HUD Loan Assumption Requirements Sample Clauses

HUD Loan Assumption Requirements. The HUD Loan Assumption Documents shall have been executed and delivered by Lender and Seller and all other HUD Loan Assumption Requirements shall have been obtained.
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HUD Loan Assumption Requirements. On the Closing Date, Seller shall assign, and Buyer shall assume, all of Seller’s right, title and interest in, and all of Seller’s obligations and liabilities under, the HUD Loan Documents in the form of a loan 30 assumption or transfer (the “HUD Loan Assignment”) in form and substance acceptable to Buyer and Seller. Seller and Buyer hereby acknowledge and agree that the HUD Loan Assignment and other agreements pursuant to which Buyer will assume liability under the HUD Loan (the “Loan Assumption Documents”) are subject to Lender’s and HUD’s approval. Buyer and Seller shall reasonably cooperate with each other and Lender and HUD in expediting the approval of the Loan Assumption Documents. Buyer shall promptly furnish all information and shall cooperate with Seller in Seller’s direct communication with Lender and HUD. Seller shall pay all amounts reasonably required by Lender pursuant to the HUD Loan Documents, including any processing fees and expenses and any assumption fee imposed by Lender when due to the extent required under the HUD Loan Documents (“Assumption Fees”), and to the extent any portion of the Assumption Fees have been paid by Buyer, Seller shall reimburse such Assumption Fees to Buyer on the Closing Date (but, in the event this Agreement is terminated prior to Closing, then such Assumption Fees shall be reimbursed to Buyer upon demand). The terms of the immediately preceding sentence shall survive any termination of this Agreement. (a) In connection with the Buyer’s assumption of the HUD Loan, the parties will endeavor in good faith to fully negotiate, each in form and substance satisfactory to Buyer, HUD and Lender, the Loan Assumption Documents, which shall include, without limitation, the following: i. The consent and agreement of Lender and HUD to: (i) the conveyance of the Property by Seller to Buyer, (ii) an assumption by Buyer of all obligations and liabilities of Seller under or with respect to the HUD Loan that relate solely to events that occur on or after the Closing Date, (iii) a release of Seller and Seller’s principals from all obligations and liabilities with respect to the HUD Loan that relate solely to events that occur on or after the Closing Date, (iv) limit Buyer’s assumption of Seller’s obligations and liabilities to the period from and after the Closing Date, and (v) Seller’s assignment to Buyer, and Buyer’s acceptance and assumption, of the HUD Reserves; and ii. An estoppel from Lender stating (i) that the HUD Loan ...

Related to HUD Loan Assumption Requirements

  • Participation Requirements The Recipient must work with Canada and AMO when asked to collaborate on communications activities – including, but not limited to, Eligible Project success stories (including positive impacts on housing), Eligible Project vignettes, and Eligible Project start-to-finish features.

  • Margin Requirements 10.1 The Client shall provide and maintain the Initial Margin and/or Hedged Margin in such limits as the Company, at its sole discretion, may determine at any time under the Contract Specifications for each type of CFD. 10.2 It is the Client’s responsibility to ensure that he understands how a Margin is calculated. 10.3 The Company has the right to amend any entry in the Contract Specifications section for each CFD including margin requirements, and these changes may take effect on both new and existing/open Positions/trades; which may be declared through an internal mail message or on the company’s Corporate website, unless a Force Majeure Event has occurred. 10.4 The Company has the right to change Margin requirements without prior Written Notice to the Client in the case of Force Majeure Event. In this situation the Company has the right to apply new Margin requirements to the new positions and to the positions, which are already open. 10.5 If at any time Equity is less than 20% of the Necessary Margin, the Company has the right to close any or all of the Client’s Open Positions at any time without the Client’s consent or any prior Written Notice to him. In order to determine if the Client has breached this clause, any sums referred to therein which are not denominated in the Currency of the Client Account shall be treated as if they were denominated in the Currency of the Client Account by converting them into the Currency of the Client Account at the relevant exchange rate for spot dealings in the foreign exchange market. 10.6 The Client has the responsibility to notify the Company as soon as he believes that he will be unable to meet a Margin payment when due. 10.7 The Company has no obligation to make Margin Calls for the Client. 10.8 Where the Company effects or arranges a Transaction involving an Instrument, the Client should note that, depending upon the nature of the Transaction, he may be liable to make further payments when the Transaction fails to be completed or upon the earlier settlement or closing out of his position. He may be required to make further variable payments by way of Margin against the purchase price of the Instrument, instead of paying (or receiving) the whole purchase (or sale) price immediately. The movement in the market price of the Client’s investment will affect the amount of margin payment he will be required to make. The Client agrees to pay the Company on demand such sums by way of margin as are required from time to time under the Rules of any relevant Market (if applicable) or as the Company may in its discretion reasonably require for the purpose of protecting itself against loss or risk of loss on present, future or contemplated Transactions under this Agreement. 10.9 Any account on Margin call needs to be cautious of equity as the account will be stopped out by closing all Open Positions as the equity reaches 20 % equity to margin level: all pending orders for the stopped-out account will be deleted, and any deficit that may result after liquidation will be handled and covered by the client 10.10 If the Client breaches clause 10.9., the Company has the right to close partially or totally the Clients Open Positions in order for the client Account to go above the required percentage 10.11 Xxxxxx can be transferred to the company via bank wire transfer or any of the applied deposits methods. 10.12 The Client undertakes neither to create nor to have outstanding any security interest whatsoever over, nor to agree to assign or transfer, any of the Margin transferred to the Company.

  • Notification Requirements 1. If the Family Leave is foreseeable, the employee must provide the agency/department with thirty (30) calendar days notice of his or her intent to take Family Leave. 2. If the event necessitating the Family Leave becomes known to the employee less than thirty (30) calendar days prior to the employee's need for Family Leave, the employee must provide as much notice as possible. In no case shall the employee provide notice later than five (5) calendar days after he or she learns of the need for Family Leave. 3. For foreseeable leave due to a qualifying exigency, an employee must provide notice of the need for leave as soon as practicable, regardless of how far in advance such leave is foreseeable. 4. When the Family Leave is for the purpose of the scheduled medical treatment or planned medical care of a child, parent, spouse or registered domestic partner, the employee shall, to the extent practicable, schedule treatment and/or care in a way that minimizes disruption to agency/department operations.

  • Certification Requirements The hospice program certifies and attaches hereto documentation that: (a) it is Medicare approved and meets all Medicare conditions of participation (42 CFR 418); and (b) is licensed pursuant to any applicable state or local law.

  • Documentation Requirements ODM shall pay the MCP after it receives sufficient documentation, as determined by ODM, detailing the MCP’s Ohio Medicaid-specific liability for the Annual Fee. The MCP shall provide documentation that includes the following: 1. Total premiums reported on IRS Form 8963;

  • Application Requirements This application shall contain, as a minimum, a sketch showing the location of proposed facilities; a description, sketch, manufacturer’s brochure, etc. of the proposed facilities; and a description of the operation proposed. (11-28-90) 101. -- 199. (RESERVED)‌ 200. OPERATIONAL AGREEMENT.‌‌

  • GRADUATION REQUIREMENTS I understand that in order to graduate from the program and to receive a certificate of completion, diploma or degree I must successfully complete the required number of scheduled clock hours as specified in the catalog and on the Enrollment Agreement, pass all written and practical examinations with a minimum score of 80%, and complete all required clinical hours and satisfy all financial obligations to the College.

  • Notification Requirement Through and up to the conclusion of the Non-Competition Period, Executive shall give notice to the Company of each new business activity he plans to undertake, at least seven (7) days prior to beginning any such activity. Such notice shall state the name and address of the Person for whom such activity is undertaken and the nature of Executive’s business relationship(s) and position(s) with such Person.

  • Satisfaction Requirement If any agreement, certificate or other writing, or any action taken or to be taken, is by the terms of this Agreement required to be satisfactory to any Purchaser, to any holder of Notes or to the Required Holder(s), the determination of such satisfaction shall be made by such Purchaser, such holder or the Required Holder(s), as the case may be, in the sole and exclusive judgment (exercised in good faith) of the Person or Persons making such determination.

  • Construction Requirements (a) All Life and Safety and applicable Building Codes will be strictly enforced (i.e., tempered glass, fire dampers, exit signs, smoke detectors, alarms, etc.). Prior coordination with the Building Manager is required. (b) Electric panel schedules must be brought up to date identifying all new circuits added. (c) All electrical outlets and lighting circuits are to be properly identified. Outlets will be labeled on back side of each cover plate. (d) All electrical and phone closets being used must have panels replaced and doors shut at the end of each day’s work. Any electrical closet that is opened with the panel exposed must have a work person present. (e) All electricians, telephone personnel, etc. will, upon completion of their respective projects, pick up and discard their trash leaving the telephone and electrical rooms clean. If this is not complied with, a clean-up will be conducted by the building janitors and the general contractor will be back-charged for this service. (f) Welding or burning with an open flame will not be done without prior approval of the Building Manager. Fire extinguishers must be on hand at all times. (g) All “anchoring” of walls or supports to the concrete are not to be done during normal working hours (7:30 AM—6:00 PM, Monday through Friday). This work must be scheduled before or after these hours during the week or on the weekend. (h) All core drilling is not to be done during normal working hours (7:30 AM—6:00 PM, Monday through Friday). This work must be scheduled before or after these hours during the week or on the weekend. (i) All HVAC work must be inspected by the Building Engineer. The following procedures will be followed by the general contractor: i) A preliminary inspection of the HVAC work in progress will be scheduled through the Building Office prior to the reinstallation of the ceiling grid. ii) A second inspection of the HVAC operation will also be scheduled through the Building Office and will take place with the attendance of the HVAC contractor’s Air Balance Engineer. This inspection will take place when the suite in question is ready to be air-balanced. [***] = CONFIDENTIAL INFORMATION HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THIS OMITTED INFORMATION. iii) The Building Engineer will inspect the construction on a periodic basis as well. (j) All existing thermostats, ceiling tiles, lighting fixtures and air conditioning grilles shall be saved and turned over to the Building Engineer.

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