Common use of Timing of Entrance Fee Refund Clause in Contracts

Timing of Entrance Fee Refund. (a) If Resident rescinds this Agreement in accordance with Section I, Sponsor shall return Resident’s Entrance Fee Deposit within three (3) business days of receipt of Resident’s Notice of Rescission. (b) If Resident terminates this Agreement in accordance with Section XI(a), Sponsor shall return Resident’s Entrance Fee Deposit within sixty (60) days following notice that Resident has terminated this Agreement. (c) If Resident terminates this Agreement after the expiration of the Rescission Period for any other reason, Sponsor shall refund the Entrance Fee Deposit, or the refundable portion of the Entrance Fee, no later than thirty (30) days after a new resident signs an Agreement and pays the then applicable Entrance Fee for Resident’s Independent Living Apartment, but in no event later than one (1) year after termination of this Agreement. The refund will be paid to Resident or, if applicable, Resident’s estate. (d) If, after expiration of the Rescission Period, one of two joint Residents sharing a single Independent Living Apartment shall terminate their residency while the second joint Resident remains in the Independent Living Apartment, the Sponsor will not be obligated to refund the Entrance Fee until this Agreement terminates. (e) If this Agreement is terminated by Sponsor after the Rescission Period but prior to Resident’s Occupancy Date, Sponsor will refund the Entrance Fee paid less any adjustments pursuant to Section V(b)(3) within ninety (90) days of termination. (f) If Sponsor terminates this Agreement on or after the Resident’s Occupancy Date, Sponsor will refund the refundable portion of the Entrance Fee paid, less any adjustments pursuant to Section V(b)(3), no later than thirty (30) days after a new resident signs an Agreement and pays the then applicable Entrance Fee for Resident’s Independent Living Apartment, but in no event later than one (1) year after termination of this Agreement.

Timing of Entrance Fee Refund. (a) If Resident rescinds this Agreement in accordance with Section I, Sponsor shall return Resident’s Entrance Fee Deposit within three (3) business days of receipt of Resident’s Notice of Rescission. (b) If Resident terminates this Agreement in accordance with Section XI(a), Sponsor shall return Resident’s Entrance Fee Deposit within sixty (60) days following notice that Resident has terminated this Agreement. (c) If Resident terminates this Agreement after the expiration of the Rescission Period for any other reason, Sponsor shall refund the Entrance Fee Deposit, or the refundable portion of the Entrance Fee, no later than thirty (30) days after a new resident signs an Agreement and pays the then applicable Entrance Fee for Resident’s Independent Living Apartment, but in no event later than one one (1) year after termination of this Agreement. The refund will be paid to Resident or, if applicable, Resident’s estate. (d) If, after expiration of the Rescission Period, one of two joint Residents sharing a single Independent Living Apartment shall terminate their residency while the second joint Resident remains in the Independent Living Apartment, the Sponsor will not be obligated to refund Second Person portion of the Entrance Fee until this Deposit, or the refundable portion thereof, shall be refunded to the terminating Resident no later than (i) thirty (30) days after a new resident signs an Agreement terminatesand pays the then applicable Second Person Entrance Fee to replace the terminating resident as a joint Resident in the Independent Living Apartment, or (ii) thirty (30) days after the remaining resident terminates their residency and a new resident signs an Agreement and pays the then applicable Entrance Fee to replace the remaining Resident in the Independent Living Apartment, but in any case no event later than one (1) year after termination of residency by the terminating Resident. (e) If this Agreement is terminated by Sponsor after the Rescission Period but prior to Resident’s Occupancy Date, Sponsor will refund the Entrance Fee paid less any adjustments pursuant to Section V(b)(3) within ninety (90) days of termination. (f) If Sponsor terminates this Agreement on or after the Resident’s Occupancy Date, Sponsor will refund the refundable portion of the Entrance Fee paid, less any adjustments pursuant to Section V(b)(3), no later than thirty (30) days after a new resident signs an Agreement and pays the then applicable Entrance Fee for Resident’s Independent Living Apartment, but in no event later than one one (1) year after termination of this Agreement.