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) certificate of occupancy (or equivalent evidence of local occupancy approval if a permanent certificate is not available) on all the apartment units in the Apartment Housing; (2) a completion certification in a form substantially similar to the form attached hereto as Exhibit D and incorporated herein by this reference, indicating that the Improvements have been completed in accordance with the Project Documents; (3) a letter from the Contractor in a form substantially similar to the form attached hereto as Exhibit F and incorporated herein by this reference stating that all amounts payable to the Contractor have been paid in full and that the Partnership is not in violation of the Construction Contract; (4) Insurance required during operations; (5) a date down to the Title Policy dated no more than ten days prior to this Capital Contribution payment providing an as-built survey and confirming that here are no liens, claims or rights to a lien or judgments filed against the property or the Apartment Housing during the time period since the issuance of the Title Policy referenced above in Section 7.2(a)evidencing no construction or development related liens; and (6) any documents previously not provided to the Limited Partner but required pursuant to this Section 7.2 and Sections 14.3(a) and (b) (d) $94,135 shall be payable upon the Limited Partner's receipt and approval of the following documents: (1) endorsement to the Title Policy dated no more than ten days prior to the scheduled Capital Contribution providing an as-built survey and confirming that there are no liens, claims or rights to a lien or judgments filed against the property or the Apartment Housing during the time period since the issuance of the Title Policy referenced above in Section 7.2(a). (2) achievement by the Partnership of a Debt Service Coverage of 1.15 for 90 consecutive days; (3) 90% tax credit qualified occupancy and 90% actual occupancy for 90 consecutive days; (4) an audited construction cost certification (which includes an itemized cost breakdown); (5) the Accountant's final Tax Credit certification in a form substantially similar to the form attached hereto as Exhibit E and incorporated herein by this reference; and (6) any documents previously not provided to the Limited Partner but required pursuant to this Section 7.2 or Sections 14.3(a) or (b). (e) $35,560 shall be payable upon the Limited Partner's receipt and approval of the following documents (1) 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 General Partner, verifying each tenant's eligibility pursuant to the Minimum Set-Aside Test; (2) copies of the executed lease agreement with the tenants; (3) the current rent roll; (4) the construction documents required pursuant to Section 14.3(a) of this Agreement, if not previously provided to the Limited Partner; (5) first year tax return in which Tax Credits are taken; (6) a copy of the declaration of restrictive covenants/extended use agreement entered into between the Partnership and the State Tax Credit Agency; (7) a copy of the Partnership's audited financial statement; (8) Internal Revenue Code Form 8609, or any successor form; and (9) any documents previously not provided to the Limited Partner but required pursuant to this Section 7.2 and Sections 14.3(a) and (b).
Appears in 1 contract
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund VI, L.P., Series 13)
Capital Contribution of Limited Partner. The Limited Partner shall make a Capital Contribution in the amount of $627,508882,620, 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) 529,572 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 "B" and incorporated herein by this reference;
(4) a fully executed Certification and Agreement in the form attached hereto as Exhibit C "C" and incorporated herein by this reference;
(5) a copy of the title commitment commitment, (in a form and substance satisfactory to the Special Limited Partner) constituting an agreement by a 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 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 copy of firm commitment from Mortgage Loan documents;Lender; and
(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) $75,308 132,393 shall be payable upon the Limited partner's receipt and approval of documents substantiating 50% construction completion, with all accompanying documents including lien releases and date downs;
(c) $44,131 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) certificate of occupancy (or equivalent evidence of local occupancy approval if a permanent certificate is not available) on all the apartment units in the Apartment Housing;
(2) a completion certification in a form substantially similar to the form attached hereto as Exhibit D "D" and incorporated herein by this reference, indicating that the Improvements have been completed in accordance with the Project Documents;
(3) a letter from the Contractor in a form substantially similar to the form attached hereto as Exhibit F "F" and incorporated herein by this reference stating that all amounts payable to the Contractor have been paid in full and that the Partnership is not in violation of the Construction Contract;
(4) Insurance insurance required during operations;
(5) a date down to the Title Policy dated no more than ten days prior to this Capital Contribution payment providing an as-built survey and confirming that here are no liens, claims or rights to a lien or judgments filed against the property or the Apartment Housing during the time period since the issuance of the Title Policy referenced above in Section 7.2(a)evidencing no construction or development related liens; and
(6) any documents previously not provided to the Limited Partner but required pursuant to this Section 7.2 and Sections 14.3(a) and (b)
(d) $94,135 shall be payable upon the Limited Partner's receipt and approval of the following documents:
(1) endorsement to the Title Policy dated no more than ten days prior to the scheduled Capital Contribution providing an as-built survey and confirming that there are no liens, claims or rights to a lien or judgments filed against the property or the Apartment Housing during the time period since the issuance of the Title Policy referenced above in Section 7.2(a).
(d) $150,030 shall be payable upon the Limited Partner's receipt and approval of the following documents;
(1) Mortgage Loan Documents signed and the Mortgage funded;
(2) achievement by the Partnership of a Debt Service Coverage of 1.15 for 90 consecutive days;
(3) 90% tax credit qualified occupancy and 90% actual occupancy for 90 consecutive days;
(4) an audited construction cost certification (which includes an itemized cost breakdown);
(5) an updated Title Policy;
(6) the Accountant's final Tax Credit certification in a form substantially similar to the form attached hereto as Exhibit E "E" and incorporated herein by this reference; and
(67) any documents previously not provided to the Limited Partner but required pursuant to this Section 7.2 or Sections 14.3(a) or (b)an as-built survey.
(e) $35,560 26,494 shall be payable upon the Limited Partner's receipt and approval of the following documents;
(1) 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 General Partner, verifying each tenant's eligibility pursuant to the Minimum Set-Aside Test;
(2) copies of the executed lease agreement with the tenants;
(3) the current rent roll;
(4) the construction documents required pursuant to Section 14.3(a) of this Agreement, if not previously provided to the Limited Partner;
(5) first year tax return in which Tax Credits are taken;
(6) a copy of the declaration of restrictive covenants/extended use agreement entered into between the Partnership and the State Tax Credit Agency;
(7) a copy of the Partnership's audited financial statement;
(8) Internal Revenue Code Form 8609, or any successor form; and
(9) any documents previously previous not provided to the Limited Partner but required pursuant to this Section 7.2 and Sections 14.3(a) and (b).
(f) In the event the Limited Partner fails to pay a portion of any Capital Contribution by its due date, and any such failure is not cured within forty five (45) days after written request for the payment from the General Partner (after all such prerequisites to receive such payment are met), the Limited Partner shall be deemed to be in default of its obligations under this Agreement and the General Partner shall be entitled to institute a suit of law or in equity.
Appears in 1 contract
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 11)
Capital Contribution of Limited Partner. The Limited Partner shall make a Capital Contribution in the amount of $627,508285,574, as may be adjusted in accordance with Section 7.4 of this Agreement, in cash deposited into an escrow account evidenced by an escrow agreement ("Escrow Agreement") dated the even date herewith 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) 71,394 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 "B" and incorporated herein by this reference;
(42) a fully executed Certification and Agreement in the form attached hereto as Exhibit C "C" and incorporated herein by this reference;
(53) a copy of the title commitment commitment, (in a form and substance satisfactory to the Special Limited Partner) constituting an agreement by a 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 other than the Mortgage Loans and liens, free from pending assessments for street, sewer and utilities, and other exceptions not previously approved by the Special Limited Partner;
(64) Insurance required during construction;
(75) a copy of the building permit;
(8) a copy of the recorded grant deed (warranty deed);
(96) a copy of the Limited Partner's independent engineer's reportdraw requests, project site visit, and title search;
(107) a copy of the Construction Contract;
(11) fully executed Mortgage Loan documents;
(12) a full set of Plans construction costs, sources and Specificationsuses and operating budget; 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 Improvements8) upon Construction Loan closing.
(b) $75,308 71,394 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% fifty percent 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
(42) any the construction documents required pursuant to Section 14.3(a) of this Agreement, if not previously not provided to the Limited Partner but required pursuant to this Section 7.2 and Sections 14.3(a) and (b)Partner.
(c) $125,514 71,394 shall be payable upon the Limited Partner's receipt and approval of the following documents;:
(1) a certificate of occupancy (or equivalent evidence of local occupancy approval if a permanent certificate is not available) on all the apartment units in the Apartment Housing;
(2) a completion certification in a form substantially similar to the form attached hereto as Exhibit D "D" and incorporated herein by this reference, indicating that the Improvements have been completed in accordance with the Project Documents;
(3) a letter from the Contractor in a form substantially similar to the form attached hereto as Exhibit F "F" and incorporated herein by this reference stating that all amounts payable to the Contractor have been paid in full and that the Partnership is not in violation of the Construction Contract;
(4) Insurance required during operations;; and
(5) a date down the construction documents required pursuant to the Title Policy dated no more than ten days prior to Section 14.3(a) of this Capital Contribution payment providing an as-built survey and confirming that here are no liensAgreement, claims or rights to a lien or judgments filed against the property or the Apartment Housing during the time period since the issuance of the Title Policy referenced above in Section 7.2(a)evidencing no construction or development related liens; and
(6) any documents if not previously not provided to the Limited Partner but required pursuant to this Section 7.2 and Sections 14.3(a) and (b)Partner.
(d) $94,135 71,392 shall be payable upon the Limited Partner's receipt and approval of the following documents:
(1) Mortgage Loan documents signed and the Mortgage funded;
(2) endorsement to the Title Policy dated no more than ten days prior to the scheduled Capital Contribution providing an as-built survey and confirming that there are no pending assessments for street, sewer and utilities on the property, and no liens, claims or rights to a lien or judgments filed against the property or the Apartment Housing during the time period since the issuance of the Title Policy referenced above in Section 7.2(a).;
(23) achievement by the Partnership Project of a Debt Service Coverage of 1.15 for 90 consecutive days;
(3) 90% tax credit qualified occupancy and 90% actual occupancy for 90 consecutive days;
(4) an audited construction cost certification (which includes an itemized cost breakdown);
(5) the Accountant's final Tax Credit certification in a form substantially similar to the form attached hereto as Exhibit E and incorporated herein by this reference; and
(6) any documents previously not provided to the Limited Partner but required pursuant to this Section 7.2 or Sections 14.3(a) or (b).
(e) $35,560 shall be payable upon the Limited Partner's receipt and approval of the following documents
(1) 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 General Partner, verifying each tenant's eligibility pursuant to the Minimum Set-Aside Test;
(25) copies of the executed lease agreement with the tenants;
(36) the current rent rollan audited construction cost certification (which includes an itemized cost breakdown);
(4) the construction documents required pursuant to Section 14.3(a) of this Agreement, if not previously provided to the Limited Partner;
(5) first year tax return in which Tax Credits are taken;
(67) a copy of the declaration of restrictive covenants/extended use agreement entered into between the Partnership and the State Tax Credit Agency;
(7) 8) the Accountant's final Tax Credit certification in a copy of form substantially similar to the Partnership's audited financial statementform attached hereto as Exhibit "E" and incorporated herein by this reference;
(8) Internal Revenue Code Form 8609, or any successor form; and
(9) first year tax returns in which Tax Credits are taken;
(10) any documents previously previous not provided to the Limited Partner but required pursuant to this Section 7.2 and Sections 14.3(a) and (b); and
(11) Internal Revenue Code Form 8609, or any successor form.
Appears in 1 contract
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 7)
Capital Contribution of Limited Partner. The Limited Partner shall make a Capital Contribution in the amount of $627,508887,897, 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) 532,738 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 "B" and incorporated herein by this reference;
(4) a fully executed Certification and Agreement in the form attached hereto as Exhibit C "C" and incorporated herein by this reference;
(5) a copy of the title commitment commitment, (in a form and substance satisfactory to the Special Limited Partner) constituting an agreement by a 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 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 copy of firm commitment from Mortgage Loan documents;Lender; and
(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) $75,308 133,184 shall e payable upon the Limited partner's receipt and approval of documents substantiating 50% construction completion, with all accompanying documents including lien releases and date downs;
(c) $44,395 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) certificate of occupancy (or equivalent evidence of local occupancy approval if a permanent certificate is not available) on all the apartment units in the Apartment Housing;
(2) a completion certification in a form substantially similar to the form attached hereto as Exhibit D "D" and incorporated herein by this reference, indicating that the Improvements have been completed in accordance with the Project Documents;
(3) a letter from the Contractor in a form substantially similar to the form attached hereto as Exhibit F "F" and incorporated herein by this reference stating that all amounts payable to the Contractor have been paid in full and that the Partnership is not in violation of the Construction Contract;
(4) Insurance insurance required during operations;
(5) a date down to the Title Policy dated no more than ten days prior to this Capital Contribution payment providing an as-built survey and confirming that here are no liens, claims or rights to a lien or judgments filed against the property or the Apartment Housing during the time period since the issuance of the Title Policy referenced above in Section 7.2(a)evidencing no construction or development related liens; and
(6) any documents previously not provided to the Limited Partner but required pursuant to this Section 7.2 and Sections 14.3(a) and (b)
(d) $94,135 shall be payable upon the Limited Partner's receipt and approval of the following documents:
(1) endorsement to the Title Policy dated no more than ten days prior to the scheduled Capital Contribution providing an as-built survey and confirming that there are no liens, claims or rights to a lien or judgments filed against the property or the Apartment Housing during the time period since the issuance of the Title Policy referenced above in Section 7.2(a).
(d) $150,927 shall be payable upon the Limited Partner's receipt and approval of the following documents;
(1) Mortgage Loan Documents signed and the Mortgage funded;
(2) achievement by the Partnership of a Debt Service Coverage of 1.15 for 90 consecutive days;
(3) 90% tax credit qualified occupancy and 90% actual occupancy for 90 consecutive days;
(4) an audited construction cost certification (which includes an itemized cost breakdown);
(5) an updated Title Policy;
(6) the Accountant's final Tax Credit certification in a form substantially similar to the form attached hereto as Exhibit E "E" and incorporated herein by this reference; and
(67) any documents previously not provided to the Limited Partner but required pursuant to this Section 7.2 or Sections 14.3(a) or (b)an as-built survey.
(e) $35,560 26,652 shall be payable upon the Limited Partner's receipt and approval of the following documents;
(1) 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 General Partner, verifying each tenant's eligibility pursuant to the Minimum Set-Aside Test;
(2) copies of the executed lease agreement with the tenants;
(3) the current rent roll;
(4) the construction documents required pursuant to Section 14.3(a) of this Agreement, if not previously provided to the Limited Partner;
(5) first year tax return in which Tax Credits are taken;
(6) a copy of the declaration of restrictive covenants/extended use agreement entered into between the Partnership and the State Tax Credit Agency;
(7) a copy of the Partnership's audited financial statement;
(8) Internal Revenue Code Form 8609, or any successor form; and
(9) any documents previously previous not provided to the Limited Partner but required pursuant to this Section 7.2 and Sections 14.3(a) and (b).
(f) In the event the Limited Partner fails to pay a portion of any Capital Contribution by its due date, and any such failure is not cured within forty five (45) days after written request for the payment from the General Partner (after all such prerequisites to receive such payment are met), the Limited Partner shall be deemed to be in default of its obligations under this Agreement and the General Partner shall be entitled to institute a suit of law or in equity.
Appears in 1 contract
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 11)
Capital Contribution of Limited Partner. The Limited Partner shall make a Capital Contribution in the amount of $627,508874,453, 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) 524,672 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 "B" and incorporated herein by this reference;
(4) a fully executed Certification and Agreement in the form attached hereto as Exhibit C "C" and incorporated herein by this reference;
(5) a copy of the title commitment commitment, (in a form and substance satisfactory to the Special Limited Partner) constituting an agreement by a 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 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 copy of firm commitment from Mortgage Loan documents;Lender; and
(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) $75,308 131,168 shall e payable upon the Limited partner's receipt and approval of documents substantiating 50% construction completion, with all accompanying documents including lien releases and date downs;
(c) $43,723 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) certificate of occupancy (or equivalent evidence of local occupancy approval if a permanent certificate is not available) on all the apartment units in the Apartment Housing;
(2) a completion certification in a form substantially similar to the form attached hereto as Exhibit D "D" and incorporated herein by this reference, indicating that the Improvements have been completed in accordance with the Project Documents;
(3) a letter from the Contractor in a form substantially similar to the form attached hereto as Exhibit F "F" and incorporated herein by this reference stating that all amounts payable to the Contractor have been paid in full and that the Partnership is not in violation of the Construction Contract;
(4) Insurance insurance required during operations;
(5) a date down to the Title Policy dated no more than ten days prior to this Capital Contribution payment providing an as-built survey and confirming that here are no liens, claims or rights to a lien or judgments filed against the property or the Apartment Housing during the time period since the issuance of the Title Policy referenced above in Section 7.2(a)evidencing no construction or development related liens; and
(6) any documents previously not provided to the Limited Partner but required pursuant to this Section 7.2 and Sections 14.3(a) and (b)
(d) $94,135 shall be payable upon the Limited Partner's receipt and approval of the following documents:
(1) endorsement to the Title Policy dated no more than ten days prior to the scheduled Capital Contribution providing an as-built survey and confirming that there are no liens, claims or rights to a lien or judgments filed against the property or the Apartment Housing during the time period since the issuance of the Title Policy referenced above in Section 7.2(a).
(d) $148,642 shall be payable upon the Limited Partner's receipt and approval of the following documents;
(1) Mortgage Loan Documents signed and the Mortgage funded;
(2) achievement by the Partnership of a Debt Service Coverage of 1.15 for 90 consecutive days;
(3) 90% tax credit qualified occupancy and 90% actual occupancy for 90 consecutive days;
(4) an audited construction cost certification (which includes an itemized cost breakdown);
(5) an updated Title Policy;
(6) the Accountant's final Tax Credit certification in a form substantially similar to the form attached hereto as Exhibit E "E" and incorporated herein by this reference; and
(67) any documents previously not provided to the Limited Partner but required pursuant to this Section 7.2 or Sections 14.3(a) or (b)an as-built survey.
(e) $35,560 26,248 shall be payable upon the Limited Partner's receipt and approval of the following documents;
(1) 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 General Partner, verifying each tenant's eligibility pursuant to the Minimum Set-Aside Test;
(2) copies of the executed lease agreement with the tenants;
(3) the current rent roll;
(4) the construction documents required pursuant to Section 14.3(a) of this Agreement, if not previously provided to the Limited Partner;
(5) first year tax return in which Tax Credits are taken;
(6) a copy of the declaration of restrictive covenants/extended use agreement entered into between the Partnership and the State Tax Credit Agency;
(7) a copy of the Partnership's audited financial statement;
(8) Internal Revenue Code Form 8609, or any successor form; and
(9) any documents previously previous not provided to the Limited Partner but required pursuant to this Section 7.2 and Sections 14.3(a) and (b).
(f) In the event the Limited Partner fails to pay a portion of any Capital Contribution by its due date, and any such failure is not cured within forty five (45) days after written request for the payment from the General Partner (after all such prerequisites to receive such payment are met), the Limited Partner shall be deemed to be in default of its obligations under this Agreement and the General Partner shall be entitled to institute a suit of law or in equity.
Appears in 1 contract
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 11)
Capital Contribution of Limited Partner. The Limited Partner shall make a Capital Contribution in the amount of $627,508891,030, 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) 579,169 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 "B" and incorporated herein by this reference;
(42) a fully executed Certification and Agreement in the form attached hereto as Exhibit C "C" and incorporated herein by this reference;
(53) 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 PartnerPolicy;
(64) Insurance required during construction;
(75) a copy of the building permit;
(8) a copy of the recorded grant deed (warranty deed);
(96) a copy approval of the Special 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 SpecificationsPartners' acquisition committee; and
(137) payment copies of $20,000 for costs and expenses incurred in connection with fully executed Construction Loan documents evidencing the Limited Partner's or its Affiliate's underwriting closing of the Apartment Housing and ImprovementsConstruction Loan.
(b) $75,308 178,206 shall be payable upon the Limited Partner's receipt and approval of the following documents:
(1) an audited cost a certification together signed by the Inspecting Architect in a form substantially similar to the form attached hereto as Exhibit "D" and incorporated herein by this reference, indicating that the Improvements have been completed in accordance 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 42Project Documents;
(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) certificate of occupancy (or equivalent evidence of local occupancy approval if a permanent certificate is not available) on all the apartment units in the Apartment Housing;
(2) a completion certification in a form substantially similar to the form attached hereto as Exhibit D and incorporated herein by this reference, indicating that the Improvements have been completed in accordance with the Project DocumentsProject;
(3) a letter from the Contractor in a form substantially similar to the form attached hereto as Exhibit F "F" and incorporated herein by this reference stating that all amounts payable to the Contractor have been paid in full and that the Partnership is not in violation of the Construction Contract;
(4) Insurance required during operations;; and
(5) a date down the construction documents required pursuant to the Title Policy dated no more than ten days prior to Section 14.3(a) of this Capital Contribution payment providing an as-built survey and confirming that here are no liensAgreement, claims or rights to a lien or judgments filed against the property or the Apartment Housing during the time period since the issuance of the Title Policy referenced above in Section 7.2(a)evidencing no construction or development related liens; and
(6) any documents if not previously not provided to the Limited Partner but required pursuant to this Section 7.2 and Sections 14.3(a) and (b)Partner.
(dc) $94,135 89,103 shall be payable upon the Limited Partner's receipt and approval of the following documents:
(1) Mortgage Loan documents signed and the Mortgage funded;
(2) endorsement to the Title Policy dated no more than ten days prior to the scheduled Capital Contribution providing an as-built survey after Completion of Construction, and confirming that there are no liens, claims or rights to a lien or judgments filed against the property or the Apartment Housing Project during the time period since the issuance of the original owner's Title Policy referenced above in this Section 7.2(a).7.2;
(23) achievement by the Partnership project partnership of a Debt Service Coverage of 1.15 for 90 consecutive days;
(3) 90% tax credit qualified occupancy and 90% actual occupancy for 90 consecutive days;
(4) an audited construction cost certification (which includes an itemized cost breakdown)the current rent roll;
(5) the Accountant's final Tax Credit certification in a form substantially similar to the form attached hereto as Exhibit E and incorporated herein by this reference; and
(6) any documents previously not provided to the Limited Partner but required pursuant to this Section 7.2 or Sections 14.3(a) or (b).
(e) $35,560 shall be payable upon the Limited Partner's receipt and approval of the following documents
(1) 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 General Partner, verifying each tenant's eligibility pursuant to the Minimum Set-Aside Test;; and
(26) copies of the executed lease agreement with the tenants.
(d) $44,552 shall be payable upon the Limited Partner's receipt and approval of the following documents:
(1) upon construction completion;
(3) the current rent roll;
(4) the construction documents required pursuant to Section 14.3(a) of this Agreement, if not previously provided to the Limited Partner;
(5) first year tax return in which Tax Credits are taken;
(62) a copy of the declaration of restrictive covenants/extended use agreement entered into between the Partnership and the State Tax Credit Agency;
(73) a copy of the Partnership's an audited financial statementconstruction cost certification (which includes an itemized cost breakdown);
(8) 4) the Accountant's final Tax Credit certification in a form substantially similar to the form attached hereto as Exhibit "E" and incorporated herein by this reference;
(5) Internal Revenue Code Form 8609, or any successor form;
(6) first year tax returns in which in the LIHTC are taken; and
(97) any documents previously previous not provided to the Limited Partner but required pursuant to this Section 7.2 and Sections 14.3(a) and (b).
Appears in 1 contract
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 8)
Capital Contribution of Limited Partner. The Limited Partner shall make a Capital Contribution in the amount of $627,508244,507, 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) $272,114 (which includes the Special Limited Partner's Capital Contribution of $63) 122,241 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 "B" and incorporated herein by this reference;
(42) a fully executed Certification and Agreement in the form attached hereto as Exhibit C "C" and incorporated herein by this reference;
(53) a copy of the title commitment commitment, (in a form and substance satisfactory to the Special Limited Partner) constituting an agreement by a 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 other than except the Mortgage Loans Construction Loan and free from other exceptions not previously approved by the Special Limited Partner;
(64) Insurance required during construction;
(75) 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;
(116) fully executed Mortgage Construction Loan closing documents;
(12) a full set of Plans and Specifications; and
(137) 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 Improvementsconstruction draw disbursement procedure.
(b) $75,308 61,121 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) 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 42lien free construction completion;
(2) Completion of Construction as evidenced by the Inspecting Architect's certification of 50% completion of the total constructioncertification;
(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) certificate of occupancy (or equivalent evidence of local occupancy approval if a permanent certificate is not available) on all the apartment units in the Apartment Housing;
(24) a completion certification in a form substantially similar to the form attached hereto as Exhibit D "D" and incorporated herein by this reference, indicating that the Improvements have been completed in accordance with the Project Documents;
(35) a letter from the Contractor in a form substantially similar to the form attached hereto as Exhibit F "F" and incorporated herein by this reference stating that all amounts payable to the Contractor have been paid in full and that the Partnership is not in violation of the Construction Contract;
(46) Insurance required during operations;
(57) a date down the construction documents required pursuant to Section 14.3(a) of this Agreement, if not previously provided to the Title Policy dated no more than ten days prior to this Capital Contribution payment providing an as-built survey and confirming that here are no liens, claims or rights to a lien or judgments filed against the property or the Apartment Housing during the time period since the issuance of the Title Policy referenced above in Section 7.2(a)evidencing no construction or development related liens; andLimited Partner;
(6) 8) any documents previously not provided to the Limited Partner but required pursuant to this Section 7.2 and Sections 14.3(a) and (b); and
(d9) a determination by the Special Limited Partner that construction financing is In-Balance.
(c) $94,135 30,560 shall be payable upon the Limited Partner's receipt and approval of the following documents:
(1) Mortgage Loan documents signed and the Mortgage funded;
(2) endorsement to the Title Policy dated no more than ten days prior to the scheduled Capital Contribution providing an ALTA as-built survey and confirming that there are no liens, claims or rights to a lien or judgments filed against the property or the Apartment Housing during the time period since the issuance of the Title Policy referenced above in Section 7.2(a).
(2) achievement by the Partnership of a Debt Service Coverage of 1.15 for 90 consecutive days;
(3) the current rent roll evidencing a minimum 90% tax credit qualified Tax Credit Qualified occupancy and 90% actual occupancy for 90 consecutive daysdays immediately prior to funding;
(4) an audited construction cost certification (which includes an itemized cost breakdown)Debt Service Coverage of 1.15 for 90 consecutive days immediately prior to funding;
(5) the Accountant's final Tax Credit certification in a form substantially similar to the form attached hereto as Exhibit E and incorporated herein by this reference; and
(6) any documents previously not provided to the Limited Partner but required pursuant to this Section 7.2 or Sections 14.3(a) or (b).
(e) $35,560 shall be payable upon the Limited Partner's receipt and approval of the following documents
(1) 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 General Partner, verifying each tenant's eligibility pursuant to the Minimum Set-Aside Test;
(2) copies of the executed lease agreement with the tenants;
(3) the current rent roll;
(4) the construction documents required pursuant to Section 14.3(a) of this Agreement, if not previously provided to the Limited Partner;
(5) first year tax return in which Tax Credits are taken;
(6) a copy of the declaration of restrictive covenants/extended use agreement entered into between the Partnership and the State Tax Credit Agency;
(7) a copy of the Partnership's audited financial statement;
(8) Internal Revenue Code Form 8609, or any successor form; and
(9) any documents previously not provided to the Limited Partner but required pursuant to this Section 7.2 and Sections 14.3(a) and (b).
Appears in 1 contract
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 9)
Capital Contribution of Limited Partner. The Limited Partner shall make a Capital Contribution in the amount of $627,508917,269, 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) $272,114 687,952 (which includes the Special Limited Partner's Capital Contribution of $6392) 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 "B" and incorporated herein by this reference;
(4) a fully executed Certification and Agreement in the form attached hereto as Exhibit C "C" and incorporated herein by this reference;
(5) a copy of the title commitment commitment, (in a form and substance satisfactory to the Special Limited Partner) constituting an agreement by a 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 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 copy of firm commitment from Mortgage Loan documents;Lender; and
(12) a full set of Plans and Specifications; and.
(13) payment of $20,000 15,000 to the Limited Partner for costs and expenses incurred by the Limited Partner in connection with the Limited Partner's or its Affiliate's underwriting of the Apartment Housing and Improvements.
(b) $75,308 91,727 shall e payable upon the Limited partner's receipt and approval of documents substantiating 50% construction completion, with all accompanying documents including lien releases and date downs;
(c) $45,863 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) certificate of occupancy (or equivalent evidence of local occupancy approval if a permanent certificate is not available) on all the apartment units in the Apartment Housing;
(2) a completion certification in a form substantially similar to the form attached hereto as Exhibit D "D" and incorporated herein by this reference, indicating that the Improvements have been completed in accordance with the Project Documents;
(3) a letter from the Contractor in a form substantially similar to the form attached hereto as Exhibit F "F" and incorporated herein by this reference stating that all amounts payable to the Contractor have been paid in full and that the Partnership is not in violation of the Construction Contract;
(4) Insurance insurance required during operations;
(5) a date down to the Title Policy dated no more than ten days prior to this Capital Contribution payment providing an as-built survey and confirming that here are no liens, claims or rights to a lien or judgments filed against the property or the Apartment Housing during the time period since the issuance of the Title Policy referenced above in Section 7.2(a)evidencing no construction or development related liens; and
(6) any documents previously not provided to the Limited Partner but required pursuant to this Section 7.2 and Sections 14.3(a) and (b)
(d) $94,135 shall be payable upon the Limited Partner's receipt and approval of the following documents:
(1) endorsement to the Title Policy dated no more than ten days prior to the scheduled Capital Contribution providing an as-built survey and confirming that there are no liens, claims or rights to a lien or judgments filed against the property or the Apartment Housing during the time period since the issuance of the Title Policy referenced above in Section 7.2(a).
(d) $45,863 shall be payable upon the Limited Partner's receipt and approval of the following documents;
(1) Mortgage Loan Documents signed and the Mortgage funded;
(2) achievement by the Partnership of a Debt Service Coverage of 1.15 for 90 consecutive days;
(3) 90% tax credit qualified occupancy and 90% actual occupancy for 90 consecutive days;
(4) an audited construction cost certification (which includes an itemized cost breakdown);
(5) an updated Title Policy;
(6) the Accountant's final Tax Credit certification in a form substantially similar to the form attached hereto as Exhibit E "E" and incorporated herein by this reference; and
(67) any documents previously not provided to the Limited Partner but required pursuant to this Section 7.2 or Sections 14.3(a) or (b)an as-built survey.
(e) $35,560 45,863 shall be payable upon the Limited Partner's receipt and approval of the following documents;
(1) 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 General Partner, verifying each tenant's eligibility pursuant to the Minimum Set-Aside Test;
(2) copies of the executed lease agreement with the tenants;
(3) the current rent roll;
(4) the construction documents required pursuant to Section 14.3(a) of this Agreement, if not previously provided to the Limited Partner;
(5) first year tax return in which Tax Credits are taken;
(6) a copy of the declaration of restrictive covenants/extended use agreement entered into between the Partnership and the State Tax Credit Agency;
(7) a copy of the Partnership's audited financial statement;
(8) Internal Revenue Code Form 8609, or any successor form; and
(9) any documents previously previous not provided to the Limited Partner but required pursuant to this Section 7.2 and Sections 14.3(a) and (b).
(f) In the event the Limited Partner fails to pay a portion of any Capital Contribution by its due date, and any such failure is not cured within forty five (45) days after written request for the payment from the General Partner (after all such prerequisites to receive such payment are met), the Limited Partner shall be deemed to be in default of its obligations under this Agreement and the General Partner shall be entitled to institute a suit of law or in equity.
Appears in 1 contract
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 12)
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 Agreement588,929, in cash on the dates and subject to the conditions hereinafter set forth.:
(a) $272,114 (which includes Including but not limited to any and all terms and conditions otherwise found elsewhere in this Agreement, or waived, the Special obligation of the Limited Partner's Partner to pay the aforesaid Capital Contribution of $63) shall be payable upon subject to the Limited Partner's receipt and approval satisfaction of the following documentsconditions:
(1) the execution issuance to the Limited Partner of this Agreement;
(2) an ALTA survey;
(3) a opinion of the Partnership's legal opinion counsel, in a form substantially similar to the form of opinion attached hereto as Exhibit B "B" and incorporated herein by this reference;
(42) the General Partner shall deliver to the Limited Partner:
(A) a fully executed Certification Certificate and Agreement in the form attached hereto as Exhibit C "C" and incorporated herein by this reference;
(5B) operating budget;
(C) Insurance required during operations;
(D) a copy of the title commitment (an ALTA Owner's Title Insurance Policy, 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 Title Insurance Policy will show the Apartment Housing Project 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) certificate of occupancy (or equivalent evidence of local occupancy approval if a permanent certificate is not available) on all the apartment units in the Apartment Housing;
(2) a completion certification in a form substantially similar to the form attached hereto as Exhibit D and incorporated herein by this reference, indicating that the Improvements have been completed in accordance with the Project Documents;
(3) a letter from the Contractor in a form substantially similar to the form attached hereto as Exhibit F and incorporated herein by this reference stating that all amounts payable to the Contractor have been paid in full and that the Partnership is not in violation of the Construction Contract;
(4) Insurance required during operations;
(5) a date down to the Title Policy dated no more than ten days prior to this Capital Contribution payment providing an as-built survey and confirming that here are no liens, claims or rights to a lien or judgments filed against the property or the Apartment Housing during Project, and other exceptions not approved by the time period since the issuance of the Title Policy referenced above in Section 7.2(a)evidencing no construction or development related liens; and
(6) any documents previously not provided to the Limited Partner but required pursuant to this Section 7.2 and Sections 14.3(a) and (b)
(d) $94,135 shall be payable upon the Special Limited Partner's receipt and approval of the following documents:
(1) endorsement to the Title Policy dated no more than ten days prior to the scheduled Capital Contribution providing an as-built survey and confirming that there are no liens, claims or rights to a lien or judgments filed against the property or the Apartment Housing during the time period since the issuance of the Title Policy referenced above in Section 7.2(a).
(2) achievement by the Partnership of a Debt Service Coverage of 1.15 for 90 consecutive days;
(3E) 90% tax credit qualified occupancy Mortgage documents signed and 90% actual occupancy for 90 consecutive daysthe Mortgage funded;
(4F) an audited construction cost certification (which includes an itemized cost breakdown)HOME's final loan commitment stating its loan subordination to First Bank;
(5G) the Accountant's final Tax Credit certification in a form substantially similar to the form attached hereto as Exhibit E original and incorporated herein by this reference; and
(6) any documents previously not provided to the Limited Partner but required pursuant to this Section 7.2 or Sections 14.3(a) or (b).
(e) $35,560 shall be payable upon the Limited Partner's receipt and approval of the following documents
(1) current tenant income verification information which includes rent roll, 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) ), executed lease agreements collected by the Management AgentProperty Manager, or General Partner, verifying each tenant's eligibility pursuant to the Minimum Set-Aside Testas a Qualified Tenant;
(2) copies of the executed lease agreement with the tenants;
(3) the current rent roll;
(4) the construction documents required pursuant to Section 14.3(a) of this Agreement, if not previously provided to the Limited Partner;
(5) first year tax return in which Tax Credits are taken;
(6H) a copy of the declaration Declaration of restrictive covenantsRestrictive Covenants/extended use agreement Extended Use Agreement entered into between the Partnership and the State Tax Credit Agency;
(7I) a copy an audited construction cost certification (which includes an itemized cost breakdown, the Accountant's final tax credit certification setting forth the Project's eligible basis with the amount of Tax Credits to which the Partnership's audited financial statementPartnership is entitled;
(8) J) the Accountant's final tax credit certification in a form substantially similar to the form attached hereto as Exhibit "F" and incorporated herein by this reference setting forth the Project's eligible basis with the amount of Tax Credits to which the Project is entitled; and
(K) Internal Revenue Code Form 8609, or any successor form; and
(9) any documents previously not provided to the Limited Partner but required pursuant to this Section 7.2 and Sections 14.3(a) and (b).
Appears in 1 contract
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 5)