Authority Note definition
Examples of Authority Note in a sentence
During the Senior Lender Cure Period, Senior Lender shall have the right (but not the obligation) to cure Borrower’s default without meeting any requirements as to the assumption of the Authority Note.
For example, if Participant desires to sell the unit with a Fair Market Value of $200,000 and an Affordable Sales Price valued at $170,000, the $30,000 difference is the new Affordability Gap, and as such the Authority Note will be adjusted accordingly.
For a period of 30 days following the date of the Default Notice (the “Senior Lender Cure Period”), the Authority will not exercise any of its remedies under the Authority Loan Documents or institute any legal action against the Borrower or the Development, including accelerating the maturity of the Authority Note or instituting Foreclosure.
This Agreement (1) is effective beginning on the Issue Date and (2) terminates when the Authority Note is fully discharged.
The adjustment to the Authority Note shall occur on an agreed upon date during an open escrow to convey the unit to a proposed Buyer and after the Authority determined and verified that the household income of a proposed Buyer is an Eligible Person or Family (as such terms and all capitalized terms are defined hereinafter), and determined whether the Property is available to such Buyer at an Affordable Housing Cost.
No interest shall accrue on the Authority Note, the term of which shall be fifty-five years from the date the Promissory Note is executed (the "Note Term").
As a condition of this loan modification, the parties agree to modify and adjust the amount of the Authority Note from time to time as set forth in this section.
Each and every term of the Authority Note, including each term set forth in Exhibit A to the Authority Note, is incorporated herein by this reference.
The Owner agrees that it is bound by and will abide by the provisions of the Bank Loan Agreement, the restrictions noted on the face of the Authority Note and this Owner Letter.
The Authority and the Depository may treat the registered Owner of the Authority Note as the absolute owner for all purposes, regardless of any contrary notice.