Principal Officer

Principal Officer

See Corporate Officer. Principal Owner A Principal Owner is any individual or entity meeting the following thresholds or roles for the applicable business form: Business Form Principal Owners Publicly Traded Corporation 10% or more ownership Private or Close Corporation 25% or more ownership Limited Liability Company All Members Partnerships All Partners Principal Residence permanent place of abode, and which the Borrower typically occupies or will occupy for the Principal Residence (applicable to HECMs only) person may have only one Principal Residence at any one time and the Property is considered to be the Principal Residence: • of any Borrower who is temporarily in a health care institut…