MORTGAGE LOAN PROGRAM Clause Samples
The Mortgage Loan Program clause defines the specific terms and conditions under which mortgage loans are offered within the agreement. It typically outlines the types of loans available, eligibility requirements, interest rates, repayment schedules, and any special features or restrictions associated with the program. For example, it may specify whether fixed or adjustable-rate mortgages are included, or detail requirements for borrower creditworthiness. The core function of this clause is to provide clear guidelines for both lenders and borrowers, ensuring transparency and consistency in the administration of mortgage loans under the agreement.
MORTGAGE LOAN PROGRAM. The University will continue its present mortgage loan program (although it may change the providing bank or financial institution) for the term of this Agreement.
MORTGAGE LOAN PROGRAM. Section 1. Regular employees who are scheduled to work 20 hours or more each week and
Section 2. In appropriate cases and where special hardship exists, upon the approval of the Treasurer, the University may make a second mortgage loan from its own funds. Application for a second mortgage must be made not later than 12 months after the date of the first mortgage.
MORTGAGE LOAN PROGRAM. Section 1. Regular employees who are scheduled to work 20 hours or more each week and who meet the credit requirements of the lending institutions may qualify for University assistance in obtaining first mortgages on their principal residences. Subject to terms and conditions spelled out in the Treasurer's Office Manual, application may be made for a mortgage loan from a participating bank, at a slightly lower interest rate than that generally in effect, with provision for payment through payroll deduction.
Section 2. In appropriate cases and where special hardship exists, upon the approval of the Treasurer, the University may make a second mortgage loan from its own funds. Application for a second mortgage must be made not later than 12 months after the date of the first mortgage.