"Loan Agreement Form - Mississippi Employer-Assisted Housing Teacher Program" - Mississippi

Loan Agreement Form - Mississippi Employer-Assisted Housing Teacher Program is a legal document that was released by the Mississippi Department of Education - a government authority operating within Mississippi.

Form Details:

  • Released on December 12, 2003;
  • The latest edition currently provided by the Mississippi Department of Education;
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(Revised 12/12/2003)
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MISSISSIPPI EMPLOYER-ASSISTED HOUSING TEACHER PROGRAM
LOAN AGREEMENT
Date of Agreement: _______________________________
Teacher: ________________________________________
Teacher's Social Security Number: ____________________
School District: ___________________________________
Loan Amount up to $6,000.00: ______________________
Beginning School Year: ____________________________
This Agreement is made and entered into upon the above stated date by and between
named Teacher ("Teacher") and the Mississippi State Department of Education ("Department"),
For purposes of this agreement “School District” or “District” shall mean any school
district that has been designated by the State Board of Education as a geographical area where
there exists a critical shortage of teachers.
WITNESSETH:
1. Purpose. Teacher has elected to apply to the Department for a loan for the purpose of
purchasing a residence pursuant to the Mississippi Employer-Assisted Housing Teacher
Program, enacted by Section 37-159-11, Mississippi Code of 1972 Annotated ("Program").
Department has agreed to lend to Teacher the above stated Loan Amount pursuant to the terms
of the Program, of which the Teacher is aware, and upon the terms and conditions herein stated.
2. Use of Loan Amount. Teacher shall only use the Loan Amount for the purposes of
acquiring a residence within the County in which the District or any part of the District is
located.
3. Term of Agreement. The term of this Agreement shall commence upon the later of
the commencement of the Beginning School Year or the date of this Agreement above stated.
4. Grant for Service. Commencing with the Beginning School Year above stated,
Teacher shall receive a grant for each year of service rendered as a teacher in the District of one-
third (1/3) of the total Loan Amount with no interest accrued upon such grant.
5. Service of Teacher. Teacher agrees to render service as a teacher in the District for
three (3) consecutive years commencing with the Beginning School Year and that the school
year in which the Agreement is executed will be considered the Beginning School Year provided
(Revised 12/12/2003)
Page 1 of
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MISSISSIPPI EMPLOYER-ASSISTED HOUSING TEACHER PROGRAM
LOAN AGREEMENT
Date of Agreement: _______________________________
Teacher: ________________________________________
Teacher's Social Security Number: ____________________
School District: ___________________________________
Loan Amount up to $6,000.00: ______________________
Beginning School Year: ____________________________
This Agreement is made and entered into upon the above stated date by and between
named Teacher ("Teacher") and the Mississippi State Department of Education ("Department"),
For purposes of this agreement “School District” or “District” shall mean any school
district that has been designated by the State Board of Education as a geographical area where
there exists a critical shortage of teachers.
WITNESSETH:
1. Purpose. Teacher has elected to apply to the Department for a loan for the purpose of
purchasing a residence pursuant to the Mississippi Employer-Assisted Housing Teacher
Program, enacted by Section 37-159-11, Mississippi Code of 1972 Annotated ("Program").
Department has agreed to lend to Teacher the above stated Loan Amount pursuant to the terms
of the Program, of which the Teacher is aware, and upon the terms and conditions herein stated.
2. Use of Loan Amount. Teacher shall only use the Loan Amount for the purposes of
acquiring a residence within the County in which the District or any part of the District is
located.
3. Term of Agreement. The term of this Agreement shall commence upon the later of
the commencement of the Beginning School Year or the date of this Agreement above stated.
4. Grant for Service. Commencing with the Beginning School Year above stated,
Teacher shall receive a grant for each year of service rendered as a teacher in the District of one-
third (1/3) of the total Loan Amount with no interest accrued upon such grant.
5. Service of Teacher. Teacher agrees to render service as a teacher in the District for
three (3) consecutive years commencing with the Beginning School Year and that the school
year in which the Agreement is executed will be considered the Beginning School Year provided
(Revised 12/12/2003)
Page 2 of
4
the Agreement is executed by December 1 of the school year, otherwise, the Beginning School
Year will be the next school year. Provided however that the teacher may choose to accept
employment in another district that is located in whole or in part within the county in which the
residence is located so long as that school district has been designated by the State Board of
Education as a geographical area where there exists a critical shortage of teachers. In the event of
this occurance the teacher shall still be considered as being in compliance with this agreement and
the years of service in each of the school districts served shall be added together in determing that
three consecutive years have been served.
6. Residence of Teacher. Teacher agrees to reside and occupy the residence acquired
with the use of the Loan Amount during the term of this Agreement. Teacher may not lease out
or rent to any person the said residence or any part thereof during the term hereof.
7. Tax Liability. Teacher acknowledges that the grant or forgiveness for rendering
service as a teacher to the District may result in taxable income to Teacher for federal and/or
state income tax purposes, and further acknowledges that liability for any and all taxes due upon
such taxable income will be the sole responsibility and liability of Teacher, that the Department
will withhold no sums from the amounts forgiven and will pay no withholdings thereon to the
appropriate taxing authority. Teacher further acknowledges that the Department may furnish to
the Internal Revenue Service and/or to the Mississippi State Tax Commission, such information
and upon such forms as are required to give notice to the said Internal Revenue Service and/or to
the Mississippi State Tax Commission of the grant or forgiveness to Teacher.
8. Events of Default. Default shall consist of the occurrence of any one or more of the
following events: (a) failure of Teacher to render service to the District for three consecutive
school years commencing with the Beginning School Year above stated; (b) failure of Teacher to
continuously reside in the residence acquired with the use of the Loan Amount for three
consecutive school years commencing with the Beginning School Year above stated; (c) any
breach of any condition of this Agreement by Teacher; (d) breach of any condition under the
Program by the Teacher.
9. Interest upon Default. Upon the occurrence of an Event of Default, interest shall
accrue upon the unforgiven and unpaid portion of the Loan Amount as of the date of this
Agreement and continuing until paid in full. The interest rate shall be the Stafford Loan rate in
effect upon the occurrence of an Event of Default, as said rate is from time to time determined by
the United States Department of Education.
10. Actions upon Default. Upon the occurrence of an Event of Default, the unforgiven
and unpaid portion of the Loan Amount together with all interest accrued from the date of the
Agreement shall be due immediately. The Department shall give notice to Teacher of the sums
due as of the date of default and the interest amount thereafter. Such notice shall be made in
writing and shall be deemed received by Teacher on the third business day after deposit in the
United States mail, postage prepaid, and addressed to Teacher at the address of Teacher upon the
records of the Department.
(Revised 12/12/2003)
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11. Collection Costs. If Teacher does not pay the sums due the Department within three
business days after the day Teacher is deemed to have received the notice, the Department may
employ an attorney or attorneys for the collection of the sums due, and in addition to the
unforgiven and unpaid portion of the Loan Amount together with interest accrued and to accrue
thereon, Teacher agrees to pay all costs of collection, including, but not limited to, reasonable
attorneys' fees and court costs.
12. Duties of the District. By its execution hereof, the District agrees that this
Agreement has been fully approved by order duly entered upon the minutes of its board of
trustees, and that its President has been duly authorized to execute same. District further agrees
to notify Department in writing within three business days of the occurrence of any of the
following: (a) Teacher ceases to render service to the District as a teacher at any time during the
term hereof; (b) Teacher ceases to reside in and occupy the actual residence purchased with the
use of the Loan Amount.
13. Acts of God. Teacher's performance of any duty herein required to be performed
shall not be excused by the occurrence of war, tornado, fire, earthquake, flood, or death or
disability of Teacher, regardless of cause, or any other act of God, or by Teacher's termination by
the District.
14. Administration by Mississippi Home Corporation. Department may contract with
Mississippi Home Corporation, or any other entity that it is permitted to contract with under the
Program, to perform all or some of its duties under the Program.
15. Rules and Regulations of the Mississippi State Board of Education. This Agreement
is subject to and shall be governed by the statutes of the State of Mississippi in such cases made
and provided and by the rules and regulations adopted by the Mississippi State Board of
Education pursuant to the Program. In the event of a conflict between the terms of this
Agreement and the statutes of the State of Mississippi, the statutes shall control, in the event of a
conflict between the terms of this Agreement and the rules and regulations adopted by the
Mississippi State Board of Education pursuant to the Program, the rules and regulations shall
control.
16. Advancement of Loan Amount. It is agreed that the Loan Amount will not be
advanced until the closing of the purchase of a residence aforesaid by Teacher. It is further
agreed that the above stated Loan Amount may be decreased due to lesser cash requirements at
closing, and that if the Loan Amount is so decreased, this Agreement shall be deemed amended
to reflect the amount actually advanced, and in all other respects shall remain in full force and
effect. It is further agreed that the Loan Amount shall not be increased after execution hereof
unless this Agreement is amended in writing and executed, by all parties hereto.
WITNESS the signatures of Teacher, of the duly authorized officer of the Department
and of the President of the Board of Trustees of District as of the date first above mentioned.
(Revised 12/12/2003)
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TEACHER
__________________________________________
Teacher
Date: __________________________________
SWORN TO AND SUBSCRIBED before me, this the _____ day of ___________, 20 _____.
____________________________________
NOTARY PUBLIC
My Commission Expires: ________________________
DEPARTMENT
Mississippi Department of Education
By: ____________________________________
Title: __________________________________
Date: ___________________________________
SWORN TO AND SUBSCRIBED before me, this the _____ day of ___________, 20 _____.
____________________________________
NOTARY PUBLIC
My Commission Expires: ________________________
DISTRICT
___________________________ School District
By: ____________________________________
Title: __________________________________
Date: ___________________________________
SWORN TO AND SUBSCRIBED before me, this the _____ day of ___________, 20 _____.
____________________________________
NOTARY PUBLIC
My Commission Expires: ________________________
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