Non-Profit Borrower

Example Definitions of "Non-Profit Borrower"
Non-Profit Borrower. A Borrower that is treated under the Firm Commitment as an entity organized for purposes other than profit or gain for itself or persons identified therewith, pursuant to Section 501(c)(3) or other applicable provisions of the Internal Revenue Code. For transactions entered into pursuant to Section 223(a)(7) of the National Housing Act, a Borrower who executed with HUD's permission a "for-profit" regulatory agreement in connection with the original loan being refinanced through this transaction... shall not be considered a "Non-Profit Borrower" for purposes of this Agreement and may designate itself as a "Profit-Motivated" entity on page 1, provided, however, that any conditions in the Firm Commitment conflicting with the above statement shall control. View More
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