Examples of Forgiveness Period in a sentence
The Borrower may prepay the Second Note, less any amounts forgiven during the Forgiveness Period, at any time without penalty.
Participant acknowledges that these restrictions apply for the term of the Forgiveness Period as defined in the LiveYpsi Application Package.
If all or any portion of the Loan is not forgiven and a Loan Balance remains after the last day of the Deferment Period (or, if Borrower does not apply for forgiveness, on the Forgiveness Period Outside Date), Borrower agrees that on the due date of any amount due as set forth in the Repayment Letter, Bank will debit the amount due from the Deposit Account established by Borrower in connection with this Loan.
The EMU Government and Community Relations Office will verify each Participant’s compliance with the Program every year during the five-year Forgiveness Period.
Participant must notify the LiveYpsi Administrator of any sale of the Property or change of Participant’s residence that occurs prior to the end of the Forgiveness Period.
EMU will verify each Participant’s compliance with the Program every year during the five-year Forgiveness Period.
Compliance EMU will verify each Participant’s compliance with the Program every year during the five-year Forgiveness Period.
For the period of September 2016 through December 2016 (“Forgiveness Period”), the City hereby waives and releases Tenant from payment of Base Rent amounts owed to the City under the Agreement during the Forgiveness Period, in the total amount of $100,000.
If Participant fails to comply with the terms of this Agreement and/or the terms of the LiveYpsi Application Package during the Forgiveness Period, Participant must repay to the LiveYpsi Program the outstanding balance of the LiveYpsi forgivable loan plus all outstanding interest owed.
Participants may purchase a single-unit or two-unit house, “row house”, townhome, or condominium, if the property is (1) located in the eligible property area (see Attachment A), and (2) owned and used by the Participant as their primary residence throughout the five-year Forgiveness Period (see Section 1(H)).