Common use of Principal Forgiveness Clause in Contracts

Principal Forgiveness. Certain loans may be awarded principal forgiveness if the project will return a non-compliant public water supply system to compliance with MCL requirements. The amount of principal forgiveness is estimated on the repayment schedule found on B-2 and will be finalized when the loan agreement is amended to reflect the final costs of the project. The principal forgiveness will be provided on the date of the final loan disbursement. KDHE reserves the right to increase the principal forgiveness as needed to meet requirements of Public Law. The principal forgiveness amount will be calculated at 30% of the final loan amount associated with the qualifying portion of project that returns consolidates public water supply systems. Certain loans may be awarded principal forgiveness if the municipality is designated as a Disadvantaged Community by KDHE. The amount of principal forgiveness is estimated on the repayment schedule found on B-2 and will be finalized when the loan agreement is amended to reflect the final costs of the project. Principal forgiveness in an amount equal to each approved disbursement request will applied to the loan 30 days after the disbursement is made. The municipality will be responsible for paying interest and service fee costs semiannually for any accrual that is calculated during this period.] The standard conditions applicable to the Loan are:

Principal Forgiveness. Certain loans may be awarded principal forgiveness if the project will return a non-compliant public water supply system to compliance with MCL requirements. The amount of principal forgiveness is estimated on the repayment schedule found on B-2 and will be finalized when the loan agreement is amended to reflect the final costs of the project. The principal forgiveness will be provided on the date of the final loan disbursement. KDHE reserves the right to increase the principal forgiveness as needed to meet requirements of Public Law. The principal forgiveness amount will be calculated at 30% of the final loan amount associated with the qualifying portion of project that returns consolidates public water supply systems. Certain loans may be awarded principal forgiveness if the municipality is designated as a Disadvantaged Community by KDHE. The amount of principal forgiveness is estimated on the repayment schedule found on B-2 and will be finalized when the loan agreement is amended to reflect the final costs of the project. Principal forgiveness in an amount equal to each approved disbursement request will applied to the loan 30 days after the disbursement is made. The municipality will be responsible for paying interest and service fee costs semiannually for any accrual that is calculated during this period.] The standard conditions applicable to the Loan are:]