Common use of Requirements and Terms Clause in Contracts

Requirements and Terms. (1) The term of a Net Recovery Buyout Recap- ture Agreement is 10 years. Net Recov- ery Buyout Recapture Agreements are secured by a lien on the former bor- rower’s real estate. (2) If the former borrower sells or conveys real estate within the 10-year term, the former borrower must repay the Agency the lesser of: (i) The market value of the real es- ▇▇▇▇ parcel at the time of sale or con- veyance, as determined by an Agency appraisal, minus the portion of the re- covery value of the real estate paid to the Agency in the buyout; (ii) The market value of the real es- ▇▇▇▇ parcel at the time of the sale or conveyance, as determined by an Agen- cy appraisal, minus: (A) The unpaid balance of prior liens at the time of the sale or conveyance; and (B) The net recovery value of the real estate the borrower paid to the Agency in the buyout if this amount has not been accounted for as a prior lien; (iii) The total amount of the FLP debt the Agency wrote off for loans se- cured by real estate. (3) If the former borrower does not pay the amount due, the Agency will liquidate the Net Recovery Buyout ac- count in accordance with subpart H of this part. (4) If the former borrower does not sell or convey the real estate within the 10-year term, no recapture is due. (a) Except where otherwise specified, the borrower is responsible for repay- ing any unauthorized assistance in full within 90 days of Agency notice. The Agency may reverse any unauthorized loan servicing actions, when possible. (b) The borrower has the opportunity to meet with the Agency to discuss or refute the Agency’s findings. A borrower is ineligible for continued Agency assistance if the borrower, or a third party on the borrower’s behalf, submits information to the Agency that the borrower knows to be false. (a) Borrower options. (1) The borrower may repay the amount of the unau- thorized assistance in a lump sum within 90 days of Agency notice. (2) If the borrower is unable to repay the entire amount in a lump sum, the Agency will accept partial repayment of the unauthorized assistance within 90 days of Agency notice to the extent of the borrower’s ability to repay. (3) If the borrower is unable to repay all or part of the unauthorized amount, the loan will be converted to a Non- program loan under the following con- ditions: (i) The borrower did not provide false information; (ii) It is in the interest of the Agen- cy; (iii) The debt will be subject to the interest rate for Non-program loans; (iv) The debt will be serviced as a Non-program loan; (v) The term of the Non-program loan will be as short as feasible, but in no case will exceed:

Requirements and Terms. (1) The term of a Net Recovery Buyout Recap- ture Agreement is 10 years. Net Recov- ery Buyout Recapture Agreements are secured by a lien on the former bor- rower’s real estate. (2) If the former borrower sells or conveys real estate within the 10-year term, the former borrower must repay the Agency the lesser of: (i) The market value of the real es- ▇▇▇▇ parcel at the time of sale or con- veyance, as determined by an Agency appraisal, minus the portion of the re- covery value of the real estate paid to the Agency in the buyout; (ii) The market value of the real es- ▇▇▇▇ parcel at the time of the sale or conveyance, as determined by an Agen- cy appraisal, minus: (A) The unpaid balance of prior liens at the time of the sale or conveyance; and (B) The net recovery value of the real estate the borrower paid to the Agency in the buyout if this amount has not been accounted for as a prior lien; (iii) The total amount of the FLP debt the Agency wrote off for loans se- cured by real estate. (3) If the former borrower does not pay the amount due, the Agency will liquidate the Net Recovery Buyout ac- count in accordance with subpart H of this part. (4) If the former borrower does not sell or convey the real estate within the 10-year term, no recapture is due. (a) Except where otherwise specified, the borrower is responsible for repay- ing any unauthorized assistance in full within 90 days of Agency notice. The Agency may reverse any unauthorized loan servicing actions, when possible. (b) The borrower has the opportunity to meet with the Agency to discuss or refute the Agency’s findings. A borrower is ineligible for continued Agency assistance if the borrower, or a third party on the borrower’s behalf, submits information to the Agency that the borrower knows to be false. (a) Borrower options. (1) The borrower may repay the amount of the unau- thorized assistance in a lump sum within 90 days of Agency notice. (2) If the borrower is unable to repay the entire amount in a lump sum, the Agency will accept partial repayment of the unauthorized assistance within 90 days of Agency notice to the extent of the borrower’s ability to repay. (3) If the borrower is unable to repay all or part of the unauthorized amount, the loan will be converted to a Non- program loan under the following con- ditions: (i) The borrower did not provide false information; (ii) It is in the interest of the Agen- cy; (iii) The debt will be subject to the interest rate for Non-program loans; (iv) The debt will be serviced as a Non-program loan; (v) The term of the Non-program loan will be as short as feasible, but in no case will exceed:

Requirements and Terms. (1) The term of a Net Recovery Buyout Recap- ture Agreement is 10 years. Net Recov- ery Buyout Recapture Agreements are secured by a lien on the former bor- rower’s real estate. (2) If the former borrower sells or conveys real estate within the 10-year term, the former borrower must repay the Agency the lesser of: (i) The market value of the real es- ▇▇▇▇ parcel at the time of sale or con- veyance, as determined by an Agency appraisal, minus the portion of the re- covery value of the real estate paid to the Agency in the buyout; (ii) The market value of the real es- ▇▇▇▇ parcel at the time of the sale or conveyance, as determined by an Agen- cy appraisal, minus: (A) The unpaid balance of prior liens at the time of the sale or conveyance; and (B) The net recovery value of the real estate the borrower paid to the Agency in the buyout if this amount has not been accounted for as a prior lien; (iii) The total amount of the FLP debt the Agency wrote off for loans se- cured by real estate. (3) If the former borrower does not pay the amount due, the Agency will liquidate the Net Recovery Buyout ac- count in accordance with subpart H of this part. (4) If the former borrower does not sell or convey the real estate within the 10-year term, no recapture is due. (a) Except where otherwise specified, the borrower is responsible for repay- ing any unauthorized assistance in full within 90 days of Agency notice. The Agency may reverse any unauthorized loan servicing actions, when possible. (b) The borrower has the opportunity to meet with the Agency to discuss or refute the Agency’s findings. A borrower is ineligible for continued Agency assistance if the borrower, or a third party on the borrower’s behalf, submits information to the Agency that the borrower knows to be false. (a) Borrower ▇▇▇▇▇ ▇▇ options. (1) The borrower may repay the amount of the unau- thorized assistance in a lump sum within 90 days of Agency notice. (2) If the borrower is unable to repay the entire amount in a lump sum, the Agency will accept partial repayment of the unauthorized assistance within 90 days of Agency notice to the extent of the borrower’s ability to repay. (3) If the borrower is unable to repay all or part of the unauthorized amount, the loan will be converted to a Non- program loan under the following con- ditions: (i) The borrower did not provide false information; (ii) It is in the interest of the Agen- cy; (iii) The debt will be subject to the interest rate for Non-program loans; (iv) The debt will be serviced as a Non-program loan; (v) The term of the Non-program loan will be as short as feasible, but in no case will exceed: