Recapture Provision definition

Recapture Provision has the meaning set forth in the definition of Required Consents.
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Recapture Provision means that requirement in the Code pursuant to which certain Mortgagors must make a payment to the United States of America in respect of Mortgage Loans originated after December 31, 1990 from proceeds of Tax-Exempt Bonds, upon sale or other disposition of their homes financed by a Mortgage Loan, all as specified in the Code.
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Examples of Recapture Provision in a sentence

  • ADDI Recapture Provision If at any time during the five-year affordability period, the original homebuyer sells, trades, transfers title or otherwise ceases to occupy the home as their primary residence, the homebuyer will be subject to recapture and must pay back the funds as deemed applicable.

  • Consequently, homebuyer housing with a Recapture Provision is not subject to the affordability requirements after the PJ has recaptured the HOME funds in accordance with its written agreement.

  • If Borrower has fully complied with the terms and provisions of this Agreement, the Note, the Deed of Trust, the Notice of Deed Restrictions, and is not in default on the expiration of the Affordability Period, then the entire unpaid principal amount of the City Loan, together with all interest accrued and other amounts due under this Agreement and the Note, will be forgiven.2. Recapture Provision.

  • If there is a sale, voluntary or involuntary (e.g., foreclosure), or transfer of title, the Recapture Provision requires that the entire direct HOME assistance provided to the Borrower be repaid to the City, minus net proceeds.

  • Repayment shall be made pursuant to Section 34 (Recapture Provision).

  • The HOME Consortium has opted to only use the Recapture Provision of the HOME Program Guidelines found in 24 CFR Part 92 and HUD CPD Notice 12- 003.

  • Homebuyer housing with a Recapture Provision is not subject to the affordability requirements after the City has recaptured the HOME funds in accordance with its written agreement.

  • The following entities intend to provide assistance to homebuyers and have elected to use the Recapture Provision as explained below: • The City of Grand Forks: Recapture Provision• The entity will follow the recapture option in 24 CFR 92.254 (a) (5) (ii) (A) (2) which allows for recapturing a reduced amount during the affordability period.

  • Homebuyer Project Affordability Periods: The City of Tulsa uses the Net Proceeds Recapture Provision in homebuyer activities and the affordability period is based on the amount of HOME assistance to the buyer, rather than the amount invested per unit.

  • A non- borrowing person cannot be on the Deed of Trust at the time of closing.NOTICE TO BORROWERS REGARDING THE RECAPTURE PROVISIONThe Eligible Borrower must be given the Notice to Borrowers Regarding Application of Recapture Provision Form (SFMP 25) at Program Loan Application.

Related to Recapture Provision

  • Recapture Period means the period commencing on the Effective Date and ending on the fifth anniversary of the last date that a Project owned by the Company is Placed in Service.

  • Termination Option means the option of either party to terminate a transaction in the event that the other party fails to perform a Firm obligation to deliver Gas in the case of Seller or to receive Gas in the case of Buyer for a designated number of days during a period as specified on the applicable Transaction Confirmation.

  • Recapture Amount means, with respect to any Employment Violation by Grantee, the gross gain realized or unrealized by Grantee upon all vesting of Restricted Share Units or delivery or transfer of Vested Shares during the Look-back Period with respect to such Employment Violation, which gain shall be calculated as the sum of:

  • Basic Lease Provisions means and refer to the following collective terms, the application of which shall be governed by the provisions in the remaining Articles of this Lease.

  • Termination Right have the respective meanings given in the PRA Contractual Stay Rules.

  • Sublease Agreement means that certain Sublease Agreement, dated as of May 1, 2021 by and between the Company and the Agency.

  • Restricted network provision means any provision which conditions the payment of benefits, in whole or in part, on the use of network providers.

  • Recapture Event means any of the following events:

  • Restrictive Covenant Agreement means any agreement, and any attachments or schedules thereto, entered into by and between the Participant and the Partnership or its Affiliates, pursuant to which the Participant has agreed, among other things, to certain restrictions relating to non-competition (if applicable), non-solicitation and/or confidentiality, in order to protect the business of the Partnership and its Affiliates.

  • Right of First Refusal Agreement means the Right of First Refusal Agreement, dated as of August 4, 2017, among the Partnership, the Operating Partnership and NextEra Energy Resources, LLC.

  • Termination Assistance means the activities to be performed by the Supplier pursuant to the Exit Plan, and any other assistance required by the Customer pursuant to the Termination Assistance Notice;

  • Master Lease Agreement has the meaning set forth in Section 7.2(c)(xiv).

  • Recapture Income means any gain recognized by the Partnership (computed without regard to any adjustment required by Section 734 or Section 743 of the Code) upon the disposition of any property or asset of the Partnership, which gain is characterized as ordinary income because it represents the recapture of deductions previously taken with respect to such property or asset.

  • Master Lease This Schedule is issued pursuant to the Lease identified on page 1 of this Schedule. All of the terms and conditions of the Lease are incorporated in and made a part of this Schedule as if they were expressly set forth in this Schedule. The parties hereby reaffirm all of the terms and conditions of the Lease (including, without limitation, the representations and warranties set forth in Section 8) except as modified herein by this Schedule. This Schedule may not be amended or rescinded except by a writing signed by both parties. CHEMDEX CORPORATION COMDISCO, INC. AS LESSEE AS LESSOR By: /s/ Xxxxx X. Xxxxx By: /s/ Xxxx X. Xxxxxx ------------------- --------------------- Title: CEO Title: SR VP ----------------- ------------------- Date: Date: ----------------- ------------------- EXHIBIT 1 SUMMARY EQUIPMENT SCHEDULE -------------------------- This Summary Equipment Schedule dated XXXX is executed pursuant to Equipment Schedule No. X to the Master Lease Agreement dated XXXX between Comdisco, Inc. ("Lessor") and XXXX ("Lessee"). All of the terms, conditions, representations and warranties of the Master Lease Agreement and Equipment Schedule No. X are incorporated herein and made a part hereof, and this Summary Equipment Schedule constitutes a Schedule for the Equipment on the attached invoices.

  • Severance Agreement means the Amended and Restated Key Executive Severance Agreement, dated as of the date hereof, between the parties, as it may be amended from time to time, that provides for certain benefits related to termination of the Executive’s employment that are unrelated to a Change of Control.

  • Non-Renewal Notice shall have the meaning set forth in Section 2.

  • Post-Termination Exercise Period means the period following termination of a Participant’s Continuous Service within which an Option or SAR is exercisable, as specified in Section 4(h).

  • Option to Renew is defined in subsection 6.1 of this Agreement.

  • Original Lease shall have the meaning given such term in the recitals to this Agreement.

  • Termination for Convenience means the termination of the Trade Contract Agreement or the Trade Contractor Work by the Authority without cause and for the convenience of the Authority as decided in its sole discretion.

  • Right of First Refusal and Co-Sale Agreement means the agreement among the Company, the Purchasers, and certain other stockholders of the Company, dated as of the date of the Initial Closing, in the form of Exhibit G attached to this Agreement.

  • Employment Agreement means any employment, severance, retention, termination, indemnification, change in control or similar agreement between the Company or any of its Subsidiaries, on the one hand, and any current or former employee of the Company or any of its Subsidiaries, on the other hand.

  • Right of First Refusal means the Company’s right of first refusal described in Section 8.

  • Severance Term means the twenty-four (24) month period following Executive’s termination by the Company without Cause (other than by reason of death or Disability) or by Executive for Good Reason.

  • Renewal Option has the meaning set forth in §12.1.

  • Restriction Termination Date means the first day on which the Board of Directors of the Corporation determines that it is no longer in the best interests of the Corporation to attempt to, or continue to, qualify as a REIT.