Opinion ID: 2192844
Heading Depth: 1
Heading Rank: 2

Heading: the subsidy repayment agreement

Text: [¶ 8] The Subsidy Repayment Agreement provides, in paragraph 3, that Wheeler and Newton pledge their property as security for repayment of the interest subsidy they received from the government and provides that the subsidy is due and payable upon the transfer of title or non-occupancy of the property by me (us). Paragraph 4 provides that the amount of subsidy to be repaid will be determined when the principal and interest balance is paid. In the event that the debt is satisfied in a manner other than the voluntary conveyance of the property to the government or a foreclosure, paragraph 6 prioritizes the distribution of sale proceeds, and provides the method of calculation for repayment of the interest subsidy after a sale. Paragraph 5 reiterates the parties' agreement that paragraph 6 is inapplicable when the property is voluntarily conveyed to the government or liquidated by foreclosure.