Entrance fee definition

Entrance fee means money paid in a lump sum or installments or property transferred pursuant to a continuing care agreement before initiation of continuing care for 1 or more individuals and that confers the right to the continuing care.

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Entrance fee means an initial or deferred transfer to a provider of a sum of money or other property made or promised to be made as full or partial consideration for acceptance of a specified individual in a facility if the amount exceeds either of the following:

Entrance fee means any fee or charge, including a damage deposit, paid by a person to a residential nonprofit corporation in order to become a resident member. "Entrance fee" does not include regular periodic payments for the purchase or lease of residential real estate or for the day-to-day use of facilities or services.

Examples of Entrance fee in a sentence

Resident will pay an additional Entrance Fee in an amount equal to the difference between the Entrance Fee Resident has previously paid and the current Entrance Fee for the new living unit.
On or before the Occupancy Date, the Resident shall pay the balance of the Entrance Fee that is due to the Community.
If termination occurs upon or after the expiration of the first nine (9) months following the Occupancy Date, Resident shall receive a refund in an aggregate amount equal to the lesser of (1) ninety percent (90%) of the Entrance Fee paid by Resident; or (2) ninety percent (90%) of the Entrance Fee paid by the resident who occupies the Living Unit after Resident.
If Resident refers to two persons who have entered into this Agreement as joint residents, upon the death of one Resident, this Agreement shall remain in effect as to the survivor and there shall be no refund of any portion of the Entrance Fee at that time.
If this Agreement is terminated by Resident under this Article VIII, Section B, 2, Resident shall be entitled to receive a refund of a portion of the Entrance Fee in accordance with this Article VIII, Section B, 4, below.

More Definitions of Entrance fee

Entrance fee means an initial or deferred

Entrance fee means a payment that assures a resident a place in a facility.

Entrance fee means a once off fee payable to obtain membership of the co-operative, and is paid on application for membership;

Entrance fee means the total of any initial or deferred

Entrance fee means the sum of any initial, amortized, or

Entrance fee means an initial or deferred transfer to a

Entrance fee means an initial or deferred transfer to a continuing care retirement community of a sum of money or other property made or promised to be made as full or partial consideration for acceptance of one or more residents in a continuing care retirement community. "Entrance fee" does not include deposits of ten thousand dollars or less or any amount that is based on rental or lease payments of one month or more.