Utah Code 31A-44-308. Anticipated source and application of funds
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If a provider‘s facility is not in operation, the provider disclosure statement shall include a statement of the provider’s anticipated source and application of funds to be used in the purchase or construction of the facility, including:
(1) an estimate of the cost of purchasing or constructing and of equipping the facility, including financing expenses, legal expenses, land costs, occupancy development costs, and any other costs that the provider expects to incur or to become obligated to pay before the facility begins operating;
Terms Used In Utah Code 31A-44-308
- Application: means a document:(10)(a)(10)(a)(i) completed by an applicant to provide information about the risk to be insured; and(10)(a)(ii) that contains information that is used by the insurer to evaluate risk and decide whether to:(10)(a)(ii)(A) insure the risk under:(10)(a)(ii)(A)(I) the coverage as originally offered; or(10)(a)(ii)(A)(II) a modification of the coverage as originally offered; or(10)(a)(ii)(B) decline to insure the risk; or(10)(b) used by the insurer to gather information from the applicant before issuance of an annuity contract. See Utah Code 31A-1-301
- Facility: means a place in which a person provides continuing care pursuant to a continuing care contract. See Utah Code 31A-44-102
- Land: includes :(18)(a) land;(18)(b) a tenement;(18)(c) a hereditament;(18)(d) a water right;(18)(e) a possessory right; and(18)(f) a claim. See Utah Code 68-3-12.5
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Provider: means :(9)(a)(i) the owner of a facility;(9)(a)(ii) a person, other than a resident, that claims a possessory interest in a facility; or(9)(a)(iii) a person who enters into a continuing care contract with a resident or potential resident. See Utah Code 31A-44-102
- Provider disclosure statement: means , for a given provider, the disclosure statement described in Section 31A-44-301. See Utah Code 31A-44-102
(2) a description of any mortgage loan or other long-term financing arrangement for the facility, including the anticipated terms and costs of the financing;
(3) an estimate of the total entrance fees to be received from, or on behalf of, residents before the facility begins operation; and
(4) an estimate of any funds the provider anticipates are necessary to cover the facility’s initial losses.