Owner Occupied. In the event the Purchased Mortgage Loan relates to a Mortgaged Property which is non-owner occupied, it, together with the other Purchased Mortgage Loans subject to Transactions relating to Mortgaged Properties which are non-owner occupied, does not exceed 20% of the aggregate outstanding Repurchase Price of all Purchased Mortgage Loans subject to Transactions.
Owner Occupied. Not less than 80% of the Real Property is regularly occupied for use in a business operated by Customer or one or more entities which are either (i) more than 50% owned and controlled by Customer or a Guarantor, or (ii) if Customer is an entity, which own and control more than 50% of Customer. Each of the foregoing representations and warranties: (i) has been and will be relied upon as an inducement to MLBFS to make any WCMA Loan, and (ii) is continuing and shall be deemed remade by Customer on the Closing Date, and concurrently with each request by Customer for a Subsequent WCMA Loan.
Owner Occupied. HOME funds may be expended only with respect to units occupied by very low income and/or low income families. Combined income from all owner occupant first time home buyer family members who will reside at the subject property cannot exceed the Home Program income limits of eighty percent (80%) of the area median income by family size. Median $52,850 $60,000 $67,950 $75,500 $81,550 $87,600 $93,650 $99,700
Owner Occupied i. Within eighteen months of the completion of the construction and/or rehabilitation of the Project and its placement into operation, supporting documentation must be prepared by the Sponsor or owner, submitted and acceptable to the FHLBNY, in its sole discretion, certifying that:
1. the AHP subsidies have been properly used as specified in the approved AHP Application;
2. the AHP owner-occupied Project units are subject to AHP Subordinate Mortgages or other legally enforceable retention agreements or mechanisms where a household receives AHP subsidy for purchase, purchase in conjunction with rehabilitation or construction; and
3. the Project has achieved its approved levels of performance, as specified in the AHP Application or FHLBNY approved modification to the Application.
ii. In cases where the Sponsor is constructing or rehabilitating Project units for subsequent resale to income eligible owner occupants, the FHLBNY may require the FHLBNY Member Financial Institution and the Sponsor to perform an on-site inspection of the exterior, and where appropriate, the interior living areas of the completed Project units.
Owner Occupied. Except as set forth in Paragraph 3E of this Agreement, if, at any time during the Affordability Period or so long as any or all of the Award is unpaid and outstanding, the Property ceases to be the principal residence of Owner, whether through sale of the Property or otherwise, then the entire outstanding amount of the Award will be immediately due and payable to MFA without demand.
Owner Occupied. Not less than 80% of the Real Property is regularly occupied for use in a business operated by Customer or one or more entities which are either (i) more than 50% owned and controlled by Customer or a Guarantor, or (ii) if Customer is an entity, which own and control more than 50% of Customer. Each of the foregoing representations and warranties: (i) has been and will be relied upon as an inducement to MLBFS to make the Loan, and (ii) is continuing and shall be deemed remade by Customer on the Closing Date.
Owner Occupied. This term is defined in Section 6.25.
Owner Occupied. The first floor may be owner occupied during part of the year. In this case, the Owner shall be treated as an additional tenant and is not required to notify the Tenant when they will be present in the shared areas of the unit, including common utilities, kitchen and bath. The owner, family workers, property manager, and/or designated contractors may be present over the summer months for required maintenance. Notice of entry is not required for Landlord or Property managers access to non-tenant spaces such as the garage, shed or basement. Owner occupancy does not constitute permission to enter private spaces of the Tenant, which requires permission (next section).
Owner Occupied. If at any time during the Affordability Period the Property ceases to be the principal residence of Owner, Owner must inform (the “Tribal Authority”) promptly Authority may be contacted by telephone at . To answer questions or for additional information, the Tribal
Owner Occupied. In the event such Mortgage Loan relates to a Mortgaged -------------- Property which is non-owner occupied, then such Mortgage Loan, together with the other Purchased Mortgage Loans subject to Transactions relating to Mortgaged Properties which are non-owner occupied, does not exceed 15% of the aggregate outstanding Repurchase Price of all Purchased Mortgage Loans subject to Transactions; (yy) Payment Terms. With respect to adjustable rate Mortgage Loans, the ------------- mortgage interest rate is adjusted annually or semi-annually on each interest rate adjustment date to equal the index plus the gross margin, rounded up or down to the nearest 1/8%, subject to the mortgage interest rate cap. With respect to fixed rate Mortgage Loans, the Mortgage Note is payable each month in equal monthly installments of principal and interest sufficient to amortize the Mortgage Loans (other than Balloon Loans) fully by the stated maturity date, over an original term of not more than thirty years from commencement of amortization. With respect to adjustable rate Mortgage Loans, (x) installments of interest are subject to change due to the adjustments to the mortgage interest rate on each interest rate adjustment date, with interest calculated and payable in arrears and (y) installments of principal sufficient to amortize the Mortgage Loans (other than Balloon Loans) fully by the stated maturity date, over an original term of not more than thirty years from commencement of amortization; and (zz) Securitization Standards. Each of the Mortgage Loans conforms to the ------------------------ then current standards of securitization as determined in the reasonable judgment of Buyer.
