Entrance Fee Resident definition

Entrance Fee Resident. Any resident, tenant or occupant that is entitled to occupy any unit at any Entrance Fee Facility pursuant to an Entrance Fee Agreement, but specifically excluding a Non-Entrance Fee Occupant under a Non-Entrance Fee Occupancy Agreement. For purposes of this Addendum, to the extent there is more than one individual living in a single unit pursuant to a single Entrance Fee Agreement, then such individuals shall be considered a single “Entrance Fee Resident” hereunder. Entrance Fees: Any so-called “upfront entrance fees,” deposits or other payments to Lessee (or its predecessor in interest) by any Entrance Fee Resident made (a) to assure such Entrance Fee Resident a place in an Entrance Fee Facility, and/or (b) in exchange for any form (whether limited or otherwise) of long-term life care benefits or services; provided, however that “Entrance Fees” shall not include (i) any monthly service fees paid by Entrance Fee Residents to Lessee in exchange for monthly services, (ii) any waiting list deposits or similar deposits made by prospective Entrance Fee Residents who have not yet entered into any Entrance Fee Agreements, or (iii) any rental or service fees in connection with a Non-Entrance Fee Occupancy Arrangement. Non-Entrance Fee Occupancy Arrangements: Any non-commercial Occupancy Arrangement that does not constitute an Entrance Fee Agreement, including, for example, a residency license or lease agreement to occupy a residential unit at an Entrance Fee Facility on a month-to-month or other limited-term basis and where such Non-Entrance Fee Occupant pays monthly rent and charges, but does not pay an Entrance Fee and is not entitled to life care services or benefits.
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Entrance Fee Resident. Any resident, tenant or occupant that is entitled to occupy any unit at any Entrance Fee Facility pursuant to an Entrance Fee Agreement, but specifically excluding a Non-Entrance Fee Occupant under a Non-Entrance Fee Occupancy Agreement. For purposes of this Addendum, to the extent there is more than one individual living in a single unit pursuant to a single Entrance Fee Agreement, then such individuals shall be considered a single “Entrance Fee Resident” hereunder.
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Examples of Entrance Fee Resident 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.

  • If Resident moves to a less expensive living unit or to an Assisted Living Apartment, and the then current Entrance Fee for the new living unit is less than the refundable balance of the original Entrance Fee, Resident will receive a refund equal to the difference between the new Entrance Fee and the refundable balance of the original Entrance Fee, if any.

  • Borrowers have delivered to Lender the forms of residency agreement in effect at the Closing Date with each Entrance Fee Resident.

  • Resident will pay an additional Entrance Fee in an amount equal to the difference between the Entrance Fee Resident has previously paid and the then current Entrance Fee for the larger Living Accommodation.

  • In addition to the Entrance Fee, Resident agrees to pay to IKF a Monthly Fee, as set forth in Exhibit A, commencing on the Occupancy Date, and each month thereafter.

  • Resident will pay any additional Entrance Fee in an amount equal to the difference between the Entrance Fee Resident has previously paid and the then current Entrance Fee for the new Living Accommodation.

  • Sellers represent and warrant that, as of August 25, 2004, they had posted on the "Project NBA" intralinks website all forms of Residency Agreements in effect with the Entrance Fee Residents and, with respect to each Entrance Fee Resident, such forms have not been materially amended, modified or supplemented.

  • In addition to the Entrance Fee, Resident shall pay Owner a Monthly Service Fee appropriate to the Living Accommodation selected.

  • For purposes of this Addendum, to the extent there is more than one individual living in a single unit pursuant to a single Entrance Fee Agreement, then such individuals shall be considered a single "Entrance Fee Resident" hereunder.