Transfer To A Less Expensive Apartment Sample Clauses

Transfer To A Less Expensive Apartment. A resident transferring to a less expensive apartment with a lower current Entrance Fee shall receive a refund of a portion of the Entrance Fee as set forth in Article X, Section B.4. The amount refunded at that time will be based upon the difference of the Entrance Fee for the current residence, paid at the time the Resident executed the Residency Agreement (the Original Entrance Fee) and the Entrance Fee in effect for the new Residence at the time of transfer (the Revised Entrance Fee). The refund will be paid from the Entrance Fee received from a new resident moving into the apartment that is being vacated. Future Entrance Fee refunds shall be calculated based upon the Revised Entrance Fee. “Months of occupancy” shall be based on the original date of occupancy at Glenmeadow.
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