Sale agreement

Official source

The Secretary may sell an eligible asset under this subsection only pursuant to a sale agreement entered into under this paragraph with the purchaser, which shall include the following provisions:

(A) Assets The sale agreement shall identify the category or categories of eligible assets to be purchased and, based on the purchaser’s capacity to manage and dispose of assets, the maximum number of assets owned by the Secretary at the time the sale agreement is executed that shall be sold to the purchaser.

(B) Revitalization area and asset control area The sale agreement shall identify— (i) the boundaries of the specific revitalization areas (or portions thereof) in which are located the eligible assets that are covered by the agreement; and (ii) in the case of a preferred purchaser, the asset control area established pursuant to paragraph (4)(B)(i) that is covered by the agreement.

(D) Binding agreements The sale agreement shall contain binding agreements by the purchaser sufficient to comply with— (i) in the case of a preferred purchaser, the requirements under paragraph (5)(A), which agreements shall provide that the eligible assets purchased will be used in conjunction with a home ownership plan meeting the requirements of such paragraph, and shall set forth the terms of the homeownership plan, including— (I) the goals of the plan for the eligible assets purchased and for the asset control area subject to the plan; (II) the revitalization areas (or portions thereof) in which the homeownership plan is operating or will operate; (III) the specific use or disposition of the eligible assets under the plan; and (IV) any activities to be conducted and services to be provided under the plan; or (ii) in the case of a purchaser who is not a preferred purchaser, the requirements under paragraph (5)(B).

(E) Purchase price and discount The sale agreement shall establish the purchase price of the eligible assets, which in the case of a preferred purchaser shall provide for a discount in accordance with paragraph (6).

(F) Housing quality The sale agreement shall provide for compliance of the eligible assets purchased with the rehabilitation standards established under paragraph (5)(A)(iii) or the minimum standards for housing quality established under paragraph (5)(B)(ii), as applicable, and shall specify such standards.

(G) Performance goals and sanctions The sale agreement shall set forth the specific performance goals applicable to the purchaser, in accordance with paragraph (5), shall set forth any sanctions for failure to meet such goals and deadlines, and shall require the purchaser to certify compliance with such goals.

(H) Period covered The sale agreement shall establish— (i) in the case of a preferred purchaser, the time period referred to in paragraph (4)(B)(ii); and (ii) in the case of a purchaser who is not a preferred purchaser, the time period for purchase of eligible assets that may be covered by the purchase.

(I) Other terms The agreement shall contain such other terms and conditions as may be necessary to require that eligible assets purchased under the agreement are used in accordance with the program under this subsection.

Sale agreement

Official source

The Secretary may sell an eligible asset under this subsection only pursuant to a sale agreement entered into under this paragraph with the purchaser, which shall include the following provisions:

- name: monetary_default_minimum_full_monthly_installments kind: parameter dtype: Count source: 12 USC 1710(a) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/12/1710 excerpt: monetary default for not less than 3 full monthly installments versions: - effective_from: '0001-01-01' formula: '3'

- name: certificate_of_claim_annual_increment_rate kind: parameter dtype: Rate source: 12 USC 1710(e) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/12/1710 excerpt: an increment at the rate of 3 per centum per annum versions: - effective_from: '0001-01-01' formula: '0.03'

- name: debenture_maturity_years_after_date kind: parameter dtype: Count source: 12 USC 1710(d) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/12/1710 excerpt: shall mature twenty years after the date thereof versions: - effective_from: '0001-01-01' formula: '20'

- name: property_contract_small_purchase_threshold kind: parameter dtype: Money unit: USD source: 12 USC 1710(g) metadata: proof: atoms: - path: versions[0].formula kind: amount source: corpus_citation_path: us/statute/12/1710 excerpt: if the amount thereof does not exceed $1,000 versions: - effective_from: '0001-01-01' formula: '1000'

- name: revitalization_area_very_low_income_ratio kind: parameter dtype: Rate source: 12 USC 1710(h)(3)(A) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/12/1710 excerpt: less than 60 percent of the median household income versions: - effective_from: '0001-01-01' formula: '0.60'

- name: eligible_asset_dwelling_family_minimum kind: parameter dtype: Count source: 12 USC 1710(h)(2)(A) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/12/1710 excerpt: designed as a dwelling for occupancy by 1 to 4 families versions: - effective_from: '0001-01-01' formula: '1'

- name: eligible_asset_dwelling_family_maximum kind: parameter dtype: Count source: 12 USC 1710(h)(2)(A) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/12/1710 excerpt: designed as a dwelling for occupancy by 1 to 4 families versions: - effective_from: '0001-01-01' formula: '4'

- name: revitalization_program_regulation_deadline_years kind: parameter dtype: Count source: 12 USC 1710(h)(10) metadata: proof: atoms: - path: versions[0].formula kind: parameter source: corpus_citation_path: us/statute/12/1710 excerpt: not later than the expiration of the 2-year period beginning on October 21, 1998 versions: - effective_from: '0001-01-01' formula: '2'