Distribution of Sale or Refinancing Proceeds. Sale or Refinancing Proceeds shall be distributed in the following order:
(a) to the payment of the Mortgage and other matured debts and liabilities of the Partnership, other than accrued payments, debts or other liabilities owing to Partners or former Partners;
(b) to any accrued payments, debts or other liabilities owing to the Partners or former Partners, including, but not limited to, accrued Reporting Fees and Operating Loans, to be paid prorata if necessary;
(c) to the establishment of any reserves which the General Partner, with the Consent of the Special Limited Partner, shall deem reasonably necessary for contingent, unmatured or unforeseen liabilities or obligations of the Partnership;
(d) thereafter, 20% to the Limited Partner and 80% to the General Partner.
Distribution of Sale or Refinancing Proceeds. Sale or Refinancing Proceeds shall be distributed in the following order:
(a) to the payment of the Mortgage and other matured debts and liabilities of the Partnership, other than accrued payments, debts or other liabilities owing to Partners or former Partners;
(b) to any accrued payments, debts or other liabilities owing to the Partners or former Partners, including, but not limited to, accrued Reporting Fees and Operating Loans, to be paid prorata if necessary;
(c) to the establishment of any reserves which the General Partner, with the Consent of the Special Limited Partner, shall deem reasonably necessary for contingent, unmatured or unforeseen liabilities or obligations of the Partnership;
(d) to the Limited Partner in an amount equal to its Capital Contribution;
(e) to the Special Limited Partner in an amount equal to its Capital Contribution;
(f) to the General Partner in an amount equal to its Capital Contribution; and
(g) thereafter, 30% to the Limited Partner and 70% to the General Partner.
Distribution of Sale or Refinancing Proceeds. Sale or Refinancing Proceeds shall be distributed in the following order:
(a) to the payment of the Mortgage and other matured debts and liabilities of the Partnership, other than accrued payments, debts or other liabilities owing to Partners or former Partners;
(b) to any accrued payments, debts or other liabilities owing to the Partners or former Partners, including, but not limited to, accrued Asset Management Fees and Operating Loans, to be paid prorata if necessary;
(c) to the establishment of any reserves which the General Partner, with the Consent of the Special Limited Partner, shall deem reasonably necessary for contingent, unmatured or unforeseen liabilities or obligations of the Partnership; and
(d) thereafter, 29.99% to the Limited Partner, 0.01% to the Special Limited Partner and 70% to the General Partner, provided that the amount distributed to the Limited Partner pursuant to this paragraph shall not be less than the aggregate federal and state income tax liability of the Limited Partner with respect to this distribution, and the amount distributable to the General Partner shall be reduced by the amount of any distribution to the Limited Partner under this paragraph.
Distribution of Sale or Refinancing Proceeds. Sale or Refinancing Proceeds shall be distributed in the following order:
(a) to the payment of the Mortgage and other matured debts and liabilities of the Partnership, other than accrued payments, debts or other liabilities owing to Partners or former Partners;
(b) to any accrued payments, debts or other liabilities owing to the Partners or former Partners, including, but not limited to, any Operating Loans to be paid prorata if necessary;
(c) to the Limited Partner in an amount equal to its Capital Contribution;
(d) to the Special Limited Partner in an amount equal to its Capital Contribution;
(e) to the General Partner in an amount equal to its Capital Contribution; and
(f) thereafter, 40% to the Limited Partner and 60% to the General Partner.
Distribution of Sale or Refinancing Proceeds. Sale or Refinancing Proceeds shall be distributed in the following order:
(a) To the payment of the Mortgage Note and other matured debts and liabilities of the Partnership, other than accrued payments, debts or other liabilities owing to Partners or former Partners;
(b) To any accrued payments, debts or other liabilities owing to the Partners or former Partners, including, but not limited to, accrued Reporting Fees and Operating Loans, to be paid prorata if necessary;
(c) To the establishment of any reserves which the General Partner, with the Consent of the Special Limited Partner, shall deem reasonably necessary for contingent, unmatured or unforeseen liabilities or obligations of the Partnership;
(d) To the Partners prorata until they have received an amount equal to their Capital Contribution; and
(e) Thereafter, 50% to the Limited Partner and 50% to the General Partner.
Distribution of Sale or Refinancing Proceeds. Sale or Refinancing Proceeds shall be distributed in the following order:
(a) to the payment of the Mortgage and other matured debts and liabilities of the Partnership, other than accrued payments, debts or other liabilities owing to Partners or former Partners;
(b) to any accrued payments, debts or other liabilities owing to the Partners, former Partners, or their Affiliates, including, but not limited to, accrued Asset Management Fees, the Xxxxxx Bridge Loan, the Guardian Management Loan, and Operating Loans, to be paid pro rata (based on outstanding principal and accrued and unpaid interest) if necessary;
(c) to the establishment of any reserves which the General Partner, with the Consent of the Special Limited Partner, shall deem reasonably necessary for contingent, unmatured or unforeseen liabilities or obligations of the Partnership;
(d) to the payment of any unreturned portion of the Book-Up Amount; and
(e) thereafter, 10.00% to the Limited Partner, 0.01% to the Special Limited Partner and 89.99% to the General Partner, provided that the amount distributed to the Limited Partner pursuant to this paragraph shall not be less than the aggregate federal and state income tax liability of the Limited Partner with respect to this distribution, and the amount distributable to the General Partner shall be reduced by the amount of any distribution to the Limited Partner under this paragraph.
Distribution of Sale or Refinancing Proceeds. Sale or Refinancing Proceeds shall be distributed in the following order:
(a) to the payment of the Mortgage and other matured debts and liabilities of the Partnership, other than accrued payments, debts or other liabilities owing to Partners or former Partners;
(b) to any accrued payments, debts or other liabilities owing to the Partners or former Partners, including, but not limited to, accrued Reporting Fees and Operating Loans, to be paid prorata if necessary;
(c) to the establishment of any reserves which the General Partner, with the Consent of the Special Limited Partner and Missouri Limited Partner, shall deem reasonably necessary for contingent, unmatured or unforeseen liabilities or obligations of the Partnership; and
(d) thereafter, 64.98% to the Limited Partner, .01% to the Special Limited Partner, 35% to the General Partner, and 0.01% to the Missouri Limited Partner.
Distribution of Sale or Refinancing Proceeds. Sale or Re- financing Proceeds shall be distributed in the following order:
(a) to the payment of the Mortgage and other matured debts and liabilities of the Partnership, other than accrued payments, debts or other liabilities owing to Partners or former Partners;
(b) to any accrued payments, debts or other liabilities owing to the Partners or former Partners, including, but not limited to, accrued Reporting Fees and Operating Loans, to be paid prorata if necessary;
(c) to the establishment of any reserves which the General Partner, with the Consent of the Special Limited Partner, shall deem reasonably necessary for contingent, unmatured or unforeseen liabilities or obligations of the Partnership;
(d) to the General Partner a sales preparation fee of 5%;
(e) to the Limited Partner in an amount equal to its Capital Contribu- tion;
(f) to the Special Limited Partner in an amount equal to its Capital Contribution;
(g) to the General Partner in an amount equal to its Capital Contribu- tion; and
(h) thereafter, 50% to the Limited Partner and 50% to the General Part- ner.
Distribution of Sale or Refinancing Proceeds. Subject to the requirements of any Mortgage Lenders, Sale or Refinancing Proceeds shall be distributed in the following order:
(a) to the payment of the Mortgage Loans and other matured debts and liabilities of the Partnership, other than accrued payments, debts or other liabilities owing to Partners; former Partners, or their Affiliates;
(b) to pay any Tax Credit adjuster that has not been paid by the General Partner as required pursuant to Section 7.4 or by the Guarantor as required pursuant to the Guaranty Agreement and to repay any Voluntary Funding made in accordance with Section 7.7, to be paid pro rata if necessary;
(c) to any other accrued payments, debts or other liabilities owing to the Partners or former Partners, including, but not limited to, accrued Partnership Management Fees, accrued Asset Management Fees and Operating Loans, to be paid pro rata if necessary;
(d) to the payment to the Developers of any outstanding Development Fee;
(e) to the establishment of any reserves which the Administrative General Partner, with the Consent of the Special Limited Partner, shall deem reasonably necessary for contingent, unmatured or unforeseen liabilities or obligations of the Partnership; and
(f) thereafter, 9.99% to the Limited Partner, 0.01% to the Special Limited Partner, 0.001% to the Managing General Partner, 17.999% to the Supervising General Partner and 72.0% to the Administrative General Partner (less any amounts paid to the Developer pursuant to subsection (d)), provided that the amount distributed to the Limited Partner pursuant to this paragraph shall not be less than the aggregate federal and state income tax liability of the Limited Partner with respect to this distribution, and the amount distributable to the Administrative General Partner shall be reduced by the amount of any distribution to the Limited Partner under this paragraph.
Distribution of Sale or Refinancing Proceeds. Sale or Refinancing Proceeds shall be calculated separately for each of Kingsfield Apartments, Xxxxxx Family Apartments, and Westridge Apartments and shall be distributed in the following order:
(a) to the payment of the Kingsfield Mortgage, Xxxxxx Family Mortgage or Westridge Apartments Mortgage and other matured debts and liabilities of the Partnership attributable to Kingsfield Apartments, Xxxxxx Family Apartments or Westridge Apartments, other than accrued payments, debts or other liabilities owing to Partners or former Partners;
(b) to any accrued payments, debts or other liabilities owing to the Partners or former Partners, including, but not limited to, accrued Asset Management Fees and Operating Loans, to be paid prorata if necessary;
(c) to the establishment of any reserves which the General Partner, with the Consent of the Special Limited Partner, shall deem reasonably necessary for contingent, unmatured or unforeseen liabilities or obligations of the Partnership;
(d) to the General Partner for a sales commision fee in the amount of 5% of the gross sales price of Kingsfield Apartments, Xxxxxx Family Apartments, or Westridge Apartments;
(e) to the Limited Partner in an amount equal to its Capital Contribution for Kingsfield Apartments, Xxxxxx Family Apartments, or Westridge Apartments;
(f) to the Special Limited Partner in an amount equal to its Capital Contribution for Kingsfield Apartments, Xxxxxx Family Apartments, or Westridge Apartments;
(g) to the General Partner in an amount equal to its Capital Contribution for Kingsfield Apartments, Xxxxxx Family Apartments, or Westridge Apartments; and
(h) thereafter, 30% to the Limited Partner and 70% to the General Partner.
