Capital Contribution of Limited Partner. The Limited Partner shall make a Capital Contribution in the amount of $2,812,622, as may be adjusted in accordance with Section 7.4 of this Agreement, in cash on the dates and subject to the conditions hereinafter set forth.
(a) The obligation of the Limited Partner to pay the aforesaid Capital Contribution shall be subject to the satisfaction of the following conditions.
(1) Prior to the initial Capital Contribution payment the General Partner shall deliver to the Limited Partner:
(A) a legal opinion in a form substantially similar to the form of opinion attached hereto as Exhibit "B" and incorporated herein by this reference;
(B) a fully executed Certification and Agreement in the form attached hereto as Exhibit "C" and incorporated herein by this reference;
(C) a copy of an ALTA owners title insurance policy naming the Limited Partner as a co-insured ("Title Insurance"). The Title Insurance shall be in an amount equal to the appraised value of each unit;
(D) verification that the Partnership has obtained Insurance required during construction; and
(E) delivery to the Limited Partner a copy of the recorded grant deed (warranty deed).
(2) Prior to the due date of each Capital Contribution installment, except the first payment, the General Partner shall deliver to the Limited Partner a fully executed General Partner Certification in the form attached hereto as Exhibit "D" and incorporated herein by this reference.
(3) Prior to the Capital Contribution payment referenced in Section 7.2(b)(2) the General Partner shall deliver to the Limited Partner:
(A) a certificate of occupancy (or equivalent evidence of local occupancy approval if a permanent certificate is not available) on all the housing units in the Project;
(B) verification that the Partnership has obtained Insurance required during operations; and
(C) receipt by the Limited Partner of a letter from the contractor stating that all amounts payable to the contractor have been paid in full and that the Project is not in violation of the construction contract.
(4) Prior to the Capital Contribution payment referenced in Section 7.2(b)(3) the General Partner shall deliver to the Limited Partner:
(A) the current rent roll;
(B) copies of all initial tenant files including completed applications, completed questionnaires or checklist of income and assets, documentation of third party verification of income and assets, and income certification forms (LIHTC specific) collected by the Management Agent, or Gener...
Capital Contribution of Limited Partner. The Limited Partner shall make a Capital Contribution in the amount of $2,127,217 (representing $1,679,382 for the LIHTC and $447,835 for the Georgia Credits), as may be adjusted in accordance with Section 7.4 of this Agreement, in cash on the dates and subject to the conditions hereinafter set forth; provided, however, that if the Limited Partner withholds the Acquisition Committee Approval before making the payment described under subsection (b) of this Section 7.2, the Limited Partner shall make no further Capital Contribution payments, and the General Partner shall repurchase the Limited Partner's and Special Limited Partner's Interest in the Partnership pursuant to Section 7.3(a).
(a) $301,312 (representing $237,873 for the LIHTC and $63,439 for the Georgia Credits) shall be payable upon the Limited Partner's receipt and approval of the following documents:
(1) a legal opinion in a form substantially similar to the form of opinion attached hereto as Exhibit "B" and incorporated herein by this reference;
(2) a fully executed Certification and Agreement in the form attached hereto as Exhibit "C" and incorporated herein by this reference;
(3) a copy of a title commitment, (in a form and substance satisfactory to the Special Limited Partner) constituting an agreement by such title company to issue the Title Policy within fifteen working days. The title commitment will show the Apartment Housing to be free from liens except the Construction Loan and free from other exceptions not previously approved by the Special Limited Partner.
(b) $200,000 (representing $157,891 for the LIHTC and $42,109 for the Georgia Credits), less an amount equal to the Bridge Fee, if applicable, shall be payable in monthly installments upon the Special Limited Partner's receipt and approval of construction draws pursuant to the Partnership's construction draw disbursement procedure upon the Acquisition Committee Approval and the Limited Partner's receipt and approval of the following documents:
(1) a copy of the recorded grant deed (warranty deed);
(2) fully executed Construction Loan documents;
(3) the construction draw disbursement procedure;
(4) Insurance required during construction;
(5) A legal opinion in a form acceptable to the Special Limited Partner stating that, with the exception of the construction phase of the Mortgage Loan described at section 1.62(a) (which phase is described at Section 1.31 as the Construction Loan), neither the General Partner(s) of the Partnershi...
Capital Contribution of Limited Partner. The Limited Partner shall make a Capital Contribution in the amount of $627,508, as may be adjusted in accordance with Section 7.4 of this Agreement, in cash on the dates and subject to the conditions hereinafter set forth.
(a) $272,114 (which includes the Special Limited Partner's Capital Contribution of $63) shall be payable upon the Limited Partner's receipt and approval of the following documents:
(1) the execution of this Agreement;
(2) an ALTA survey;
(3) a legal opinion in a form substantially similar to the form of opinion attached hereto as Exhibit B and incorporated herein by this reference;
(4) a fully executed Certification and Agreement in the form attached hereto as Exhibit C and incorporated herein by this reference;
(5) a copy of the title commitment (in a form and substance satisfactory to the Special Limited Partner) constituting an agreement by a title company to issue the Title Policy within fifteen working days. The title commitment will show the Apartment Housing to be free from liens other than the Mortgage Loans and free from other exceptions not previously approved by the Special Limited Partner;
(6) Insurance required during construction;
(7) a copy of the building permit;
(8) a copy of the recorded grant deed (warranty deed);
(9) a copy of the Limited Partner's independent engineer's report;
(10) a copy of the Construction Contract;
(11) fully executed Mortgage Loan documents;
(12) a full set of Plans and Specifications; and
(13) payment of $20,000 for costs and expenses incurred in connection with the Limited Partner's or its Affiliate's underwriting of the Apartment Housing and Improvements.
(b) $75,308 shall be payable upon the Limited Partner's receipt and approval of the following documents:
(1) an audited cost certification together with the Accountant's workpapers verifying that the Partnership has expended the requisite 10% of reasonably expected cost basis to meet the carryover test provisions of Code Section 42;
(2) the Inspecting Architect's certification of 50% completion of the total construction;
(3) a date down to the Title Policy dated no more than fifteen days prior to this Capital Contribution payment evidencing no construction or development related liens; and
(4) any documents previously not provided to the Limited Partner but required pursuant to this Section 7.2 and Sections 14.3(a) and (b).
(c) $125,514 shall be payable upon the Limited Partner's receipt and approval of the following documents;
(1) certific...
Capital Contribution of Limited Partner. The Limited Partner shall make a Capital Contribution in the amount of $1,754,167, as may be adjusted in accordance with Section 7.4 of this Agreement, in cash on the dates and subject to the conditions hereinafter set forth.
(a) $456,083 (which includes the Special Limited Partner's Capital Contribution of $175) shall be payable upon the Limited Partner's receipt and approval of the following documents:
(1) a legal opinion in a form substantially similar to the form of opinion attached hereto as Exhibit "B" and incorporated herein by this reference;
(2) a fully executed Certification and Agreement in the form attached hereto as Exhibit "C" and incorporated herein by this reference;
(3) a copy of the Title Policy;
(4) a copy of the ALTA Survey;
(5) Insurance required during construction;
(6) a copy of the recorded grant deed (warranty deed);
(7) an executed commitment from the Mortgage lender to provide the Mortgage;
(8) the Development, Construction and Operating Budget Agreement;
(9) the Construction Completion, Operating Deficit and Tax Credit Guarantee Agreement;
(10) the Development Fee Agreement and Guaranty Agreement;
(11) the construction draw disbursement procedure;
(12) all documents and workpapers supporting the 10% carryover determination; and
(13) payment of $15,000 to the Limited Partner for costs and expenses incurred by the Limited Partner in connection with the Limited Partner's underwriting of the Apartment Housing and Improvements. Notwithstanding the foregoing, the first Capital Contribution payment will be paid in installments based upon approved draw requests.
(b) $508,708 shall be payable upon the Limited Partner's receipt and approval of the following documents:
(1) the Construction Inspector's certification of fifty percent completion of the total construction;
(2) any documents previously not provided to the Limited Partner but required pursuant to this Section 7.2 and Sections 14.3(a);
(3) a date-down to the Title Policy dated no more than fifteen days prior to this Capital Contribution payment evidencing no construction or development related liens; and
(4) a determination by the Special Limited Partner that construction financing is In-Balance. Notwithstanding the foregoing, the determination by Special Limited Partner that the construction financing is in-balance will be made no later than 30 days after all of the requirements have been satisfied under Section 7.2(b).
(c) $508,708 shall be payable upon the Limited Partner's re...
Capital Contribution of Limited Partner. (a) Upon execution of this Agreement, the Limited Partner shall contribute equity of $5,000,000.00 to the Partnership as its total capital contribution to the Partnership.
(b) No further capital contributions shall be required of the Limited Partner, and the Limited Partner shall not be required to make any loans to the Partnership.
(c) The Limited Partner understands that time is of the essence with respect to such capital contribution. In addition to any other appropriate remedies available to the General Partner, the Limited Partner shall not at any time be entitled to any distributions from the Partnership if it fails to make any capital contributions to the Partnership when same are due under the terms of this Agreement.
Capital Contribution of Limited Partner. The Depositary shall contribute all SDI Subscriptions to the Partnership, and such aggregate SDI Subscriptions shall constitute the Capital Contribution of the Depositary as sole Limited Partner. Neither the Depositary nor any Interest Holder shall be required to make any additional Capital Contribution to the Partnership.
Capital Contribution of Limited Partner. Simultaneous with the execution of this Amendment, the Limited Partner shall make an advance payment of a portion of the Third Installment of Capital Contribution to the Partnership in the amount of Forty Thousand Dollars ($40.000) to be spent by the Partnership in accordance with the Schedule of Expenses attached hereto as Exhibit A.
Capital Contribution of Limited Partner. The Limited Partner shall make a Capital Contribution in the amount of $683,290, as may be adjusted in accordance with Section 7.3 of this Agreement, in cash on the dates and subject to the conditions hereinafter set forth.
(a) The obligation of the Limited Partner to pay the aforesaid Capital Contribution shall be subject to the satisfaction of the following conditions.
(1) Prior to the initial Capital Contribution payment the General Partner shall deliver to the Limited Partner:
(A) a legal opinion in a form substantially similar to the form of opinion attached hereto as Exhibit "B" and incorporated herein by this reference;
(B) a fully executed Certification and Agreement in the form attached hereto as Exhibit "C" and incorporated herein by this reference; and
(C) delivery to the Limited Partner a copy of the recorded grant deed (warranty deed).
(2) Prior to the due date of each Capital Contribution installment, except the first payment, the General Partner shall deliver to the Limited Partner a fully executed General Partner Certification in the form attached hereto as Exhibit "D" and incorporated herein by this reference.
(3) Prior to the Capital Contribution payment referenced in Section 7.1(b)
Capital Contribution of Limited Partner. The Limited Partner shall make a Capital Contribution in the amount of $481,504, as may be adjusted in accordance with Section 7.4 of this Agreement, in cash on the dates and subject to the conditions hereinafter set forth.
(a) $409,278 shall be payable upon the Limited Partner's receipt and approval of the following documents:
(1) Special Limited Partner's acquisition committee approval;
(2) a legal opinion in a form substantially similar to the form of opinion attached hereto as Exhibit "B" and incorporated herein by this reference;
Capital Contribution of Limited Partner. The Limited Partner shall make a Capital Contribution in the amount of $1,178,310, as may be adjusted in accordance with Section 7.4 of this Agreement, in cash on the dates and subject to the conditions hereinafter set forth.
(a) $65,120 shall be payable upon the later of April 20th or 5 business days after the Special Limited Partner receives the fully executed and approved draw and any documents required pursuant to section 14.3(a) of this agreement and upon the Limited Partner's receipt and approval of the following documents:
(1) a legal opinion in a form substantially similar to the form of opinion attached hereto as Exhibit "B" and incorporated herein by this reference;
(2) a fully executed Certification and Agreement in the form attached hereto as Exhibit "C" and incorporated herein by this reference;
(3) a copy of a title commitment, (in a form and substance satisfactory to the Special Limited Partner) constituting an agreement by such title company to issue the Title Policy within fifteen working days. The title commitment will show the Apartment Housing to be free from liens except the Construction Loan and free from other exceptions not previously approved by the Special Limited Partner;
(4) Insurance required during construction; and
(5) a copy of the recorded grant deed (warranty deed).
(b) $100,000 shall be payable upon the later of May 20th or 5 business days after the Special Limited Partner receives the fully executed and approved draw and any documents required pursuant to section 14.3(a) of this agreement. Notwithstanding the forgoing, the Capital Contribution referenced in this section will only be payable if at least 75% of the previous Capital Contribution was disbursed for actual construction costs.
(c) $100,000 shall be payable upon the later of June 20th or 5 business days after the Special Limited Partner receives the fully executed and approved draw and any documents required pursuant to section 14.3(a) of this agreement. Notwithstanding the forgoing, the Capital Contribution referenced in this section will only be payable if at least 75% of the previous Capital Contribution was disbursed for actual construction costs.
(d) $200,000 shall be payable upon the later of July 20th or 5 business days after the Special Limited Partner receives the fully executed and approved draw and any documents required pursuant to section 14.3(a) of this agreement. Notwithstanding the forgoing, the Capital Contribution referenced in this section wil...
