Application for Tax Credits. AW9 will timely apply to VH for the Tax Credits in each applicable cycle during the Term for the Property, and AW9 will diligently and in good faith prosecute all steps and actions needed for the award of the Tax Credits. Promptly following the award of the Tax Credits, AW9 will (i) apply for and diligently prosecute in good faith all steps and actions needed to obtain loan or equity financing in amounts sufficient to finance the Development, and (ii) pursue the commitment of a tax credit investor for the purchase of the Tax Credits for the 9% Project. In the event AW9 fails to satisfy the covenants set forth in this Section, FCRHA may avail itself to the rights and remedies set forth in Section 9.4 and Section 10 below.
Application for Tax Credits. APAH shall timely apply to VHDA for the Tax Credits in each applicable cycle during the Term for the Property, and APAH shall diligently and in good faith prosecute all steps and actions needed for the award of the Tax Credits. Promptly following the award of the Tax Credits, APAH shall (i) apply for and diligently prosecute in good faith all steps and actions needed to obtain loan or equity financing in amounts sufficient to finance the Development, and (ii) pursue the commitment of a tax credit investor for the purchase of the Tax Credits for the Project. In the event APAH fails to satisfy the covenants set forth in this Section, FCRHA may avail itself to the rights and remedies set forth in Section 9.4 and Section 10 below.
Application for Tax Credits. LAC9-South will timely apply to VH for the Tax Credits in each cycle for which LAC9-South is eligible during the Term for the Ground Lease Premises until LAC9-South receives an award of Tax Credits, and LAC9-South will diligently and in good faith prosecute all steps and actions needed for the award of the Tax Credits. Promptly following the award of the Tax Credits, LAC9-South will (i) apply for and diligently prosecute in good faith all steps and actions needed to obtain loan or equity financing in amounts sufficient to finance the Development, and (ii) pursue the commitment of a tax credit investor for the purchase of the Tax Credits for the 9%-South Project. In the event LAC9-South fails to satisfy the covenants set forth in this Section, FCRHA may avail itself to the rights and remedies set forth in Section 9.4 and Section 10 below.
Application for Tax Credits. LAC9-North will timely apply to VH for the Tax Credits in each cycle for which LAC9-North is eligible during the Term for the Ground Lease Premises until LAC9-North receives an award of Tax Credits, and LAC9-North will diligently and in good faith prosecute all steps and actions needed for the award of the Tax Credits. Promptly following the award of the Tax Credits, LAC9-North will (i) apply for and diligently prosecute in good faith all steps and actions needed to obtain loan or equity financing in amounts sufficient to finance the Development, and (ii) pursue the commitment of a tax credit investor for the purchase of the Tax Credits for the 9%-North Project. In the event LAC9-North fails to satisfy the covenants set forth in this Section, FCRHA may avail itself to the rights and remedies set forth in Section 9.4 and Section 10 below.
Application for Tax Credits. LAC4-North will timely apply to VH for the Tax Credits in each cycle for which LAC4-North is eligible during the Term for the Ground Lease Premises until LAC4-North receives an award of Tax Credits, and LAC4-North will diligently and in good faith prosecute all steps and actions needed for the award of the Tax Credits. Promptly following the award of the Tax Credits, LAC4-North will (i) apply for and diligently prosecute in good faith all steps and actions needed to obtain loan or equity financing in amounts sufficient to finance the Development, and (ii) pursue the commitment of a tax credit investor for the purchase of the Tax Credits for the 4%-North Project. In the event LAC4-North fails to satisfy the covenants set forth in this Section, FCRHA may avail itself to the rights and remedies set forth in Section 9.4 and Section 10 below.
