The PIRL must be repaid upon:
- 15 years from the date the funds were advanced, or such other date as UBC has, at its sole discretion, agreed to. No loan extensions will be given if Metro Vancouver homes have appreciated more than an average of 1% per annum over the previous 15 calendar years;
- the sale of the home;
- demand of repayment of the PIRL (which may occur on the conditions outlined below); or
- when the Borrower chooses to repay the PIRL
There are no restrictions on to whom the home may be sold however it must be sold for fair market value.
When the Borrower chooses to sell, upon closing, the Borrower must repay the loan with the sale proceeds after repaying the first mortgage. As described above, upon sale of the home, repayment of the PIRL will be due. The then outstanding principal balance of the Loan will be fully repayable.
Borrowers will be responsible for all closing costs and mortgage penalties, if applicable.
Demand of Repayment of the PIRL
The PIRL becomes due and payable within 180 days of demand upon the earlier of:
- After the Loan has been outstanding for 15 years; or such other date as UBC has, in its sole discretion, agreed to; OR
- The occurrence of one of the following policy driven repayment triggering events:
- The Borrower is no longer employed by UBC;
- The Borrower is no longer a tenured or tenure track faculty at UBC or if retired faculty lose their emeritus/emerita status;
- Upon full retirement where the Borrower has been a full time employee of UBC for less than 15 years;
- Upon full retirement where the Borrower has been a full time employee of UBC for more than 15 years but has not met professor emeritus/emeriti requirements;
- Upon the settlement/agreement in the case of divorce/separation where the Borrower is not able to keep the home as their principal residence;
- The Borrower purchases or acquires, through any means, another dwelling unit in Metro Vancouver;
- If the home is being rented (outside of a UBC approved leave) and/or not being used as the Borrowers principal residence; or
- Upon the death of the Borrower, in which case the PIRL becomes due and payable within one year of demand.
The Borrower will be required to assign a portion of their wages to UBC in the event that they fail to repay the amount due under the PIRL. UBC will have all other remedies available to a creditor to recover the total funds owing.