Proximity Housing Loan definition

Proximity Housing Loan means the monetary assistance from the County to the Owner to make the Proximity Housing Unit affordable to the Owner. The purpose of the Proximity Housing Loan is to increase housing affordability to members of the Proximity Workforce.
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Proximity Housing Loan has the meaning set forth in Recital D above, and represents the monetary assistance from the County to the Owner to make the Home affordable to the Owner. The purpose of the Proximity Housing Loan is to increase housing affordability to members of the Proximity Workforce.
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Examples of Proximity Housing Loan in a sentence

  • The Owner has agreed to execute and comply with this Agreement in consideration for, and as a condition of receipt of, the Proximity Housing Loan from the County.

  • Owner acknowledges that the County is under no obligation to release the encumbrances on the Home and that only upon full repayment of the entire principal of Proximity Housing Loan, plus the Proximity Housing Share of Appreciation shall the Purchaser of the Home have free and clear title of the Home.

  • In addition to the Proximity Housing Loan, the Owner has obtained a first mortgage loan in the amount of _____________ Dollars ($________) (the "First Mortgage Loan") from _____________ (the "First Lender").

  • Owner may refinance so long as the total outstanding balance of principal on all loans secured by the Home without reference to this Agreement or any Proximity Housing Loan does not exceed eighty five percent (85%) of the Fair Market Value of the Home, as determined pursuant to Section 8.2(d) above.

  • The Owner will be required to pay the Proximity Housing Loan plus the Proximity Housing Share of Appreciation upon Transfer of the Home as set forth in Section 8.2 below, as evidenced by that certain promissory note of even date herewith (the “Proximity Housing Note”).

  • The County is providing a homebuyer assistance second mortgage on the Home in the principal amount of ___________ Dollars ($___________) (the "Proximity Housing Loan") in an effort to reduce the affordability gap and make the Home affordable to the Owner.

  • The Owner acknowledges that the amount of the payoff on the Proximity Housing Note (including payment of the principal on the Proximity Housing Loan, plus any Proximity Housing Share of Appreciation) depends upon the actual sales price of the home and that the County's estimate, which will be based on the asking price for the Home, may understate the payoff on the Proximity Housing Note.

  • The County shall deposit the proceeds of the Proximity Housing Loan, plus the Proximity Housing Share of Appreciation in the Affordable Housing Trust Fund.

  • If the Home is damaged or destroyed and the Owner elects not to rebuild or repair the Home, the Owner shall pay the County the portion of any insurance proceeds received by the Owner for such destruction or damage which is equal to the principal due under the Proximity Housing Note (including payment of the principal on the Proximity Housing Loan plus any Proximity Housing Share of Appreciation) in which event this Agreement shall terminate.

  • The County Response Notice shall include an estimate of the payoff on the Proximity Housing Note (including payment of the outstanding principal on the Proximity Housing Loan, plus any Proximity Housing Share of Appreciation due under the Proximity Housing Note) that will become due on Transfer of the Home.