Common use of Application for Tax Credits Clause in Contracts

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. AW9 AW4 will timely apply to VH for the Tax Credits in each applicable cycle during the Term for the Property, and AW9 AW4 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 AW4 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 94% Project. In the event AW9 AW4 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. AW9 AW4 will timely apply to VH for the Tax Credits in each applicable cycle during the Term for the Property, and AW9 AW4 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 AW4 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 AW4 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.