Common use of Scope of Program Clause in Contracts

Scope of Program. The CITY, by way of a deferred, forgivable loan to the HOMEOWNER, will loan the HOMEOWNER the sum of . The deferred, forgivable loan will be protected by a mortgage filed against the residence located at , Oklahoma. The mortgage will be released once the period of affordability, as described in Section 2 below, has expired. At that time, if the HOMEOWNER has complied with the terms of this AGREEMENT, the deferred, forgivable loan will have been completely forgiven and no further sums will be due to the CITY.

Scope of Program. The CITY, by way of a deferred, forgivable loan to the HOMEOWNER, will loan the HOMEOWNER the sum of _______________________. The deferred, forgivable loan will be protected by a mortgage filed against the residence located at ___________________________________________________, Oklahoma. The mortgage will be released once the period of affordability, as described in Section 2 below, has expired. At that time, if the HOMEOWNER has complied with the terms of this AGREEMENT, the deferred, forgivable loan will have been completely forgiven and no further sums will be due to the CITY.