Conditionally Permitted Transfers Sample Clauses

Conditionally Permitted Transfers. Subject to the conditions set forth in this Section 7.3 and if applicable, Section 7.4, the prohibitions and other requirements set forth in this Article shall not be deemed to prevent: (i) the granting of temporary easements or permits to facilitate development of the Property, subject to RHA’s approval as owner of the Property; (ii) the lease of individual residences to tenants for occupancy as their principal residence in accordance with this Agreement, the Ground Lease, and the Regulatory Agreement; (iii) the lease of retail/commercial space (if any) in accordance with this Agreement and the Ground Lease; (iv) encumbrances, liens, and assignments creating security interests in connection with loans obtained by Developer for the purpose of financing the leasing of the Property or the construction or permanent financing of the Project in accordance with the approved Financing Plan as it may be updated with RHA approval and subject to the requirements of Article VIII, or Transfers directly resulting from the foreclosure of, or granting of a deed in lieu of foreclosure of, such a security interest; (v) the admission of limited partners and any transfer of limited partner interests in accordance with the Partnership Agreement; (vi) the removal of Developer’s general partner by the Investor Limited Partner for a default under the Partnership Agreement, provided that the replacement general partner is an entity reasonably satisfactory to RHA or is an affiliate of the Investor Limited Partner that will serve as general partner for an interim period of no more than 180 days during which time a permanent replacement general partner reasonably satisfactory to RHA shall be identified and admitted; (vii) the transfer of the general partner’s interest to a nonprofit entity that is tax-exempt under Section 501(c)(3) of the Internal Revenue Code of 1986 as amended, provided such replacement general partner is reasonably satisfactory to RHA; or (viii) the transfer of the Property or the Investor Limited Partner’s interest in Developer to EAH or an affiliate of EAH pursuant to the exercise of a purchase option or right of first refusal agreement included as an element of, or an exhibit to, the Partnership Agreement.