Common use of Authority of the Partnership Clause in Contracts

Authority of the Partnership. In order to carry out its purpose, the Partnership is empowered and authorized to do any and all acts and things necessary,appropriate, proper, advisable, incidental to or convenient for the furtherance and accomplishment of its purpose, and for the protection and benefit of the Partnership, including but not limited to the following: (a) acquire ownership of the Land and the Apartment Complex located thereon; (b) rehabilitate, operate, maintain, improve, buy, own, sell, convey, assign, mortgage, rent or lease any real estate and any personal property necessary to the operation of the Apartment Complex; (c) provide housing, subject to the Minimum Set-Aside Test and the Rent Restriction Test and consistent with the requirements of the Project Documents so long as any Project Documents remain(s) in force; (d) enter into any kind of activity, and perform and carry out contracts of any kind necessary to, or in connection with, or incidental to, the accomplishment of the purposes of the Partnership; (e) borrow money and issue evidences of indebtedness in furtherance of the Partnership business and secure any such indebtedness by mortgage,pledge, or other lien; (f) maintain and operate the Apartment Complex, including hiring the Management Agent (which Management Agent may be any of the Partners or an Affiliate thereof) and entering into any agreement for the management of the Apartment Complex during its rent-up and after its rent-up period; (g) subject to the approval of the Agency and/or the Lender, if required, and to other limitations expressly set forth elsewhere in this Agreement,negotiate for and conclude agreements for the sale, exchange, lease or other disposition of all or substantially all of the property of the Partnership, or for the refinancing of any mortgage loan on the property of the Partnership; (h) enter into the Loan Documents with the Lender and grant the Mortgage,enter into the Mortgage Loan and all other documents required by the Lender with respect to the Mortgage Loan, and the Extended Use Commitment and Regulatory Agreement with the Agency, providing for regulations with respect to rents, profits, dividends and the disposition of the Apartment Complex and the long-term use of the Apartment Complex for low-income housing; (i) rent dwelling units in the Apartment Complex from time to time, in accordance with the provisions of the Code applicable to Low-Income Housing Tax Credits and in accordance with applicable federal, state and local regulations, collecting the rents therefrom, paying the expenses incurred in connection with the Apartment Complex, and distributing the net proceeds to the Partners,subject to any requirements which may be imposed by the Extended Use Commitment, the Regulatory Agreement, and the Loan Documents; and (j) do any and all other acts and things necessary or proper in furtherance of the Partnership business. ARTICLE IV

Authority of the Partnership. In order to carry out its purpose, the Partnership is empowered and authorized to do any and all acts and things necessary,, appropriate, proper, advisable, incidental to or convenient for the furtherance and accomplishment of its purpose, and for the protection and benefit of the Partnership, including but not limited to the following: (a) acquire ownership of the Land and the Apartment Complex located thereonLand; (b) rehabilitateconstruct, operate, maintain, improve, buy, own, sell, convey, assign, mortgage, rent or lease any real estate and any personal property necessary to the operation of the Apartment Complex; (c) provide housing, subject to the Minimum Set-Aside Test and the Rent Restriction Test and consistent with the requirements of the Project Documents so long as any Project Documents remain(s) in force; (d) enter into any kind of activity, and perform and carry out contracts of any kind necessary to, or in connection with, or incidental to, the accomplishment of the purposes of the Partnership; (e) borrow money and issue evidences of indebtedness in furtherance of the Partnership business and secure any such indebtedness by mortgage,, pledge, or other lien; (f) maintain and operate the Apartment Complex, including hiring the Management Agent (which Management Agent may be any of the Partners or an Affiliate thereof) and entering into any agreement for the management of the Apartment Complex during its rent-up and after its rent-up period; (g) subject to the approval of the Agency and/or the Lender, if required, and to other limitations expressly set forth elsewhere in this Agreement,, negotiate for and conclude agreements for the sale, exchange, lease or other disposition of all or substantially all of the property of the Partnership, or for the refinancing of any mortgage loan Loans on the property of the Partnership; (h) enter into the Loan Documents with the Lender Lenders and grant the Mortgage,Mortgages, enter into the Mortgage Loan Loans and all other documents required by the Lender Lenders with respect to the Mortgage LoanLoans, and the Extended Use Commitment and Regulatory Agreement with the Agency, providing for regulations with respect to rents, profits, dividends and the disposition of the Apartment Complex and the long-term use of the Apartment Complex for low-income housing; (i) rent dwelling units in the Apartment Complex from time to time, in accordance with the provisions of the Code applicable to Low-Income Housing Tax Credits and in accordance with applicable federal, state and local regulations, collecting the rents therefrom, paying the expenses incurred in connection with the Apartment Complex, and distributing the net proceeds to the Partners,, subject to any requirements which may be imposed by the Extended Use Commitment, the Regulatory Agreement, Commitment and the Loan Documents; and (j) do any and all other acts and things necessary or proper in furtherance of the Partnership business. ARTICLE IV

Authority of the Partnership. In order to carry out its purpose, the Partnership is empowered and authorized to do any and all acts and things necessary,, appropriate, proper, advisable, incidental to or convenient for the furtherance and accomplishment of its purpose, and for the protection and benefit of the Partnership, including but not limited to the following: (a) acquire ownership of the Land and the Apartment Complex located thereon; (b) rehabilitate, operate, maintain, improve, buy, own, sell, convey, assign, mortgage, rent or lease any real estate and any personal property necessary to the operation of the Apartment Complex; (c) provide housing, subject to the Minimum Set-Aside Test and the Rent Restriction Test and consistent with the requirements of the Project Documents so long as any Project Documents remain(s) in force; (d) enter into any kind of activity, and perform and carry out contracts of any kind necessary to, or in connection with, or incidental to, the accomplishment of the purposes of the Partnership; (e) borrow money and issue evidences of indebtedness in furtherance of the Partnership business and secure any such indebtedness by mortgage,, pledge, or other lien; (f) maintain and operate the Apartment Complex, including hiring the Management Agent (which Management Agent may be any of the Partners or an Affiliate thereof) and entering into any agreement for the management of the Apartment Complex during its rent-up and after its rent-up period; (g) subject to the approval of the Agency and/or the Lender, if required, and to other limitations expressly set forth elsewhere in this Agreement,, negotiate for and conclude agreements for the sale, exchange, lease or other disposition of all or substantially all of the property of the Partnership, or for the refinancing of any mortgage loan on the property of the Partnership; (h) enter into the Loan Documents with the Lender and grant the Mortgage,, enter into the Mortgage Loan and all other documents required by the Lender with respect to the Mortgage Loan, and the Extended Use Commitment and Regulatory Agreement with the Agency, providing for regulations with respect to rents, profits, dividends and the disposition of the Apartment Complex and the long-term use of the Apartment Complex for low-income housing; (i) rent dwelling units in the Apartment Complex from time to time, in accordance with the provisions of the Code applicable to Low-Income Housing Tax Credits and in accordance with applicable federal, state and local regulations, collecting the rents therefrom, paying the expenses incurred in connection with the Apartment Complex, and distributing the net proceeds to the Partners,, subject to any requirements which may be imposed by the Extended Use Commitment, the Regulatory Agreement, and the Loan Documents; and (j) do any and all other acts and things necessary or proper in furtherance of the Partnership business. ARTICLE IV

Authority of the Partnership. In order to carry out its purpose, the Partnership is empowered and authorized to do any and all acts and things necessary,, appropriate, proper, advisable, incidental to or convenient for the furtherance and accomplishment of its purpose, and for the protection and benefit of the Partnership, including but not limited to the following: (a) acquire ownership of the Land and the Apartment Complex located thereonComplex; (b) rehabilitateconstruct, operate, maintain, improve, buy, own, sell, convey, assign, mortgage, rent or lease any real estate and any personal property necessary to the operation of the Apartment Complex; (c) provide housing, subject to the Minimum Set-Aside Test, the HOME Set-Aside Test and the Rent Restriction Test and consistent with the requirements of the Project Documents Loan Agreements and the Regulatory Agreement so long as any Project Documents remain(s) the Loan Agreements and the Regulatory Agreement, as applicable, remain in force; (d) enter into any kind of activity, and perform and carry out contracts of any kind necessary to, or in connection with, or incidental to, the accomplishment of the purposes of the Partnership; (e) borrow money and issue evidences of indebtedness in furtherance of the Partnership business and secure any such indebtedness by mortgage,, pledge, or other lien, provided, however, that the First Mortgage Loan, the Second Mortgage Loan and any evidences of indebtedness thereof and any documents amending, modifying or replacing them shall have the legal effect that the Partners shall have no personal liability for the repayment of the principal of or payment of interest on the First Mortgage Loan, the Second Mortgage Loan or other such indebtedness, and that, other than the Wxxxxxx Loan Guaranty, the sole recourse of any lender with respect to the principal thereof and interest thereon shall be to the property securing the First Mortgage Loan and the Second Mortgage Loan or other such indebtedness; except that any Partner shall be personally responsible (i) for funds or property of the Apartment Complex coming into such party's hands, which, by the terms of the Loan Agreements or the Regulatory Agreement, it is not entitled to retain, and (ii) for such party's own acts and deeds, or the acts and deeds of others which it has authorized, in violation of the provisions of the Regulatory Agreement; (f) maintain and operate the Apartment Complex, including hiring the Management Agent (which Management Agent may be any of the Partners or an Affiliate thereof) and entering into any agreement for the management of the Apartment Complex during its rent-up and after its rent-rent- up period; (g) subject to the approval of the Agency and/or and the LenderLenders, if required, and to other limitations expressly set forth elsewhere in this Agreement,, negotiate for and conclude agreements for the sale, exchange, lease or other disposition of all or substantially all of the property of the Partnership, or for the refinancing of any mortgage loan on the property of the Partnership; (h) enter into the Loan Documents Agreements with the First Mortgage Lender and grant the Mortgage,enter into the Second Mortgage Loan and all other documents required by the Lender with respect to the Mortgage LoanLender, and the Extended Use Commitment and Regulatory Agreement with the Agency, Second Mortgage Lender providing for regulations with respect to rents, profits, dividends and the disposition of the Apartment Complex and the long-term use of the Apartment Complex for low-income housingproperty; (i) rent dwelling units in the Apartment Complex from time to time, in accordance with the provisions of the Code applicable to Low-Income LowIncome Housing Tax Credits and in accordance with applicable federal, state and local regulations, collecting the rents therefrom, paying the expenses incurred in connection with the Apartment Complex, and distributing the net proceeds to the Partners,, subject to any requirements which may be imposed by the Extended Use Commitment, the Regulatory Agreement, and Agreement and/or the Loan DocumentsAgreements; and (j) do any and all other acts and things necessary or proper in furtherance of the Partnership business. ARTICLE IV.