Agency Option and Right of First Refusal Sample Clauses

Agency Option and Right of First Refusal. It shall be a condition precedent to the disbursement of the Agency Loan that Developer shall grant to the Agency and shall obtain the written consent of Developer’s general partner(s) and limited partner(s) to: an unsubordinated option (the “Option”) to buy the Project, the Property and the Project reserves (collectively, the “Option Property”) and an unsubordinated right of first refusal (“Refusal Right”) to purchase all right, title and interest Developer has in the Property and the Project pursuant to a written agreement reasonably acceptable to Agency and in accordance with all of the following terms and conditions: A. Subject to Paragraph G below, the Option shall be exercisable during a twelve (12) month period commencing one year after the expiration of the 15-year tax credit compliance period. B. The Option price shall be equal to the greater of the following amounts: