Common use of Payment of Loan Clause in Contracts

Payment of Loan. 2.1 In consideration of the Resident making an interest free loan in the Loan Amount to the Scheme Operator, the Scheme Operator agrees to grant to the Resident the right to reside and upon termination or surrender of the right to reside to repay the Loan in the manner provided in Clause 3. 2.2 The Resident shall pay to the Scheme Operator the Loan Amount less any amount previously paid by the Resident to the Scheme Operator by way of deposit or reservation fee at the time of execution of the Residence Contract and this Loan Agreement and prior to taking up occupation.