Excess Sales Proceeds means the excess, if any, of (x) the aggregate of all proceeds received by the Lessor in connection with any sale of the Property pursuant to the Lessor's exercise of remedies under Section 16 of the Master Lease or the Lessee's exercise of the Sale Option under Section 6 of the Master Lease (net of all costs and expenses reasonably incurred by the Lessor or any Participant in connection therewith) over (y) the Property Balance paid by the Lessee.
Excess Sales Proceeds means Net Cash Proceeds from a Disposition which, within 180 days after the date of receipt of such Net Cash Proceeds, have not been applied or committed to the purchase of Product or capital assets used by a Co-Borrower in its present line of business.
Excess Sales Proceeds means the amount by which the gross sales proceeds received by the Owner from the new purchaser exceed the Maximum Restricted Resale Price for the Home (in the amount that was stated in the City Response Notice). This amount shall be a debt of the Owner to the City, further evidenced by the City Note, and secured by the City Deed of Trust. The Owner acknowledges that the City shall have no obligation to cause reconveyance of this Agreement or of the City Deed of Trust until the Excess Sales Proceeds are paid to the City. The City shall utilize the Excess Sales Proceeds for the City's affordable housing programs. The Owner and the City acknowledge that the formula for calculation of the amount of Excess Sales Proceeds due from the Owner to the City is intended to cause the Owner to receive the same or fewer net sales proceeds from sale of the Home at an unrestricted price to a market purchaser (in violation of this Agreement) as the Owner would receive from sale of the Home to the City, City Designated Purchaser or to an Eligible Purchaser at the Maximum Restricted Resale Price.
Examples of Excess Sales Proceeds in a sentence
The City shall utilize the Excess Sales Proceeds for City affordable housing programs.
The Owner acknowledges that the City shall have no obligation to cause reconveyance of this Agreement or of the City Deed of Trust until the Excess Sales Proceeds are paid to the City.
If the Owner makes a Transfer in violation of this Agreement, the Owner shall pay the Excess Sales Proceeds to the City.
If the Owner Transfers the Home pursuant to this Section 13, the purchaser shall not be required to execute a buyer's resale and occupancy agreement with option to purchase, and the City shall reconvey the liens of this Agreement and the City Deed of Trust from the Home, provided that the Owner pays the Excess Sales Proceeds to the City pursuant to Section 14 below.
Upon the occurrence of a default as defined in this Section, the City shall have the right to declare any Excess Sales Proceeds, Excess Rents, or Advances immediately due and payable.
More Definitions of Excess Sales Proceeds
Excess Sales Proceeds means ninety percent (90%) of the difference between the Maximum Allowable Sales Price and the Unrestricted Fair Market Value for an Affordable Unit that is allowed to be released from its Resale Agreement upon its sale.
Excess Sales Proceeds means with respect to any Property the excess, if any, of (x) the aggregate of all proceeds received by the Lessor in connection with any sale or reletting of such Property pursuant to the Lessor's exercise of remedies under Section 16.2 of the Master Lease or the Lessee's exercise of the Remarketing Option with respect to such Property under Article XX of the Master Lease (in either case, less, to the extent not reimbursed by the Lessee, all fees, costs and expenses of the Lessor in connection with the exercise of its rights and remedies thereunder or any such sale or reletting), minus (y) the Property Balance of such Property.
Excess Sales Proceeds means the amount by which the gross sales proceeds paid for the Property by the new purchaser exceeds the Purchase Price for the Property as determined pursuant to Section 8.b above. This amount shall be a debt of Owner to City, further evidenced by the Excess Proceeds Note and secured by the Performance Deed of Trust. Owner acknowledges that City shall have no obligation to cause reconveyance of this Agreement or the Performance Deed of Trust until any Excess Sales Proceeds payable to the City are paid in full. Owner and City acknowledge that the formula for calculation of the amount of Excess Sales Proceeds due from Owner to City is intended to cause Owner to receive the same net sales proceeds from sale of the Property at an unrestricted price to a market purchaser (in violation of this Agreement) as Owner would receive from sale of the Property to City or to City’s assignee pursuant to City’s exercise of the Option to Purchase.
Excess Sales Proceeds means the excess, if any, of (i) the aggregate of all proceeds received by Lessor in connection with any sale of the Leased Property pursuant to Lessor's exercise of remedies under Section 16.2 of the Lease (net of all costs and expenses incurred by Lessor or any Participant in connection therewith), over (ii) the Purchase Amount actually paid by Lessee.
Excess Sales Proceeds means the excess, if any, of (x) the aggregate of all proceeds received by the Agent Certificate Holder (on behalf of the Lessor Trust) in connection with any sale of the Property pursuant to the Agent Certificate Holder's (on behalf of the Lessor Trust) exercise of remedies under Section 16.2 of the Master Lease or the Lessee's exercise of the Remarketing Option under Article XX of the Master Lease (in either case, less all fees, costs and expenses of the Agent Certificate Holder (on behalf of the Lessor Trust) in connection with the exercise of its rights and remedies thereunder), minus (y) the Lease Balance, and minus (z) all accrued and unpaid Basic Rent and Supplemental Rent and all other amounts then due and owing to the Participants and the Administrative Agent under the Operative Documents (not included in the Lease Balance).
Excess Sales Proceeds means the portion of the gross sales proceeds received by the Owner from a subsequent purchaser, which exceeded the Affordable Sales Price for the Residence that is due to the City. The amount of Excess Sales Proceeds due to the City shall be no greater than the equivalent amount of 3% compounded annual interest on the principal amount of the City Note for a maximum of twenty (20) years. The actual amount of excess sales proceeds due to the City shall be calculated according to the number of years outstanding on the City’s Note.
Excess Sales Proceeds means the difference, if any, between the Net Sales Proceeds received by Borrower in connection with the sale a Lot or Home and the Maximum Allowed Advance amount for the Lot or Home being sold.