Home Loan. Subject to the provisions of subsection (c) below, simple interest will accrue on the outstanding principal balance of the HOME Loan at a per annum rate of interest equal to three percent (3%), commencing on the date of disbursement.
Home Loan. Borrower shall use the HOME Loan for construction costs, in amounts consistent with the Approved Development Budget. Use of the HOME Loan for reimbursement of costs incurred prior to the date of this Agreement is subject to Section 92.206(d)(1) of the HOME Regulations.
Home Loan. Commission agrees, subject to the terms and conditions of this Agreement and in consideration of the representations, covenants and obligations of Borrower contained in this Agreement, to make the HOME Loan to Borrower, to be used solely for the purposes described herein.
Home Loan. Wichita GP irrevocably and unconditionally guarantees and covenants that the Partnership shall obtain the HOME Loan on the terms set forth in the Financing Summary concurrently with the execution of this Agreement. Wichita GP has obtained the Consent of AHF to the terms and forms of the HOME Loan Documents.
Home Loan. Commission agrees, subject to the terms and conditions of this Agreement and in consideration of the representations, covenants and obligations of Borrower contained in this Agreement, to make the HOME Loan to Borrower, to be used solely for the purposes described herein. Commission acknowledges that the HOME Loan funds are to pay for costs not included within the HUD Capital Advance, as outlined in the Proposed Budget attached hereto as Exhibit "H". In the event Borrower secures financing in excess of that which is necessary to achieve complete construction of the Project, the Commission reserves the right to receive from Borrower a payment on the Note referred to in Section 2 of such excess amount, if approved by HUD.
Home Loan. In connection with Employee’s relocation to the Seattle area, Safeco provided Employee with a home purchase loan in the amount of $780,000. The principal amount, together with any accrued interest from the Termination Date, will be due one (1) year after the Termination Date. This is consistent with the original loan terms as reflected in that certain Promissory Note Secured by a Deed of Trust, dated October 8, 2001, and nothing contained in this Agreement or otherwise amends Employee’s obligations with respect to this loan in any manner.
Home Loan. The outstanding agreement made with Executive concerning the purchase of Executive’s residence is modified as of the Effective Date so that the entire outstanding principal balance, together with all accrued interest, on the Effective Date shall be forgiven at such time. In addition, the Company shall reimburse the Executive for taxes incurred by the Executive in connection with such principal and interest forgiveness as of the Effective Date; and such reimbursement shall occur, and/or in its discretion the Company may pay directly to the applicable taxing authority in lieu of such tax reimbursement to the Executive, no later than ten (10) days after the Executive presents satisfactory documentation of the taxes incurred and a determination by the Company of the taxes incurred, provided that, except as provided in the next sentence, all payments to be made under this Section 4.3 must be made by the end of the Executive’s taxable year next following the Executive's s taxable year in which the income recognition event occurs for tax purposes. Any right to reimbursement arising due to a tax audit or litigation addressing the existence or amount of a tax liability must be made by the end of the Executive’s taxable year following the Executive’s taxable year in which the taxes that are the subject of the audit or litigation are remitted to the taxing authorities or, where no such taxes are remitted, the end of the Executive’s taxable year following the year in which the audit is completed or there is a final and non-appealable settlement or the resolution of the litigation.
Home Loan. In connection with Executive's purchase of a home in the San Diego area, the Company will provide to Executive a loan of up to four hundred thousand dollars ($400,000) repayable in full upon the first to occur of (a) the four (4) year anniversary of the loan, (b) termination of this Agreement, (c) sale of by Executive of any NBI security, or (d) refinancing or sale of the San Diego home. The loan will bear interest at a rate of five percent (5% p.
a.) payable annually in arrears and will be secured with a second mortgage deed on the San Diego home. For so long as the loan remains outstanding, twelve and one-half percent (12.5%) of the outstanding principal amount of the loan will be forgiven on each of the first four anniversaries of the date of the loan for a total forgiveness of fifty percent (50%). It shall be a condition of the loan that Executive shall have provided a down payment on purchase of the home in San Diego of at least ten percent (10%) excluding the proceeds of the Company loan.
Home Loan. Upon request by Executive, the Company shall co-sign a loan with Executive to purchase a permanent residence in Southern California for Executive and Executive's immediate family, which loan shall not exceed the lesser of (A) the purchase price for such residence or (B) $250,000; provided, that the Company will not co-sign such loan unless and until the sale of Executive's existing home in New Jersey enters escrow and the Company obtains shareholder approval of such loan, the terms of such loan and the documents relating to such loan must be reasonably acceptable to the Company in form and substance, and the loan must be secured by deeds of trust on the residence being purchased by Executive and on Executive's home in New Jersey. Executive agrees to sign documentation evidencing his and the Company's obligations under the loan, and to obtain a release of the Company from
Home Loan. If the Allottee(s) intend(s) to avail of a home loan from any bank, housing finance institution or other lender (hereinafter referred to as the “HFI”) in order to purchase the Apt. the Allottee(s) alone shall be liable and responsible for obtaining the sanction/approval of the loan on time so as to ensure that all payments are made punctually within 3 working days of the demand notice. The Allottee(s) alone shall be responsible and liable for all delays by the HFI in processing or sanctioning the loan and the timely processing, disbursement(s), release of payments / instalments by the HFI to the Promoter. Notwithstanding all that is stated herein it shall always be obligatory on the part of the Allottee(s) to pay the installments of the consideration amount as and when due under the terms of this Agreement and the Allottee(s) shall duly and promptly pay the installments of the consideration amount irrespective of the fact that the Allottee(s) has/have applied for the loan to the HFI and further irrespective of the fact that the said loans are under process or sanction thereof is awaited or the loan application has been/is rejected. The Allottee(s) shall not be permitted to raise any contention in respect of his failure to pay the instalments of the consideration amount on time and on the due dates on the basis that the Allottee(s) has/have applied for loan to the HFI and that the same are under process of disbursement or that the loan application of the Allottee(s) has been/is rejected. In the event of the failure of the Allottee(s) to pay the instalments of the consideration amount, the Promoter shall be entitled to enforce its rights herein.
