Refinance of First Mortgage Loan Sample Clauses

Refinance of First Mortgage Loan. (1) The City shall permit and approve prepayment and refinance of the existing First Lender Loan and shall provide for the subordination of this Agreement (if previously subordinated to the First Lender Loan) and the City Deed of Trust to the refinanced First Lender Loan only if the new loan (a) does not exceed the original principal amount of the First Lender Loan and (b) such refinance does not cause the Owner's monthly payment on all debt recorded against the Home (including the refinanced loan) to exceed the Affordable Cost, as determined by the City. A new loan that meets the requirements in this Section 24B(1) shall be a loan that is a "Permitted Refinance Amount".
Sample 1
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Refinance of First Mortgage Loan. The City shall permit and approve a prepayment and refinance of the existing First Lender Loan and shall provide for the subordination of this Agreement and the City Deed of Trust to the refinanced First Lender Loan only if such refinance does not cause the total debt secured by the Home, including junior mortgage loan and equity lines of credit, to exceed the Permitted Encumbrance Amount. Borrower shall provide the City copies of all loan documents related to a potential refinancing loan. The City will not approve any mortgage loan which includes negative amortization, nor will the City approve any adjustable rate mortgages.
Sample 1
Refinance of First Mortgage Loan. The Authority shall permit and approve a prepayment and refinance of the existing first mortgage loan and shall provide for the subordination of this Agreement and the Authority Deed of Trust to the refinanced first mortgage loan only if such refinance does not cause the total debt secured by the Premises, including junior mortgage loans and equity lines of credit, to exceed the Permitted Encumbrance Amount. The Authority will not approve any mortgage loan which includes negative amortization.
Sample 1
Refinance of First Mortgage Loan. The outstanding principal and Proximity Housing Share of Appreciation due on the Note shall not be due upon prepayment and refinancing of the First Mortgage, provided that: (a) such refinancing is approved by the County; and (b) the amount refinanced does not exceed the amount allowed pursuant to Section 16.1 of the Proximity Housing Agreement.
Sample 1
Refinance of First Mortgage Loan. (1) The City shall permit and approve prepayment and refinance of the existing First Lender Loan and shall provide for the subordination of this Agreement and the City Deed of Trust to the refinanced First Lender Loan only if the new loan (a) does not exceed the original principal amount of the First Lender Loan and (b) such refinance does not cause the Owner's monthly payment on all debt recorded against the Home (including the refinanced loan) to exceed the Affordable Cost, as determined by the City. A new loan that meets the requirements in this section 24B(1) shall be a loan that is a "Permitted Refinance Amount".
Sample 1

Related to Refinance of First Mortgage Loan

  • Repayment of Loans; Evidence of Debt (a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Loan on the Maturity Date.

  • Reduction of Funding The Department must by law terminate this contract if funds are not appropriated or otherwise made available to support the Department's continuation of performance of this contract in a subsequent fiscal period. (18-4-313(4), MCA.) If state or federal government funds are not appropriated or otherwise made available through the Department budgeting process to support continued performance of this contract (whether at an initial contract payment level or any contract increases to that initial level) in subsequent fiscal periods, the Department shall terminate this contract as required by law. The Department shall provide Contractor the date the Department's termination shall take effect. The Department shall not be liable to Contractor for any payment that would have been payable had the contract not been terminated under this provision. As stated above, the Department shall be liable to Contractor only for the payment, or prorated portion of that payment, owed to Contractor up to the date the Department's termination takes effect. This is Contractor's sole remedy. The Department shall not be liable to Contractor for any other payments or damages arising from termination under this section, including but not limited to general, special, or consequential damages such as lost profits or revenues.

  • Repayment of Funds Unless Treasury extends the time period, a recipient shall repay to the Secretary any amounts subject to recoupment in accordance with instructions provided by Treasury:

  • Replacement of Notes Upon receipt by the Company at the address and to the attention of the designated officer (all as specified in Section 18(iii)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and

  • Payment of Funding 5.1 Payments will be made after written request to FFG in accordance with the following payment plan: 1st instalment after conclusion of the Funding Agreement EUR xx 2nd instalment after the end of the reporting period xx.xx.20xx EUR xx 3rd instalment after the end of the reporting period xx.xx.20xx EUR xx 4th instalment after the end of the reporting period xx.xx.20xx EUR xx Final instalment after final approval by FFG EUR xx

  • Loan Agreement This Agreement duly executed by Borrower and Lender.

  • The Loan Section 2.01. The Bank agrees to lend to the Borrower, on the terms and conditions set forth or referred to in the Loan Agreement, various currencies that shall have an aggregate value equivalent to the amount of one hundred million dollars ($100,000,000), being the sum of withdrawals of the proceeds of the Loan, with each withdrawal valued by the Bank as of the date of such withdrawal.

  • Duplication of Funding If Grantee receives any funding that is duplicative of funding received under this Grant Agreement that cannot be used for new or expanded eligible grant activities, Grantee will notify the assigned contract manager as soon as possible. System Agency may issue an amendment modifying budget and/or project activities to eliminate duplication. Additionally, Grantee understands that duplicative funding that cannot be re-programmed to support new or expanded grant--obligated from this Grant Agreement and returned to System Agency.

  • Loan Terms The Loan will be evidenced by the Note and will bear interest and be paid in accordance with the payment terms set forth in the Note.

  • Repayment of Loan 6.1.1 Upon the occurrence of either an Event of Default or a decision by Party A, in its sole discretion, to demand repayment of the Loan or any portion of the Loan, Party A may at its discretion issue a notice (Repayment Notice) to Party B requiring repayment of the Loan or any portion of the Loan and any other payment in arrears under this Agreement.

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