamount owed, and you will pay the balance. As set forth in the Residency Agreement, Provider will deposit in escrow the Entrance Fee you pay and the funds will be released to Provider only upon the approval of the Department, which requires construction be completed and an occupancy permit issued; a long-term financing commitment has been received; and the total entrance fees received, plus the proceeds of the long-term financing commitment, equal or exceed ninety percent (90%) of the costs of constructing, equipping and furnishing the Community, funding start-up losses and assuring full performance of life care contracts.