Examples of Proximity Housing Loan in a sentence
By way of example, if an Eligible Proximity Workforce Household receives a Proximity Housing Loan from the County in the amount of $10,000 and purchases a home with an Original Base Price of $100,000, the County's Shared Appreciation Percentage would be 10% based on the Proximity Housing Loan being 10% of the total purchase price.
Defaults will include any failure to comply with the terms of the Proximity Housing Promissory Note, any default on a first mortgage on the home, a declaration of bankruptcy by the Owner and such other defaults as are included in the Proximity Housing Promissory Note, deed of trust or other documents evidencing the Proximity Housing Loan.
If that same household sells the home at a later date for $150,000, the County would be repaid the original $10,000 Proximity Housing Loan amount plus $5,000 representing 10% of the Net Proceeds ($50,000) from the sale of the home.
The Second Mortgage Agreement will allow the Owner to refinance the first mortgage loan under conditions which will ensure that the County's Proximity Housing Loan and Proximity Housing Share of Appreciation is protected and no such refinancing amount exceeds seventy five percent (75%) of the fair market value of the home.
By way of example, if an Eligible Proximity Workforce Household receives a Proximity Housing Loan from the County in the amount of $16,500 and purchases a home with an Original Base Price of $100,000, the County's Shared Appreciation Percentage would be 16.5% based on the Proximity Housing Loanbeing 16.5% of the total purchase price.
If the Owner makes a Permitted Transfer or a Transfer permitted under Section 6.3 above, the Owner shall not be obligated to pay the amounts due under the Proximity Housing Note (including payment of the principal on the Proximity Housing Loan, plus any Proximity Housing Share of Appreciation) provided that the transferee assumes the Owner’s obligations under this Agreement, the Proximity Housing Note and the Proximity Housing Deed of Trust.
The Owner certifies that the employment, income and other information previously provided to the County in order to qualify for the Proximity Housing Loan is true and correct as of the date first written above and that the County has certified the Owner as an Eligible Proximity Workforce Household.
If that same household sells the home at a later date for $150,000, the County would be repaid the original $16,5000 Proximity Housing Loan amount plus $8,2500 representing 16.5% of the Net Proceeds ($50,000) from the sale of the home.
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.
The County has determined that the Proximity Housing Loan in conjunction with that certain Proximity Housing Covenant/Loan Agreement (the "Proximity Housing Agreement") by and between the Borrower and the County are sufficient to make the Home affordable to the Borrower.