Recapture Provisions. CCHIP Agreements will include a provision for the recapture of the incentives (e.g. grants and loans) in the event Agreement terms and requirements are not met. These recapture provisions will survive any subsequent assignment of the Agreement.
Recapture Provisions. In the event the Contractor fails to comply with any of the terms and conditions of this Agreement and that failure results in an overpayment, or Contractor fails to expend funds under this Agreement in accordance with state and federal laws and/or provisions of this Agreement, the County reserves the right to recapture funds in an amount equivalent to the overpayment or extent of the noncompliance. Such right of recapture shall exist for a period not to exceed one (1) year following Agreement termination or Agreement completion. Repayment by the Contractor of funds under this recapture provision shall occur within 30 calendar days of demand. If repayment is not made within the specified time frame, the County may secure repayment, plus interest, if any, utilizing available remedies.
Recapture Provisions. The City shall adopt, and shall cause each Agency to adopt, implement and enforce the HOME Program recapture provisions of 24 CFR § 92.254(a)(5)(ii) (the “Recapture provisions”) in compliance with all applicable terms thereof. The Recapture provisions shall be contained in the written agreements with homebuyers required by Section III-D hereof, shall be enforced by recorded deeds of trust securing repayment of HOME subsidies, and shall remain in effect for each award of HOME assistance to a homebuyer for the minimum period of affordability provided in 24 CFR § 92.254(a) applicable to that award. The Recapture provisions shall otherwise be uniformly applied to all individual homebuyer HOME assistance awards. The execution of this HOME Agreement with Attachments 1 and 2, and of the City HOME Agreements in the forms of those Attachments 1 and 2, constitutes the County’s and the City’s approval respectively of the Agencies’ Recapture provisions.
Recapture Provisions. The Agency shall adopt, implement and enforce the HOME Program recapture provisions of 24 CFR § 92.254(a)(5)(ii) (the “Recapture provisions”) in compliance with all applicable terms thereof. The Recapture provisions shall be contained in the written agreements with homebuyers required by Section III-D hereof, shall be enforced by recorded deeds of trust securing repayment of HOME subsidies, and shall remain in effect for each award of HOME assistance to a homebuyer for the minimum period of affordability provided in 24 CFR § 92.254(a) applicable to that award. The Recapture provisions shall otherwise be uniformly applied to all individual homebuyer HOME assistance awards. The execution of this HOME Agreement constitutes the City’s approval of the Agency’s Recapture provisions.
Recapture Provisions. The Grantor shall maintain the Property as his or her principal place of residence for the entire Affordability Period.
Recapture Provisions. If the amount for which the taxpayer is at risk in any activity as of the close of the taxpayer’s last taxable year beginning before January 1, 1979, is less than zero, section 465(e)(1) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] (as added by section 203 of this Act) shall be applied with respect to such activity of the taxpayer by substituting such negative amount for zero.
Recapture Provisions. Borrower agrees that if at any time during the Affordability Period the Qualifying Home is not their principal residence or is transferred either through sale, foreclosure, or other event, that the Xxxxxxxxx Xxxxxxxxxxx HOME Consortium and the Town of Davidson shall have the right to require Borrower to pay in full all amounts owed on the Promissory Note, including principal and accrued interest, on thirty (30) days’ notice. This is known as Recapture.
Recapture Provisions. If this provision is invoked by the Company, a recapture valuation mutually agreeable to the Company and Lessor shall be established and stated in the Subcontract Lessor certifies that there are no encumbrances of any nature, legal or equitable, held by any person against the Equipment rented hereunder, unless so stated in the Subcontract. At any time during or at the end of the rental period of the Equipment, the Company may purchase the Equipment by paying to Lessor the difference between such valuation and total rental paid, plus a charge to cover interest at a rate specified in this Subcontract for the unpaid balance of the equipment valuation for each month or fraction thereof that such Equipment has been under rental to the Company. Title to such Equipment shall then vest in the Company and Lessor shall deliver to the Company such instruments of title as the Company may require, free of any and all liens and encumbrances. The following provisions shall be applicable if Equipment is rented on the basis of operation and maintenance by the Lessor: All rental rates stipulated in this Subcontract include all charges for operation and maintenance of the Equipment by Lessor. Lessor has qualified or will promptly qualify and will make all payments under the terms of the unemployment compensation laws of the state in which the Equipment will be operated. In addition, Lessor will, at Lessor's expense, carry insurance in minimum limits as specified in the Article titled “Work on Company, Government or other Premises,” included in these Terms and Conditions. Lessor shall obtain Company’s prior approval before employing any Subcontractors. Each Subcontractor must also carry insurance as specified in subparagraph (2), supra. Lessor shall carry Contractor's Protective Public Liability, Bodily Injury, and Protective Property Damage insurance of the same minimum limits. Lessor shall be responsible for all persons engaged to operate or maintain the Equipment or to perform any other Work Lessor is obligated to perform under this Subcontract. None of said persons shall constitute employees of the Company. In the operation of the Equipment, Lessor shall comply with all Federal, State, and local regulations and with all safety regulations in effect on the Company site. In addition, Lessor shall; Comply with recognized safety practices for the type of Work being performed including the furnishing of necessary safety equipment Conduct and protect operations in such a manner...
Recapture Provisions. The recapture provisions described in the Note shall apply to the Loan, which provisions are consistent with 24 CFR 92.254.
Recapture Provisions. In the circumstance that the jurisdiction is not satisfied that the terms of the contract were met, the conditions for reclaiming funds is established. Termination and Review of Agreement – Identifies the terms for terminating and reviewing the agreement prior to the end of the agreement period.
