TERMS OF THE FUNDING. 6.1 The Proponent acknowledges that the County has a quarterly reporting requirement and an annual reporting requirement to the Minister to ensure compliance with the Program, and the Proponent agrees that it will provide the County with information and documents the County deems relevant, in its sole discretion, for the purposes of these reports to the Minister during the term of the Funding.
TERMS OF THE FUNDING. 6.1 The Loan shall have a term of twenty (20) years, commencing as of the Interest Adjustment Date.
6.2 Prior to the Interest Adjustment Date, interest shall accrue on the total of the amount or amounts advanced under the Loan at the rate of eight per cent (8%) per annum. The interest so calculated shall compound semi-annually, not in advance, and shall be payable upon demand, until the Interest Adjustment Date.
6.3 On the Interest Adjustment Date, the amount of interest accrued as calculated in section 6.2 shall be forgiven, provided that the Proponent has satisfied all requirements as set out in section 3.
6.4 With effect from the Interest Adjustment Date, the interest rate applicable to the Loan shall be the higher of the average posted rate offered by major Canadian lending institutions for a commercial first mortgage having a five (5) year term, plus two per cent (2%) or the interest rate applicable to the first mortgage registered against title to the property, plus two per cent (2%).
6.5 On each anniversary date of the Interest Adjustment Date, the Proponent shall pay the County the amount of interest, as calculated on the Loan amount according to the interest rate stipulated in section 6.4, so accrued during the previous year, provided however, if the Proponent has satisfied, as of such anniversary date, the requirements of this Agreement, the amount of the interest so owing shall automatically be forgiven.
6.6 The Loan amount shall be fully forgiven on the last day of the month at the end of the term of the Loan, provided that the Proponent has fulfilled all the requirements of the Program as set out in this Agreement.
6.7 The Proponent shall comply with the requirements of the Ontario Mortgage and Housing Initiative.
6.8 The Proponent shall provide the County with such information respecting the Proponent’s permanent financing obligations for the Project as the County may require from time to time.
TERMS OF THE FUNDING. 6.1 The Loan shall have a term of twenty (20) years, commencing as of the Interest Adjustment Date.
6.2 Prior to the Interest Adjustment Date, interest shall accrue on the total of the amount or amounts advanced under the Loan at the rate of eight per cent (8%) per annum. The interest so calculated shall compound semi-annually, not in advance, payable on demand until the Interest Adjustment Date.
6.3 On the Interest Adjustment Date, the amount of interest accrued as calculated in section 6.2 shall be forgiven, provided that the Proponent has satisfied all requirements as set out in section 2.
6.4 With effect from the Interest Adjustment Date, the interest rate applicable to the Loan shall be the higher of the average posted rate offered by major Canadian lending institutions for a commercial first mortgage having a five (5) year term, plus two per cent (2%) or the interest rate applicable to the first mortgage registered against title to the property, plus two per cent (2%).
6.5 On each anniversary date of the Interest Adjustment Date, the Proponent shall pay the County the amount of interest, as calculated on the Loan amount according to the interest rate stipulated in section 6.4, so accrued during the previous year, provided however, if the Proponent has satisfied, as of such anniversary date, the requirements of this Agreement, the amount of the interest so owing shall automatically be forgiven.
6.6 The Loan amount shall be fully forgiven on the last day of the month at the end of the term of the Loan, provided that the Proponent has fulfilled all the requirements of the Program as set out in this Agreement.
TERMS OF THE FUNDING. 6.1 The Loan shall have a term of twenty-five (25) years, commencing as of the Initial Occupancy of the Project.
6.2 Prior to the Interest Adjustment Date, interest shall accrue on the total of the amount or amounts advanced under the Loan the rate of eight per cent (8%) per annum. The interest so calculated shall compound semi-annually, not in advance, until the Interest Adjustment Date.
6.3 On the Interest Adjustment Date, the amount of interest accrued as calculated in section 6.2 shall be forgiven, provided that the Proponent has satisfied all requirements as set out in section 2.
6.4 Following the Interest Adjustment Date, interest shall accrue on the total of the amount or amounts advanced under the Loan at the rate of eight per cent (8%) per annum. The interest so calculated shall compound semi-annually, not in advance.
6.5 On each anniversary date of the Interest Adjustment Date, the Proponent shall pay the City the amount of interest, as calculated on the Loan amount according to the interest rate stipulated in section 6.4, so accrued during the previous year; provided, however, if in the opinion of the City, acting reasonably, the Proponent has satisfied, as of such anniversary date, the requirements of this Agreement, the amount of the interest so owing shall automatically be forgiven.
6.6 The Loan amount shall be fully forgiven on the last day of the month at the end of the term of the Loan, provided that the Proponent has fulfilled all the requirements of the Program as set out in this Agreement.
6.7 The Proponent shall provide the City with such information respecting the Proponent's permanent financing obligations for the Project as the City may require from time to time.
TERMS OF THE FUNDING. 6.1 The Loan shall have a term of twenty (20) years, commencing on the Construction Start Date (the “Term”).
6.2 The Loan amount shall be fully forgiven on the last day of the month at the end of the Term, provided that the Proponent has fulfilled all the requirements of the Program as set out in this Agreement, and to the satisfaction of the County.
6.3 The Proponent acknowledges that the County has an annual reporting requirement to the Minister to ensure compliance with the Program, and the Proponent agrees that it will provide the County with information and documents the County deems relevant, in its sole discretion, for the purposes of these quarterly reports to the Minister during the Term.
6.4 The Proponent shall provide the County with such information respecting the Proponent’s permanent financing obligations for the Project as the County may require from time to time.
TERMS OF THE FUNDING. 4.1 The Loan shall have a term of five (5) years, commencing at the completion of the project. The intended use period is a minimum of five (5) years from the completion of the project.
4.2 The Loan amount shall be fully forgiven on the last day of the month at the end of the term of the Loan, provided that the Proponent has fulfilled all the requirements of the Program as set out in this Agreement.
TERMS OF THE FUNDING. 6.1 The Forgivable Loan shall have a term of twenty (20) years, commencing as of the Date set for Occupancy.
6.2 Prior to the Date set for Occupancy, interest shall accrue on the total of the amount or amounts advanced under the Loan the rate of four per cent (4%) per annum. The interest shall accrue and be calculated from the date of each advance and shall compound semi- annually, not in advance, until the Date set for Occupancy
6.3 On the Date set for Occupancy, the amount of interest accrued as calculated in section 6.2 shall be forgiven, provided that the Proponent has satisfied all requirements as set out in section 2.
6.4 The Loan amount shall be fully forgiven on the last day of the month at the end of the term of the Loan, provided that the Proponent has fulfilled all the requirements of the Program as set out in this Agreement.
6.5 During the forgivable 20 year term the loan balance will be reduced on an accelerated basis. The rate of forgiveness has been established based on the following schedule: ▪ 3% for each of the first five years ▪ 4% for each of the next five years ▪ ▪ 5% for each of the next five years 8% for each of the remaining five years
TERMS OF THE FUNDING. 6.1 The Loan shall have a term of thirty-five (35) years, commencing as of the Initial Occupancy of the Project.
6.2 Prior to the Interest Adjustment Date, interest shall accrue on the total of the amount or amounts advanced under the Federal/ Provincial Loan the rate of eight per cent (8%) per annum. The interest so calculated shall compound semi-annually, not in advance, until the Interest Adjustment Date.
6.3 On the Interest Adjustment Date, the amount of interest accrued as calculated in section 6.2 shall be forgiven, provided that the Proponent has satisfied all requirements as set out in section 2.
6.4 Following the Interest Adjustment Date, interest shall accrue on the total of the amount or amounts advanced under the Federal/ Provincial Loan at the rate of eight per cent (8%) per annum. The interest so calculated shall compound semi-annually, not in advance.
6.5 On each anniversary date of the Interest Adjustment Date, the Proponent shall pay the City the amount of interest, as calculated on the Federal/ Provincial Loan amount according to the interest rate stipulated in section 6.4, so accrued during the previous year; provided, however, if in the opinion of the City, acting reasonably, the Proponent has satisfied, as of such anniversary date, the requirements of this Agreement, the amount of the interest so owing shall automatically be forgiven.
6.6 The Federal/ Provincial Loan amount shall be fully forgiven on the last day of the month at the end of the term of the Loan, provided that the Proponent has fulfilled all the requirements of the Program as set out in this Agreement.
6.7 Prior to the Interest Adjustment Date, interest shall accrue on the total of the amount or amounts advanced under the City Loan the rate of two per cent (2%) per annum until the Interest Adjustment Date.
6.8 On the Interest Adjustment Date, the amount of interest accrued on the City Loan as calculated in section 6.7, shall be forgiven, provided that the Proponent has satisfied all requirements as set out in section 2.
6.9 Following the Interest Adjustment Date, interest shall accrue on the total of the amount or amounts advanced under the City Loan at the rate of two per cent (2.0%) per annum. The interest so calculated shall not be compounded annually. The City Loan amount of $1,916,000 plus annual interest on the Loan will be payable at the end of the agreement period. Alternatively, the Proponent has the option of renewing this Agreement for a further term with deta...
TERMS OF THE FUNDING. 7.1 The Loan shall have an Affordability Period of twenty (20) years, commencing as of the date of First Occupancy for the Project. The balance of the Loan will be reduced by the amount that is equal to the original principal amount of the Loan set out in section 2.1 multiplied by five percent (5%) on each anniversary of First Occupancy, until the sixteenth anniversary of First Occupancy if the Proponent is in good standing under the terms and conditions of the Agreement. For clarity, this timing is based on the twenty
