Terms, Recapture and Default Sample Clauses

Terms, Recapture and Default. The funds shall be made available in the form of a 0% interest rate, 10-year deferred due upon sale loan, forgivable at the end of the compliance period. A mortgage is recorded on the property. The recipient is required to own and occupy the property as a principal residence during the compliance period. If the recipient defaults on any terms of the mortgage and note during the compliance period, then the full balance of the loan shall become due and payable. A subordination of this mortgage will only be approved under the guidelines of the Loan Subordination Policy established by the City of Gainesville.
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Terms, Recapture and Default. All SHIP funds provided to eligible households will be in the form of a grant and not subject to recapture.
Sample 1
Terms, Recapture and Default. The terms and conditions of the funds used in this strategy will be determined on a case-by-case basis depending on the financial capacity of the rental housing project. SHIP funds may be provided as a loan and/or grant to support the financing structure and/or leveraging of the rental housing project. Funds may also be used as a match for the U.S. Department of Housing and Urban Development HOME Program and other related programs offered by federal, State of Florida and local government to produce and preserve rental housing. When HOME funds are used with SHIP, the most restrictive rules and regulations may apply. Loans may be a combination of deferred, due on sale, zero interest and/or low interest. A mortgage and/or other related instrument will be recorded on the property. Eligible sponsors assisted under this strategy must reserve rental housing for eligible persons for 15 years or the term of the assistance, whichever period is longer. A subordination of this mortgage will only be approved under the guidelines of the Loan Subordination Policy established by the City of Gainesville. Eligible sponsors that offer rental housing for sale before 15 years or that have an outstanding loan and/or grant balance under this strategy must give a first right of refusal to eligible nonprofit organizations for purchase at the current market value for continued occupancy by eligible persons. However, if the new buyer is eligible for the program, then the terms and conditions of the loan and/or grant may be assumed, as long as, all other SHIP and/or local requirements are met. Rental units constructed, rehabilitated or otherwise assisted from the local housing assistance trust fund must be monitored at least annually for 15 years or the term of assistance, whichever is longer, for compliance with tenant income and affordability requirements. Recapture of any loan and/or grant may be repaid to SHIP, HOME and other related programs based on the percentage of the financing provided to the project, as applicable. For those developments that the Florida Housing Finance Corporation provides the same monitoring and determination, the City may rely on such monitoring and determination of tenant eligibility.
Sample 1
Terms, Recapture and Default. Funds will be awarded as a grant with no recapture terms.
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Related to Terms, Recapture and Default

  • Cure and Default An Interconnection Party that commits a Breach and does not take steps to cure the Breach pursuant to this Section 15.4 is in Default of this Appendix 2 and of the Interconnection Service Agreement.

  • Termination and Default Either party, upon determination that the other party has failed or refused to perform or is otherwise in breach of any obligation or provision under this Agreement or the Contract Document, may give written notice of default to the defaulting party in the manner specified for the giving of notices herein. Termination of this Agreement by either party for any reason shall have no effect upon the rights or duties accruing to the parties prior to termination.

  • Abandonment and Default If PSP defaults on this Agreement, TFC reserves the right to cancel the Agreement without notice and either re-solicit or re-award the Agreement to the next best responsive and responsible respondent. The defaulting PSP will not be considered in the re- solicitation and may not be considered in future solicitations for the same type of work.

  • DISTRIBUTION AND DEFAULT SERVICE TERMS AND CONDITIONS Capacity Pipeline Capacity, Underground Storage Withdrawal Capacity, Underground Storage Capacity and Peaking Capacity as defined in these Terms and Conditions. Capacity Allocators The proportion of the Customer’s Total Capacity Quantity that comprises Pipeline Capacity, Underground Storage Withdrawal Capacity and Peaking Capacity. City Gate The interconnection between a Delivering Pipeline and the Company’s distribution facilities. Company Eversource Gas Company of Massachusetts d/b/a Eversource Energy Company Gas Allowance The difference between the sum of all amounts of Gas received into the Company’s distribution system and the sum of all amounts of Gas delivered from the Company’s distribution system as calculated by the Company for the most recent twelve (12) month period ending July 31. Such difference shall include, but not be limited to, Gas consumed by the Company for its own purposes, line losses and Gas vented and lost as a result of an event of Force Majeure, excluding gas otherwise accounted for. Company-Managed Supplies Capacity contracts held and managed by the Company in accordance with governing tariffs, but made available to the Supplier pursuant to Section 13.9 of these Terms and Conditions, including supply-sharing contracts and load- management contracts. Consumption Algorithm A mathematical formula used to estimate a Customer’s daily consumption. Critical Day In accordance with Section 19.0 of these Terms and Conditions, a Day declared at any time by the Company in its reasonable discretion when unusual operating conditions may jeopardize operation of the Company’s distribution system.

  • Effect on Termination of Negotiating Successor Agreement If either Party provides Notice of Termination pursuant to Section 6.3 and, on or before the noticed date of termination (the End Date), either Party has requested negotiation of a new Interconnection agreement, such notice shall be deemed to constitute a Bona Fide Request to negotiate a replacement agreement for Interconnection, services or Network Elements pursuant to §252 of the Act and this Agreement shall remain in effect until the earlier of: (a) the effective date of a new Interconnection agreement between CLEC and CenturyLink; or, (b) one-hundred sixty (160) Days after the requested negotiation or such longer period as may be mutually agreed upon, in writing, by the Parties, or

  • Interpretations and Definitions 2.01 For the purpose of this Agreement:

  • Commencement and Expiry (a) This Agreement will commence seven days after approval by the Fair Work Commission and will nominally expire on 30 June 2020.

  • Nature and Scope of Obligations 1. The Parties recall their obligation to ensure the adequate and effective implementation of the international agreements dealing with intellectual property to which they are parties, including the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights (“the TRIPS Agreement”). The provisions of this Chapter shall complement and further specify the rights and obligations between the Parties under the TRIPS Agreement and other international agreements in the field of intellectual property.

  • Effect of Event of Default If any Event of Default described in Section 13.1.4 shall occur in respect of the Company, the Commitments shall immediately terminate and the Loans and all other Obligations hereunder shall become immediately due and payable and the Company shall become immediately obligated to Cash Collateralize all Letters of Credit, all without presentment, demand, protest or notice of any kind; and, if any other Event of Default shall occur and be continuing, the Administrative Agent may (and, upon the written request of the Required Lenders shall) declare the Commitments to be terminated in whole or in part and/or declare all or any part of the Loans and all other Obligations hereunder to be due and payable and/or demand that the Company immediately Cash Collateralize all or any Letters of Credit, whereupon the Commitments shall immediately terminate (or be reduced, as applicable) and/or the Loans and other Obligations hereunder shall become immediately due and payable (in whole or in part, as applicable) and/or the Company shall immediately become obligated to Cash Collateralize the Letters of Credit (all or any, as applicable), all without presentment, demand, protest or notice of any kind. The Administrative Agent shall promptly advise the Company of any such declaration, but failure to do so shall not impair the effect of such declaration. Any cash collateral delivered hereunder shall be held by the Administrative Agent (without liability for interest thereon) and applied to the Obligations arising in connection with any drawing under a Letter of Credit. After the expiration or termination of all Letters of Credit, such cash collateral shall be applied by the Administrative Agent to any remaining Obligations hereunder and any excess shall be delivered to the Company or as a court of competent jurisdiction may elect.

  • INTERPRETATION AND DEFINITIONS 2.01 For the purpose of this Agreement:

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