Common Contracts
1 similar null contracts
ContractDecember 23rd, 2014
for the Homeownership Opportunity Pro- gram for Low-Income Families (Turnkey III) as prescribed by the Government. The Local Authority shall enter into an agreement with the occupant of each dwelling unit in the Project which agreement shall be in the form of the Homebuyers Ownership Oppor- tunity Agreement approved by the Govern- ment, which form provides an opportunity for the acquisition of ownership of the dwell- ing unit by each occupant who has performed all of the obligations and conditions prece- dent imposed upon him by such agreement. Upon conveyance of any such dwelling unit, the Local Authority’s outstanding obliga- tions in respect to the Project shall be re- duced by the amount received for such con- veyance, and the Government’s obligation for payment of annual contributions in re- spect to the Project shall be reduced by the amount allocable to the initial purchase price of the dwelling unit. The term ‘‘initial purchase price’’ as used in these Special Pro- visions shal
