HUD Loans definition
Examples of HUD Loans in a sentence
HUD Loans shall bear interest in accordance with the terms set forth in Section 2.13 hereof.
The HUD Loans are not part of a revolving credit facility and to the extent repaid, Borrower may not reborrow under this credit facility.
Lender hereby agrees, notwithstanding anything to the contrary set forth in the Credit Agreement, that all fees (other than the fee set forth in Section 5 below) and regularly scheduled payments of principal and interest in respect of the Growth Loans and the HUD Loans shall be deferred until the last day of the Forbearance Period, at which time, all such amounts shall be due and payable in full.
Any remaining principal and unpaid interest under the HUD Loans shall be due and payable on the Maturity Date.
Buyer shall pay to Seller the Purchase Price less (i) the principal balances of the HUD Loans, (ii) the Vandalia HUD Loan, (iii) the Seller Note and (iv) the Deposit (and all accrued interest thereon) (hereinafter referred to as the “Cash Consideration”), by wired funds received by the Title Insurer at or before 4:00 p.m., Eastern Standard Time, on the Closing Date in accordance with written wiring instructions provided to Buyer by the Title Insurer.
All reserves held in connection with the HUD Loans (other than the Vandalia HUD Loan) shall be first applied to any prepayment penalties due in connection with the payoff of the HUD Loans (other than the Vandalia Loan) and Cap Ex Obligations that are agreed to by the parties and identified as such on Exhibit G and the remaining balance of such reserves shall be returned to Seller at or following the Closing and Seller shall be entitled to retain such reserves without reduction to the Purchase Price.
Commencing on the first day of the Amortization Period and continuing on the first day of each month thereafter, the Outstanding Amount of the HUD Loans, together with interest thereon, shall be repaid in equal consecutive monthly payments of principal and interest in an amount sufficient to fully amortize the HUD Loans during the Amortization Period.
Sellers and Purchaser shall reasonably cooperate to facilitate Sellers’ payoff of the HUD Loans at Closing, and the release of the related mortgages.
FHA Lender agrees to apply amounts so received on account of Current Impositions toward payment of Owner’s monthly debt service obligation under the HUD Loan(s) and to fund applicable escrow and reserve requirements, with the balance (if any) remaining of the payment so collected, if any, to be remitted by FHA Lender to Owner promptly after receipt by FHA Lender.
Subject to the provisions of subsection (a)(iii) below, the HUD Loans shall bear interest at a rate per annum equal to the applicable Interest Rate for the HUD Loans, and such interest shall be due and payable on the first day of every month, commencing with the first day of the first month immediately following the first advance of a HUD Loan to Borrower.