Change of Owner; the Lessee’s Right to Purchase Clause Samples

Change of Owner; the Lessee’s Right to Purchase. If ownership of the Project Real Property on which Flat Creek Apartments is located is conveyed or transferred (whether voluntarily or involuntarily) by the Owner to any other person or entity, this Lease shall not terminate, but shall be unaffected and shall be binding on the transferee. Notwithstanding the foregoing, no transfer of the Project Real Property shall occur without the consent of the Investor. Subject to the terms and conditions in Section 13.12, if the Owner desires or attempts to convey the Project Real Property to any person or entity other than a non-profit corporation, charitable trust, governmental agency or other similar entity sharing the goals described in the Recitals above, the Lessee shall have a right of first refusal to purchase the Project Real Property. This right shall be specified in the attached Exhibit “B.” Any sale or other transfer contrary to this Section or contrary to Section 13.12 shall be null and void. Furthermore, the Lessee’s right of first refusal to purchase the Project Real Property is subordinate to any right of first refusal entered into by the Lessee or Project Owner in favor of a non-profit or its affiliate as part of the Lessee’s tax credit financing.‌