Deposit Agreement Sec

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1. If the department finds that there is a satisfactory reason to delay the start of work on the proposed care pension or the applicable phase, the department may extend the authorization to accept deposits for up to one year. (f) the department may establish a life-sustaining pension liability privilege or part of the sustainability of the care pension community, in order to ensure the applicant`s obligations to repay the depositor`s payments in the event of a change or upgrade. Any privilege created in this section is intended to protect depositors and is subject to Section 1793.15.c) The department`s authorization to release the income from funds held in trust is based on the assessment that the remaining funds in the trust account are sufficient to cover repayments and all interest promised to depositors as well as administrative costs against the fiduciary , to pay. use of the repository. [PARTY A] may use one of the bonds to correct [PARTY B`s] failure or to remedy the breach of this Agreement or to cover operating or maintenance costs [PARTY B] that would otherwise be payable. (C) Sign for depositors all returns, insurance, certificates and other documents that may be required to recover or receive payments or distributions relating to the instruments. (d) Where trust fund deposits have been released, the service may also ask the applicant to reopen the trust fund as a condition for receiving new entry fees from depositors or residents. (2) The applicant was allowed to accept deposits or, in the case of ongoing rehabilitation projects in the age community, the department gave written authorization for the applicant`s application. (B) receiving notification from the applicant of payment of a refund to the depositor. (3) A statement that the applicant is required to assign the instruments to a neutral third-party agent. If the bank or the organization that issued the instruments refuses to do so, the agent does not accept the instruments.

These instruments are awarded to the applicant if the applicant declares the deposit contract before the instruments are tyred. If the depositor terminates the deposit contract after the instruments mature, the depositor receives a cash refund of the portion of the deposit represented by the instruments due. (f) a provision for the payment of interest on funds held in trust, as defined in the applicant`s deposit contract. (g) a declaration that deposits are invested in instruments guaranteed by federal or federal authorities or in investment funds guaranteed by government-guaranteed instruments. (a) An agent reimburses the applicant for all amounts required by the depositor`s deposit contract after receiving written notification from the applicant that a depositor has terminated the deposit contract. Refunds required in this subdivision are paid to the applicant within 10 days of notification of the cancellation by the applicant. (5) Requirements for the depositor to pay the deposit. (i) Each deposit contract is accompanied by a schedule of the expected monthly care costs charged to residents for each of the first five years of the care pension` existence.

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