Duties of General Partner. The General Partner agrees that it shall at all times: (a) diligently and faithfully devote such of its time to the business of the Partnership as may be necessary to properly conduct the affairs of the Partnership; (b) file and publish all certificates, statements or other instruments required by law for the formation and operation of the Partnership as a limited partnership in all appropriate jurisdictions; (c) cause the Partnership to carry Insurance from an Insurance Company; (d) have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership, whether or not in its immediate possession or control and not employ or permit another to employ such funds or assets in any manner except for the benefit of the Partnership; (e) use its best efforts so that all requirements shall be met which are reasonably necessary to obtain or achieve (1) compliance with the Minimum Set-Aside Test, the Rent Restriction Test, and any other requirements necessary for the Project to initially qualify, and to continue to qualify, for LIHTC; (2) issuance of all necessary certificates of occupancy, including all governmental approvals required to permit occupancy of all of the apartment units in the Project; (3) compliance with all provisions of the Project Documents and (4) a reservation and allocation of LIHTC from the State Tax Credit Agency; (f) use its best efforts to keep the Project in decent, safe, sanitary and good condition, repair and working order, ordinary use and obsolescence excepted, and make or cause to be made from time to time all necessary repairs thereto (including external and structural repairs) and renewals and replacements thereof; (g) pay, before the same shall become delinquent and before penalties accrue thereon all Partnership taxes, assessments and other governmental charges against the Partnership or its properties, and all of its other liabilities, except to the extent and so long as the same are being contested in good faith by appropriate proceedings in such manners as not to cause any material adverse effect on the Partnership's property, financial condition or business operations, with adequate reserves provided for such payments; (h) permit, and cause the Management Agent to permit, the Special Limited Partner and its representatives: (1) to have access to the Project and personnel employed by the Partnership and by the Management Agent at all times during normal business hours after reasonable notice; (2) to examine all agreements, LIHTC compliance data and plans and specifications; and
Appears in 8 contracts
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 6), Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 6), Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 5)
Duties of General Partner. The General Partner agrees that it shall at all times:
(a) diligently and faithfully devote such of its time to the business of the Partnership as may be necessary to properly conduct the affairs of the Partnership;
(b) file and publish all certificatesarticles, statements statements, or other instruments required by law for the formation and operation of the Partnership as a limited partnership in all appropriate jurisdictions;
(c) cause the Partnership to carry Insurance from an Insurance Company;
(d) have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership, whether or not in its immediate possession or control and control;
(e) have a fiduciary responsibility to not employ use or permit another to employ such use Partnership funds or assets in any manner except for the benefit of the Partnership;
(ef) use its best efforts so that all requirements shall be met which are reasonably necessary to obtain or achieve (1) compliance with the Minimum Set-Aside Test, the Rent Restriction Test, and any other requirements necessary for the Project Apartment Housing to initially qualify, and to continue to qualify, for LIHTC; (2) issuance of all necessary certificates of occupancy, including all governmental approvals required to permit occupancy of all of the apartment units in the ProjectApartment Housing; (3) compliance with all provisions of the Project Documents and (4) a reservation and allocation of LIHTC from the State Tax Credit Agency;
(fg) use its best efforts to keep make inspections of the Project Apartment Housing and assure that the Apartment Housing is in decent, safe, sanitary and good condition, repair and working order, ordinary use and obsolescence excepted, and make or cause to be made from time to time all necessary repairs thereto (including external and structural repairs) and renewals and replacements thereof;
(gh) pay, before the same shall become delinquent and before penalties accrue thereon thereon, all Partnership taxes, assessments and other governmental charges against the Partnership or its properties, and all of its other liabilities, except to the extent and so long as the same are being contested in good faith by appropriate proceedings in such manners as not to cause any material adverse effect on the Partnership's property, financial condition or business operations, with adequate reserves provided for such payments;
(hi) pay, before the same becomes due or expires, the Insurance premium and utilities for the Apartment Housing (other than utilities for which the tenants are responsible);
(j) permit, and cause the Management Agent to permit, the Special Limited Partner and its representatives: (1) to have access to the Project Apartment Housing and personnel employed by the Partnership and by the Management Agent at all times during normal business hours after reasonable notice; (2) to examine all agreements, LIHTC compliance data and plans Plans and specificationsSpecifications; and
Appears in 2 contracts
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund VI, L.P., Series 13), Limited Partnership Agreement (WNC Housing Tax Credit Fund VI, L.P., Series 13)
Duties of General Partner. The General Partner agrees that it shall at all times:
(a) diligently and faithfully devote such of its time to the business of the Partnership as may be necessary to properly conduct the affairs of the Partnership;
(b) file and publish all certificates, statements or other instruments required by law for the formation and operation of the Partnership as a limited partnership in all appropriate jurisdictions;
(c) cause the Partnership to carry Insurance from an Insurance Company;
(d) have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership, whether or not in its immediate possession or control and not employ or permit another to employ such funds or assets in any manner except for the benefit of the Partnership;
(e) use its best efforts so that all requirements shall be met which are reasonably necessary to obtain or achieve (1) compliance with the Minimum Set-Aside Test, the Rent Restriction Test, and any other requirements necessary for the Project to initially qualify, and to continue to qualify, for LIHTC; (2) issuance of all necessary certificates of occupancy, including all governmental approvals required to permit occupancy of all of the apartment units in the Project; (3) compliance with all provisions of the Project Documents and (4) a reservation and allocation of LIHTC from the State Tax Credit Agency;
(f) use its best efforts to keep the Project and Project dwelling units, in decent, safe, sanitary and good condition, repair and working order, ordinary use and obsolescence excepted, and make or cause to be made from time to time all necessary repairs thereto (including external and structural repairs) and renewals and replacements thereof;
(g) pay, before the same shall become delinquent and before penalties accrue thereon all Partnership taxes, assessments and other governmental charges against the Partnership or its properties, and all of its other liabilities, except to the extent and so long as the same are being contested in good faith by appropriate proceedings in such manners as not to cause any material adverse effect on the Partnership's property, financial condition or business operations, with adequate reserves provided for such payments;
(h) permit, and cause the Management Agent to permit, the Special Limited Partner and its representatives: (1) to have access to the Project and personnel employed by the Partnership and by the Management Agent who are concerned with management of the Project at all times during normal business hours after reasonable notice; (2) to examine all agreements, LIHTC compliance data and plans and specifications; and
Appears in 2 contracts
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 8), Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 6)
Duties of General Partner. The General Partner agrees that it shall at all times:
(a) diligently and faithfully devote such of its time to the business of the Partnership as may be necessary to properly conduct the affairs of the Partnership;
(b) file and publish all certificates, statements or other instruments required by law for the formation and operation of the Partnership as a limited partnership in all appropriate jurisdictions;
(c) cause the Partnership to carry Insurance from an Insurance Company;
(d) have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership, whether or not in its immediate possession or control and not employ or permit another to employ such funds or assets in any manner except for the benefit of the Partnership;
(e) use its best efforts so that all requirements shall be met which are reasonably necessary to obtain or achieve (1) compliance with the Minimum Set-Aside Test, the Rent Restriction Test, and any other requirements necessary for the Project to initially qualify, and to continue to qualify, for LIHTC; (2) issuance of all necessary certificates of occupancy, including all governmental approvals required to permit occupancy of all of the apartment units in the Project; (3) compliance with all al provisions of the Project Documents and (4) a reservation and allocation of LIHTC from the State Tax Credit Agency;
(f) use its best efforts to keep the Project in decent, safe, sanitary and good condition, repair and working order, ordinary use and obsolescence excepted, and make or cause to be made from time to time all necessary repairs thereto (including external and structural repairs) and renewals and replacements thereof;
(g) pay, before the same shall become delinquent and before penalties accrue thereon all Partnership taxes, assessments and other governmental charges against the Partnership or its properties, and all of its other liabilities, except to the extent and so long as the same are being contested in good faith by appropriate proceedings in such manners as not to cause any material adverse effect on the Partnership's property, financial condition or business operations, with adequate reserves provided for such payments;
(h) permit, and cause the Management Agent to permit, the Special Limited Partner and its representatives: (1) to have access to the Project and personnel employed by the Partnership and by the Management Agent at all times during normal business hours after reasonable notice; (2) to examine all agreements, LIHTC compliance data and plans and specifications; and
Appears in 2 contracts
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 6), Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 6)
Duties of General Partner. The General Partner agrees that it shall at all times:
(a) diligently and faithfully devote such of its time to the business of the Partnership as may be necessary to properly conduct the affairs of the Partnership;
(b) file and publish all certificates, statements or other instruments required by law for the formation and operation of the Partnership as a limited partnership in all appropriate jurisdictions;
(c) cause the Partnership to carry Insurance from an Insurance Company;
(d) have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership, whether or not in its immediate possession or control and control;
(e) have a fiduciary responsibility to not employ use or permit another to employ such use Partnership funds or assets in any manner except for the benefit of the Partnership;
(ef) use its best efforts so that all requirements shall be met which are reasonably necessary to obtain or achieve (1) compliance with the Minimum Set-Aside Test, the Rent Restriction Test, and any other requirements necessary for the Project Apartment Housing to initially qualify, and to continue to qualify, for LIHTC; (2) issuance of all necessary certificates of occupancy, including all governmental approvals required to permit occupancy of all of the apartment units in the ProjectApartment Housing; (3) compliance with all provisions of the Project Documents and (4) a reservation and allocation of LIHTC from the State Tax Credit Agency;
(fg) use its best efforts to keep make inspections of the Project Apartment Housing and assure that the Apartment Housing is in decent, safe, sanitary and good condition, repair and working order, ordinary use and obsolescence excepted, and make or cause to be made from time to time all necessary repairs thereto (including external and structural repairs) and renewals and replacements thereof;
(gh) pay, before the same shall become delinquent and before penalties accrue thereon all Partnership taxes, assessments and other governmental charges against the Partnership or its properties, and all of its other liabilities, except to the extent and so long as the same are being contested in good faith by appropriate proceedings in such manners as not to cause any material adverse effect on the Partnership's property, financial condition or business operations, with adequate reserves provided for such payments;
(hi) pay, before the same becomes due or expires, the Insurance premium and utilities to the Apartment Housing;
(j) permit, and cause the Management Agent to permit, the Special Limited Partner and its representatives: (1) to have access to the Project Apartment Housing and personnel employed by the Partnership and by the Management Agent at all times during normal business hours after reasonable notice; (2) to examine all agreements, LIHTC compliance data and plans Plans and specificationsSpecifications; and (3) to make copies thereof;
(k) exercise good faith in all activities relating to the conduct of the business of the Partnership, including the development, operation and maintenance of the Apartment Housing, and shall take no action with respect to the business and property of the Partnership which is not reasonably related to the achievement of the purpose of the Partnership;
(l) make any Capital Contributions, advances or loans required to be made by the General Partner under the terms of this Agreement;
(m) establish and maintain all reserves required to be established and maintained under the terms of this Agreement;
(n) pay, before the same becomes due or expires the Mortgage payment;
(o) pay, before the same becomes due or expires the Real Estate Taxes;
(p) cause the Management Agent to manage the Apartment Housing in such a manner that the Apartment Housing will be eligible to receive LIHTC with respect to 100% of the apartment units in the Apartment Housing. To that end, the General Partner agrees, without limitation: (1) to make all elections requested by the Special Limited Partner under Section 42 of the Code to allow the Partnership or its Partners to claim the Tax Credit; (2) to file Form 8609 with respect to the Apartment Housing as required, for at least the duration of the Compliance Period; (3) to operate the Apartment Housing and cause the Management Agent to manage the Apartment Housing so as to comply with the requirements of Section 42 of the Code, as amended, or any successor thereto, including, but not limited to, Section 42(g) and Section 42(i)(3) of the Code, as amended, or any successors thereto; (4) to make all certifications required by Section 42(l) of the Code, as amended, or any successor thereto; and (5) to operate the Apartment Housing and cause the Management Agent to manage the Apartment Housing so as to comply with all other Tax Credit Conditions; and
(q) cause the Accountant to issue the information required in accordance with Sections 14.2(a) and (b);
(r) perform such other acts as may be expressly required of it under the terms of this Agreement; and
(s) maintain on its staff during construction and rent-up a trained and experienced project manager who is responsible for the development and construction of the Improvements, and responsible for obtaining Completion of Construction. The initial project manager shall be Xxx X. Xxxxxxx. In lieu of this employee, or if the project manager position remains vacant for 21 days, the General Partner shall retain the services of a construction management firm, which firm shall be pre-approved by the Special Limited Partner.
Appears in 1 contract
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 10)
Duties of General Partner. The General Partner agrees that it shall at all times:
(a) diligently and faithfully devote such of its time to the business of the Partnership as may be necessary to properly conduct the affairs of the Partnership;
(b) file and publish all certificates, statements or other instruments required by law for the formation and operation of the Partnership as a limited partnership in all appropriate jurisdictions;
(c) cause the Partnership to carry Insurance from an Insurance CompanyCompany as defined in Section 1.34;
(d) have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership, whether or not in its immediate possession or control and not employ or permit another to employ such funds or assets in any manner except for the benefit of the Partnership;
(e) use its best efforts so that all requirements shall be met which are reasonably necessary to obtain or achieve (1) compliance with the Minimum Set-Aside Test, the Rent Restriction Test, and any other requirements necessary for the Project to initially qualify, and to continue to qualify, for LIHTC; (2) issuance of all necessary certificates of occupancy, including all governmental approvals required to permit occupancy of all of the apartment units in the Project; (3) compliance with all provisions of the Project Documents and (4) a reservation and allocation of LIHTC from the State Tax Credit Agency;
(f) use its best efforts to keep the Project in decent, safe, sanitary and good condition, repair and working order, ordinary use and obsolescence excepted, and make or cause to be made from time to time all necessary repairs thereto (including external and structural repairs) and renewals and replacements thereof;
(g) pay, before the same shall become delinquent and before penalties accrue thereon all Partnership taxes, assessments and other governmental charges against the Partnership or its properties, and all of its other liabilities, except to the extent and so long as the same are being contested in good faith by appropriate proceedings in such manners as not to cause any material adverse effect on the Partnership's property, financial condition or business operations, with adequate reserves provided for such payments;; E:\WNC\Mansur3.doc
(h) permit, and cause the Management Agent to permit, the Special Limited Partner and its representatives: (1) to have access to the Project and personnel employed by the Partnership and by the Management Agent at all times during normal business hours after reasonable notice; (2) to examine all agreements, LIHTC compliance data and plans and specifications; and
Appears in 1 contract
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 5)
Duties of General Partner. The General Partner agrees that it shall at all times:
(a) diligently and faithfully devote such of its time to the business of the Partnership as may be necessary to properly conduct the affairs of the Partnership;
(b) file and publish all certificates, statements or other instruments required by law for the formation and operation of the Partnership as a limited partnership in all appropriate jurisdictions;
(c) cause the Partnership to carry Insurance from an Insurance Company;
(d) have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership, whether or not in its immediate possession or control and control;
(e) have a fiduciary responsibility to not employ use or permit another to employ such use Partnership funds or assets in any manner except for the benefit of the Partnership;
(ef) use its best efforts so that all requirements shall be met which are reasonably necessary to obtain or achieve (1) compliance with the Minimum Set-Aside Test, the Rent Restriction Test, and any other requirements necessary for the Project to initially qualify, and to continue to qualify, for LIHTC; (2) issuance of all necessary certificates of occupancy, including all governmental approvals required to permit occupancy of all of the apartment units in the Project; (3) compliance with all provisions of the Project Documents and (4) a reservation and allocation of LIHTC from the State Tax Credit Agency;
(fg) use its best efforts to keep make inspections of the Project and assure that the Project is in decent, safe, sanitary and good condition, repair and working order, ordinary use and obsolescence excepted, and make or cause to be made from time to time all necessary repairs thereto (including external and structural repairs) and renewals and replacements thereof;
(gh) pay, before the same shall become delinquent and before penalties accrue thereon all Partnership taxes, assessments and other governmental charges against the Partnership or its properties, and all of its other liabilities, except to the extent and so long as the same are being contested in good faith by appropriate proceedings in such manners as not to cause any material adverse effect on the Partnership's property, financial condition or business operations, with adequate reserves provided for such payments;
(hi) pay, before the same becomes due or expires, the Insurance premium and utilities for the Project;
(j) permit, and cause the Management Agent to permit, the Special Limited Partner and its representatives: (1) to have access to the Project and personnel employed by the Partnership and by the Management Agent at all times during normal business hours after reasonable notice; (2) to examine all agreements, LIHTC compliance data and plans Plans and specificationsSpecifications; and
Appears in 1 contract
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 11)
Duties of General Partner. The General Partner agrees that it shall at all times:
(a) diligently and faithfully devote such of its time to the business of the Partnership as may be necessary to properly conduct the affairs of the Partnership;
(b) file and publish all certificates, statements or other instruments required by law for the formation and operation of the Partnership as a limited partnership in all appropriate jurisdictions;
(c) cause the Partnership to carry Insurance from an Insurance Company;
(d) have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership, whether or not in its immediate possession or control and control;
(e) have a fiduciary responsibility to not employ use or permit another to employ such use Partnership funds or assets in any manner except for the benefit of the Partnership;
(ef) use its best efforts so that all requirements shall be met which are reasonably necessary to obtain or achieve (1) compliance with the Minimum Set-Aside Test, the Rent Restriction Test, and any other requirements necessary for the Project Apartment Housing to initially qualify, and to continue to qualify, for LIHTC; (2) issuance of all necessary certificates of occupancy, including all governmental approvals required to permit occupancy of all of the apartment units in the ProjectApartment Housing; (3) compliance with all provisions of the Project Documents and (4) a reservation and allocation of LIHTC from the State Tax Credit Agency;
(fg) use its best efforts to keep make inspections of the Project Apartment Housing and assure that the Apartment Housing is in decent, safe, sanitary and good condition, repair and working order, ordinary use and obsolescence excepted, and make or cause to be made from time to time all necessary repairs thereto (including external and structural repairs) and renewals and replacements thereof;
(gh) pay, before the same shall become delinquent and before penalties accrue thereon all Partnership taxes, assessments and other governmental charges against the Partnership or its properties, and all of its other liabilities, except to the extent and so long as the same are being contested in good faith by appropriate proceedings in such manners as not to cause any material adverse effect on the Partnership's property, financial condition or business operations, with adequate reserves provided for such payments;
(hi) permit, and cause the Management Agent to permit, the Special Limited Partner and its representatives: (1) to have access to the Project Apartment Housing and personnel employed by the Partnership and by the Management Agent at all times during normal business hours after reasonable notice; (2) to examine all agreements, LIHTC compliance data and plans Plans and specificationsSpecifications; and (3) to make copies thereof;
(j) exercise good faith in all activities relating to the conduct of the business of the Partnership, including the development, operation and maintenance of the Apartment Housing, and shall take no action with respect to the business and property of the Partnership which is not reasonably related to the achievement of the purpose of the Partnership;
(k) make any Capital Contributions, advances or loans required to be made by the General Partner under the terms of this Agreement;
(l) establish and maintain all reserves required to be established and maintained under the terms of this Agreement;
(m) cause the Management Agent to manage the Apartment Housing in such a manner that the Apartment Housing will be eligible to receive LIHTC with respect to 19 of the apartment units in the Apartment Housing. To that end, the General Partner agrees, without limitation: (1) to make all elections requested by the Special Limited Partner under Section 42 of the Code to allow the Partnership or its Partners to claim the Tax Credit; (2) to file Form 8609 with respect to the Apartment Housing as required, for at least the duration of the Compliance Period; (3) to operate the Apartment Housing and cause the Management Agent to manage the Apartment Housing so as to comply with the requirements of Section 42 of the Code, as amended, or any successor thereto, including, but not limited to, Section 42(g) and Section 42(i)(3) of the Code, as amended, or any successors thereto; (4) to make all certifications required by Section 42(l) of the Code, as amended, or any successor thereto; and (5) to operate the Apartment Housing and cause the Management Agent to manage the Apartment Housing so as to comply with all other Tax Credit Conditions;
(n) perform such other acts as may be expressly required of it under the terms of this Agreement; and
(o) maintain on its staff during construction and rent-up a trained and experienced project manager who is responsible for the development and construction of the Improvements, and responsible for obtaining Completion of Construction. In lieu of this employee, or if the project manager position remains vacant for 21 days, the General Partner shall retain the services of a construction management firm, which firm shall be pre-approved by the Special Limited Partner.
Appears in 1 contract
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 9)
Duties of General Partner. The General Partner agrees that it shall at all times:
(a) diligently Diligently and faithfully devote such of its time to the business of the Partnership as may be necessary to properly conduct the affairs of the Partnership;
(b) file File and publish all certificates, statements or other instruments required by law for the formation and operation of the Partnership as a limited partnership in all appropriate jurisdictions;
(c) cause Cause the Partnership to carry Insurance from an Insurance Company;
(d) have Have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership, whether or not in its immediate possession or control and not employ or permit another to employ such funds or assets in any manner except for the benefit of the Partnership;
(e) use Use its best efforts so that all requirements shall be met which are reasonably necessary to obtain or achieve (1) compliance with the Minimum Set-Aside Test, the Rent Restriction Test, and any other requirements necessary for the Project to initially qualify, and to continue to qualify, for LIHTC; (2) issuance of all necessary certificates of occupancy, including all governmental approvals required to permit occupancy of all of the apartment units in the Project; (3) compliance with all provisions of the Project Documents and (4) a reservation and allocation of LIHTC from the State Tax Credit Agency;
(f) use Use its best efforts to keep the Project and Project dwelling units, in decent, safe, sanitary and good condition, repair and working order, ordinary use and obsolescence excepted, and make or cause to be made from time to time all necessary repairs thereto (including external and structural repairs) and renewals and replacements thereof;
(g) payPay, before the same shall become delinquent and before penalties accrue thereon all Partnership taxes, assessments and other governmental charges against the Partnership or its properties, and all of its other liabilities, except to the extent and so long as the same are being contested in good faith by appropriate proceedings in such manners as not to cause any material adverse effect on the Partnership's property, financial condition or business operations, with adequate reserves provided for such payments;
(h) permitPermit, and cause the Management Agent to permit, the Special Limited Partner and its representatives: (1) representatives to have access to the Project and personnel employed by the Partnership and by the Management Agent who are concerned with management of the Project at all reasonable times during normal business hours after reasonable notice; (2) and to examine all agreements, LIHTC compliance data and plans and specificationsspecifications and deliver copies thereof and such reports as may reasonably be required by the Special Limited Partner. The General Partner shall provide the Special Limited Partner with copies of all correspondence, notices and reports sent pursuant to or received under the Project Documents or any authority with respect to the Project at the time such correspondence, notices or reports are sent or received, copies of all other correspondence of substantial importance which a prudent investor would wish to examine in connection with the transaction at the time such correspondence is sent or received, and all reports required by Article XIV within the required time periods set forth therein;
(i) Exercise good faith in all activities relating to the conduct of the business of the Partnership, including the development, operation and maintenance of the Project, and it shall take no action with respect to the business and property of the Partnership which is not reasonably related to the achievement of the purpose of the Partnership;
(j) Make any Capital Contributions, advances or loans required to be made by the General Partner under the terms of this Agreement;
(k) Establish and maintain all reserves required to be established and maintained under the terms of this Agreement;
(l) Comply with each and every covenant, representation and warranty set forth in Section 9.11; and
(m) Perform such other acts as may be expressly required of it under the terms of this Agreement.
Appears in 1 contract
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 5)
Duties of General Partner. The General Partner agrees that it shall at all times:
(a) diligently and faithfully devote such of its time to the business of the Partnership as it may be deem necessary to properly conduct the affairs of the Partnership;
(b) file and publish all certificates, statements or other instruments required by law for the formation and operation of the Partnership as a limited partnership in all appropriate jurisdictions;
(c) cause the Partnership to carry Insurance from an Insurance Company;
(d) have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership, whether or not in its immediate possession or control and not employ or permit another to employ such funds or assets in any manner except for the benefit of the Partnership;
(e) use its best efforts so that all requirements shall be met which are reasonably necessary to obtain or achieve (1) compliance with the Minimum Set-Aside Test, the Rent Restriction Test, and any other requirements necessary for the Project to initially qualify, and to continue to qualify, for LIHTC; (2) issuance of all necessary certificates of occupancy, including all governmental approvals required to permit occupancy of all of the apartment units in the Project; (3) compliance with all provisions of the Project Documents and (4) a reservation and allocation of LIHTC from the State Tax Credit Agency;
(f) use its best efforts to keep the Project in decent, safe, sanitary and good condition, repair and working order, ordinary use and obsolescence excepted, and make or cause to be made from time to time all necessary repairs thereto (including external and structural repairs) and renewals and replacements thereof;
(g) pay, before the same shall become delinquent and before penalties accrue thereon all Partnership taxes, assessments and other governmental charges against the Partnership or its properties, and all of its other liabilities, except to the extent and so long as the same are being contested in good faith by appropriate proceedings in such manners as not to cause any material adverse effect on the Partnership's property, financial condition or business operations, with adequate reserves provided for such payments;
(h) permit, and cause the Management Agent to permit, the Special Limited Partner SLP Class A and its representatives: (1) to have access to the Project and personnel employed by the Partnership and by the Management Agent at all times during normal business hours after reasonable notice; (2) to examine all agreements, LIHTC compliance data and plans and specifications; and
Appears in 1 contract
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 6)
Duties of General Partner. The General Partner agrees that it shall at all times:
(a) diligently and faithfully devote such of its time to the business of the Partnership as may be necessary to properly conduct the affairs of the Partnership;
(b) file and publish all certificates, statements or other instruments required by law for the formation and operation of the Partnership as a limited partnership in all appropriate jurisdictions;
(c) cause the Partnership to carry Insurance from an Insurance Company;
(d) have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership, whether or not in its immediate possession or control and not employ or permit another to employ such funds or assets in any manner except for the benefit of the Partnership;
(e) use its best efforts so that all requirements shall be met which are reasonably necessary to obtain or achieve (1) compliance with the Minimum Set-Aside Test, the Rent Restriction Test, and any other requirements necessary for the Project to initially qualify, and to continue to qualify, for LIHTC; (2) issuance of all necessary certificates of occupancy, including all governmental approvals required to permit occupancy of all of the apartment units in the Project; (3) compliance with all provisions of the Project Documents and (4) a reservation and allocation of LIHTC from the State Tax Credit Agency;
(f) use its best efforts to keep the Project and Project dwelling units in decent, safe, sanitary and good condition, repair and working order, ordinary use and obsolescence excepted, and make or cause to be made from time to time all necessary repairs thereto (including external and structural repairs) and renewals and replacements thereof;
(g) Cause the Partnership to pay, before the same shall become delinquent and before penalties accrue thereon all Partnership taxes, assessments and other governmental charges against the Partnership or its properties, and all of its other liabilities, except to the extent and so long as the same are being contested in good faith by appropriate proceedings in such manners as not to cause any material adverse effect on the Partnership's property, financial condition or business operations, with adequate reserves provided for such payments;
(h) permit, and cause the Management Agent to permit, the Special Limited Partner and its representatives: (1) to have access to the Project and personnel employed by the Partnership and by the Management Agent who are concerned with management of the Project at all reasonable times during normal business hours after reasonable noticeand to examine all agreements, Tax Credit compliance data and plans and specifications and deliver copies thereof and such reports as may reasonably be required by the Special Limited Partner. The General Partner shall provide the Special Limited Partner with copies of all correspondence, notices and reports sent pursuant to or received under the Project Documents or any authority with respect to the Project at the time such correspondence, notices or reports are sent or received, copies of all other correspondence of substantial importance which a prudent investor would wish to examine in connection with the transaction at the time such correspondence is sent or received, and all reports required by Article XIV within the required time periods set forth therein;
(i) exercise good faith in all activities relating to the conduct of the business of the Partnership, including the development, operation and maintenance of the Project, and shall take no action with respect to the business and property of the Partnership which is not reasonably related to the achievement of the purpose of the Partnership;
(j) make any Capital Contributions, advances or loans required to be made by the General Partner under the terms of this Agreement;
(k) cause the Partnership, out of funds available to the Partnership only and not out of funds of the General Partner individually, to establish and maintain all reserves required to be established and maintained under the terms of this Agreement;
(l) Comply with each and every covenant, representation and warranty set forth in Section 9.11;
(m) cause the Management Agent to manage the Project in such a manner that the Project will be eligible to receive LIHTC with respect to 100% of the apartment units in the Project. To that end, the General Partner agrees, without limitation: (1) to make all elections requested by the Special Limited Partner under Section 42 of the Code to allow the Partnership or its Partners to claim the Tax Credit; (2) to examine file Form 8609 with respect to the Project as required, for at least the duration of the Compliance Period; (3) to operate the Project and cause the Management Agent to manage the Project so as to comply with the requirements of Section 42 of the Code, as amended, or any successor thereto, including, but not limited to, Section 42(g) and Section 42(i)(3) of the Code, as amended, or any successors thereto; (4) to make all agreementscertifications required by Section 42(l) of the Code, LIHTC compliance data and plans and specificationsas amended, or any successor thereto; and
Appears in 1 contract
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 6)
Duties of General Partner. The General Partner agrees that it shall at all times:
(a) diligently and faithfully devote such of its time to the business of the Partnership as may be necessary to properly conduct the affairs of the Partnership;
(b) file and publish all certificates, statements or other instruments required by law for the formation and operation of the Partnership as a limited partnership in all appropriate jurisdictions;
(c) cause the Partnership to carry Insurance from an Insurance Company;
(d) have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership, whether or not in its immediate possession or control and not employ or permit another to employ such funds or assets in any manner except for the benefit of the Partnership;
(e) use its best efforts so that all requirements shall be met which are reasonably necessary to obtain or achieve (1) compliance with the Minimum Set-Aside Test, the Rent Restriction Test, and any other requirements necessary for the Project to initially qualify, and to continue to qualify, for LIHTC; (2) issuance of all necessary certificates of occupancy, including all governmental approvals required to permit occupancy of all of the apartment units in the Project; (3) compliance with all provisions of the Project Documents and (4) a reservation and allocation of LIHTC from the State Tax Credit Agency;
(f) use its best efforts to keep the Project in decent, safe, sanitary and good condition, repair and working order, ordinary use and obsolescence excepted, and make or cause to be made from time to time all necessary repairs thereto (including external and structural repairs) and renewals and replacements thereof;
(g) pay, before the same shall become delinquent and before penalties accrue thereon all Partnership taxes, assessments and other governmental charges against the Partnership or its properties, and all of its other liabilities, except to the extent and so long as the same are being contested in good faith by appropriate proceedings in such manners as not to cause any material adverse effect on the Partnership's property, financial condition or business operations, with adequate reserves provided for such payments;
(h) permit, and cause the Management Agent to permit, the Special Limited Partner and its representatives: (1) to have access to the Project and personnel employed by the Partnership and by the Management Agent at all times during normal business hours after reasonable notice; (2) to examine all agreements, LIHTC compliance data and plans and specifications; and (3) to make copies thereof;
(i) exercise good faith in all activities relating to the conduct of the business of the Partnership, including the operation and maintenance of the Project, and shall take no action with respect to the business and property of the Partnership which is not reasonably related to the achievement of the purpose of the Partnership;
(j) make any Capital Contributions, advances or loans required to be made by the General Partner under the terms of this Agreement;
(k) establish and maintain all reserves required to be established and maintained under the terms of this Agreement;
(l) cause the Management Agent to manage the Project in such a manner that the Project will be eligible to receive LIHTC with respect to 100% of the apartment units in the Project. To that end, the General Partner agrees, without limitation: (1) to make all elections requested by the Special Limited Partner under Section 42 of the Code to allow the Partnership or its Partners to claim the Tax Credit; (2) to file Form 8609 with respect to the Project as required, for at least the duration of the Compliance Period; (3) to operate the Project and cause the Management Agent to manage the Project so as to comply with the requirements of Section 42 of the Code, as amended, or any successor thereto, including, but not limited to, Section 42(g) and Section 42(i)(3) of the Code, as amended, or any successors thereto; (4) to make all certifications required by Section 42(l) of the Code, as amended, or any successor thereto; (5) and to operate the Project and cause the Management Agent to manage the Project so as to comply with all other Tax Credit Conditions; and
(m) perform such other acts as may be expressly required of it under the terms of this Agreement.
Appears in 1 contract
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 5)
Duties of General Partner. The General Partner agrees that it shall at all times:
(a) diligently Diligently and faithfully devote such of its time to the business of the Partnership as may be reasonable necessary to properly conduct the affairs of the Partnership;
(b) file File and publish all certificates, statements or other instruments required by law for the formation and operation of the Partnership as a limited partnership in all appropriate jurisdictions;
(c) cause Cause the Partnership to carry Insurance from an Insurance Company;
(d) have Have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership, whether or not in its immediate possession or control and not employ or permit another to employ such funds or assets in any manner except for the benefit of the Partnership;
(e) use Use its best efforts so that all requirements shall be met which are reasonably necessary to obtain or achieve (1) compliance with the Minimum Set-Aside Test, the Rent Restriction Test, and any other requirements necessary for the Project to initially qualify, and to continue to qualify, for LIHTCTax Credits; (2) issuance of all necessary certificates of occupancy, including all governmental approvals required to permit occupancy of all of the apartment units in the Project; (3) compliance with all provisions of the Project Documents and (4) a reservation and allocation of LIHTC Tax Credits from the State Tax Credit Agency;
(f) use Use its best efforts to keep the Project and Project dwelling units, in decent, safe, sanitary and good condition, repair and working order, ordinary use and obsolescence excepted, and make or cause to be made from time to time all necessary repairs thereto (including external and structural repairs) and renewals and replacements thereof;
(g) payPay, before the same shall become delinquent and before penalties accrue thereon all Partnership taxes, assessments and other governmental charges against the Partnership or its properties, and all of its other liabilities, except to the extent and so long as the same are being contested in good faith by appropriate proceedings in such manners as not to cause any material adverse effect on the Partnership's property, financial condition or business operations, with adequate reserves provided for such payments;
(h) permitPermit, and cause the Management Agent to permit, the Special Limited Partner and its representatives: (1) representatives to have access to the Project and personnel employed by the Partnership and by the Management Agent who are concerned with management of the Project at all reasonable times during normal business hours after reasonable notice; (2) and to examine all agreements, LIHTC Tax Credit compliance data and plans and specificationsspecifications and deliver copies thereof and such reports as may reasonably be required by the Special Limited Partner. The General Partner shall provide the Special Limited Partner with copies of all correspondence, notices and reports sent pursuant to or received under the Project Documents or any authority with respect to the Project at the time such correspondence, notices or reports are sent or received, copies of all other correspondence of substantial importance which a prudent investor would wish to examine in connection with the transaction at the time such correspondence is sent or received, and all reports required by Article XIV within the required time periods set forth therein.
(i) Exercise good faith in all activities relating to the conduct of the business of the Partnership, including the development, operation and maintenance of the Apartment Complex, and it shall take no action with respect to the business and property of the Partnership which is not reasonably related to the achievement of the purpose of the Partnership;
(j) Make any Capital Contribution, advances or loans required to be made by the General Partner under the terms of this Agreement;
(k) Establish and maintain all reserves required to be established and maintained under the terms of this Agreement;
(l) Comply with each and every covenant, representation and warranty set forth in Section 9.11; and
(m) Perform such other acts as may be expressly required of it under the terms of this Agreement.
Appears in 1 contract
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 5)
Duties of General Partner. The General Partner agrees that it shall at all times:
(a) diligently and faithfully devote such of its time to the business of the Partnership as may be necessary to properly conduct the affairs of the Partnership;
(b) file and publish all certificates, statements or other instruments required by law for the formation and operation of the Partnership as a limited partnership in all appropriate jurisdictions;
(c) cause the Partnership to carry Insurance from an Insurance Company;
(d) have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership, whether or not in its immediate possession or control and control;
(e) have a fiduciary responsibility to not employ use or permit another to employ such use Partnership funds or assets in any manner except for the benefit of the Partnership;
(ef) use its best efforts so that all requirements shall be met which are reasonably necessary to obtain or achieve (1) compliance with the Minimum Set-Aside Test, the Rent Restriction Test, and any other requirements necessary for the Project to initially qualify, and to continue to qualify, for LIHTC; (2) issuance of all necessary certificates of occupancy, including all governmental approvals required to permit occupancy of all of the apartment units in the Project; (3) compliance with all provisions of the Project Documents and (4) a reservation and allocation of LIHTC from the State Tax Credit Agency;
(fg) use its best efforts to keep make inspections of the Project and assure that the Project is in decent, safe, sanitary and good condition, repair and working order, ordinary use and obsolescence excepted, and make or cause to be made from time to time all necessary repairs thereto (including external and structural repairs) and renewals and replacements thereof;
(gh) pay, before the same shall become delinquent and before penalties accrue thereon all Partnership taxes, assessments and other governmental charges against the Partnership or its properties, and all of its other liabilities, except to the extent and so long as the same are being contested in good faith by appropriate proceedings in such manners as not to cause any material adverse effect on the Partnership's property, financial condition or business operations, with adequate reserves provided for such payments;
(hi) pay, before the same becomes due or expires, the Insurance premium and utilities for the Project;
(j) permit, and cause the Management Agent to permit, the Special Limited Partner and its representatives: (1) to have access to the Project and personnel employed by the Partnership and by the Management Agent at all times during normal business hours after reasonable notice; (2) to examine all agreements, LIHTC compliance data and plans and specifications; and
Appears in 1 contract
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 12)
Duties of General Partner. The General Partner agrees that it shall at all times:
(a) diligently and faithfully devote such of its time to the business of the Partnership as may be necessary to properly conduct the affairs of the Partnership;
(b) file and publish all certificates, statements or other instruments required by law for the formation and operation of the Partnership as a limited partnership in all appropriate jurisdictions;
(c) cause the Partnership to carry Insurance from an Insurance Company;
(d) have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership, whether or not in its immediate possession or control and control;
(e) have a fiduciary responsibility to not employ use or permit another to employ such use Partnership funds or assets in any manner except for the benefit of the Partnership;
(ef) use its best efforts so that all requirements shall be met which are reasonably necessary to obtain or achieve (1) compliance with the Minimum Set-Aside Test, the Rent Restriction Test, and any other requirements necessary for the Project Apartment Housing to initially qualify, and to continue to qualify, for LIHTC; (2) issuance of all necessary certificates of occupancy, including all governmental approvals required to permit occupancy of all of the apartment units in the ProjectApartment Housing; (3) compliance with all provisions of the Project Documents and (4) a reservation and allocation of LIHTC from the State Tax Credit Agency;
(fg) use its best efforts to keep make inspections of the Project Apartment Housing and assure that the Apartment Housing is in decent, safe, sanitary and good condition, repair and working order, ordinary use and obsolescence excepted, and make or cause to be made from time to time all necessary repairs thereto (including external and structural repairs) and renewals and replacements thereof;
(gh) pay, before the same shall become delinquent and before penalties accrue thereon all Partnership taxes, assessments and other governmental charges against the Partnership or its properties, and all of its other liabilities, except to the extent and so long as the same are being contested in good faith by appropriate proceedings in such manners as not to cause any material adverse effect on the Partnership's property, financial condition or business operations, with adequate reserves provided for such payments;
(hi) pay, before the same becomes due or expires, the Insurance premium and utilities to the Apartment Housing;
(j) permit, and cause the Management Agent to permit, the Special Limited Partner and its representatives: (1) to have access to the Project Apartment Housing and personnel employed by the Partnership and by the Management Agent at all times during normal business hours after reasonable notice; (2) to examine all agreements, LIHTC compliance data and plans Plans and specificationsSpecifications; and
Appears in 1 contract
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 12)
Duties of General Partner. The General Partner agrees that it shall at all times:
(a) diligently and faithfully devote such of its time to the business of the Partnership as may be necessary to properly conduct the affairs of the Partnership;
(b) file and publish all certificates, statements or other instruments required by law for the formation and operation of the Partnership as a limited partnership in all appropriate jurisdictions;
(c) cause the Partnership to carry Insurance from an Insurance Company;
(d) have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership, whether or not in its immediate possession or control and not employ or permit another to employ such funds or assets in any manner except for the benefit of the Partnership;
(e) use its best efforts so that all requirements shall be met which are reasonably necessary to obtain or achieve (1) compliance with the Minimum Set-Aside Test, the Rent Restriction Test, and any other requirements necessary for the Project to initially qualify, and to continue to qualify, for LIHTC; (2) issuance of all necessary certificates of occupancy, including all governmental approvals required to permit occupancy of all of the apartment units in the Project; (3) compliance with all provisions of the Project Documents and (4) a reservation and allocation of LIHTC from the State Tax Credit Agency;
(f) use its best efforts to keep the Project in decent, safe, sanitary and good condition, repair and working order, ordinary use and obsolescence excepted, and make or cause to be made from time to time all necessary repairs thereto (including external and structural repairs) and renewals and replacements thereof;
(g) pay, before the same shall become delinquent and before penalties accrue thereon all Partnership taxes, assessments and other governmental charges against the Partnership or its properties, and all of its other liabilities, except to the extent and so long as the same are being contested in good faith by appropriate proceedings in such manners as not to cause any material adverse effect on the Partnership's property, financial condition or business operations, with adequate reserves provided for such payments;
(h) permit, and cause the Management Agent to permit, the Special Limited Partner and its representatives: (1) to have access to the Project and personnel employed by the Partnership and by the Management Agent at all times during normal business hours after reasonable notice; (2) to examine all agreements, LIHTC compliance data and plans and specifications; and (3) to make copies thereof;
(i) exercise good faith in all activities relating to the conduct of the business of the Partnership, including the development, operation and maintenance of the Project, and shall take no action with respect to the business and property of the Partnership which is not reasonably related to the achievement of the purpose of the Partnership;
(j) make any Capital Contributions, advances or loans required to be made by the General Partner under the terms of this Agreement;
(k) establish and maintain all reserves required to be established and maintained under the terms of this Agreement;
(l) cause the Management Agent to manage the Project in such a manner that the Project will be eligible to receive LIHTC with respect to 100% of the apartment units in the Project. To that end, the General Partner agrees, without limitation: (1) to make all elections requested by the Limited Partner under Section 42 of the Code to allow the Partnership or its Partners to claim the Tax Credit; (2) to file Form 8609 with respect to the Project as required, for at least the duration of the Compliance Period; (3) to operate the Project and
Appears in 1 contract
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 5)
Duties of General Partner. The General Partner agrees that it shall at all times:
(a) diligently and faithfully devote such of its time to the business of the Partnership as may be necessary to properly conduct the affairs of the Partnership;
(b) file and publish all certificates, statements or other instruments required by law for the formation and operation of the Partnership as a limited partnership in all appropriate jurisdictions;
(c) cause the Partnership to carry Insurance from an Insurance Company;
(d) have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership, whether or not in its immediate possession or control and control;
(e) have a fiduciary responsibility to not employ use or permit another to employ such use Partnership funds or assets in any manner except for the benefit of the Partnership;
(ef) use its best efforts so that all requirements shall be met which are reasonably necessary to obtain or achieve (1) compliance with the Minimum Set-Aside Test, the Rent Restriction Test, and any other requirements necessary for the Project Apartment Housing to initially qualify, and to continue to qualify, for LIHTC; (2) issuance of all necessary certificates of occupancy, including all governmental approvals required to permit occupancy of all of the apartment units in the ProjectApartment Housing; (3) compliance with all provisions of the Project Documents and (4) a reservation and allocation of LIHTC from the State Tax Credit Agency;
(fg) use its best efforts to keep make inspections of the Project Apartment Housing and assure that the Apartment Housing is in decent, safe, sanitary and good condition, repair and working order, ordinary use and obsolescence excepted, and make or cause to be made from time to time all necessary repairs thereto (including external and structural repairs) and renewals and replacements thereof;
(gh) subject to the availability of Partnership funds, pay, before the same shall become delinquent and before penalties accrue thereon all Partnership taxes, assessments and other governmental charges against the Partnership or its properties, and all of its other liabilities, except to the extent and so long as the same are being contested in good faith by appropriate proceedings in such manners matters as not to cause any material adverse effect on the Partnership's ’s property, financial condition or business operations, with adequate reserves provided for such payments;
(hi) subject to the availability of Partnership funds, pay, before the same becomes due or expires, the Insurance premium and utilities for the Apartment Housing;
(j) permit, and cause the Management Agent to permit, the Special Limited Partner and its representatives: (1) to have access to the Project Apartment Housing and personnel employed by the Partnership and by the Management Agent at all times during normal business hours after reasonable notice; (2) to examine all agreementsagreements (other than confidential personnel records), LIHTC compliance data and plans Plans and specificationsSpecifications; and (3) to make copies thereof;
(k) exercise good faith in all activities relating to the conduct of the business of the Partnership, including the development, operation and maintenance of the Apartment Housing, and shall take no action with respect to the business and property of the Partnership which is not reasonably related to the achievement of the purpose of the Partnership;
(l) make any Capital Contributions, advances or loans required to be made by the General Partner under the terms of this Agreement;
(m) establish and maintain all reserves required to be established and maintained under the terms of this Agreement;
(n) cause the Partnership to pay, before the same becomes due, the Mortgage payment, subject to available funds, including funds provided under Section 6.3 or Section 6.4;
(o) subject to the availability of Partnership funds, pay, before the same becomes due, the Real Estate Taxes;
(p) cause the Management Agent to manage the Apartment Housing in such a manner that the Apartment Housing will be eligible to receive LIHTC with respect to 100% of the apartment units (other than the manager’s units) in the Apartment Housing. To that end, the General Partner agrees, without limitation: (1) to make all elections requested by the Special Limited Partner under Section 42 of the Code to allow the Partnership or its Partners to claim the Tax Credit; (2) to file Form 8609 with respect to the Apartment Housing as required; (3) to operate the Apartment Housing and cause the Management Agent to manage the Apartment Housing so as to comply with the requirements of Section 42 of the Code, including, but not limited to, Section 42(g) and Section 42(i)(3), (4) to make all certifications required by Section 42(l) of the Code; and (5) to operate the Apartment Housing and cause the Management Agent to manage the Apartment Housing so as to comply with all other Tax Credit Condition;
(q) cause the Accountant to issue the information required in accordance with Sections 14.2(a) and (b);
(r) perform such other acts as may be expressly required of it under the terms of this Agreement;
(s) maintain on its staff during rehabilitation and rent-up a trained and experienced project manager who is responsible for the development and rehabilitation of the Improvements, and responsible for obtaining Completion of Construction. In lieu of this employee, or if the project manager position remains vacant for 21 days or longer, the General Partner shall retain the services of a construction management firm, which firm shall be pre- approved by the Special Limited Partner;
(t) maintain the initial tenant files, as may be corrected by the Management Agent following the third party review, in a clean, dry, fireproof location for a minimum period of 21 years;
(u) abide by State law governing the operations of partnerships;
(v) cause at least 50% of the aggregate basis of the land and buildings comprising the Apartment Housing for purposes of Code Section 42(h)(4) to be financed with the proceeds of the Tax-Exempt Bonds; and
(w) comply at all times with BOE Property Tax Rules in order to be eligible for Property Tax Exemption.
Appears in 1 contract
Samples: Limited Partnership Agreement
Duties of General Partner. The General Partner agrees that it shall at all times:
(a) diligently and faithfully devote such of its time to the business of the Partnership as may be necessary to properly conduct the affairs of the Partnership;
(b) file and publish all certificates, statements or other instruments required by law for the formation and operation of the Partnership as a limited partnership in all appropriate jurisdictions;
(c) cause the Partnership to carry Insurance from an Insurance Company;
(d) have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership, whether or not in its immediate possession or control and not employ or permit another to employ such funds or assets in any manner except for the benefit of the Partnership;
(e) use its best efforts so that all requirements shall be met which are reasonably necessary to obtain or achieve (1) compliance with the Minimum Set-Aside Test, the Rent Restriction Test, and any other requirements necessary for the Project Apartment Housing to initially qualify, and to continue to qualify, for LIHTCLIHTC and Missouri Tax Credits; (2) issuance of all necessary certificates of occupancy, including all governmental approvals required to permit occupancy of all of the apartment units in the ProjectApartment Housing; (3) compliance with all provisions of the Project Documents and (4) a reservation and allocation of LIHTC and Missouri Tax Credits from the State Tax Credit Agency;
(f) use its best reasonable efforts to keep assure that the Project Apartment Housing is in decent, safe, sanitary and good condition, repair and working order, ordinary use and obsolescence excepted, and make or cause to be made from time to time all necessary repairs thereto (including external and structural repairs) and renewals and replacements thereof;
(g) paypay from Partnership funds, before the same shall become delinquent and before penalties accrue thereon all Partnership taxes, assessments and other governmental charges against the Partnership or its properties, and all of its other liabilities, except to the extent and so long as the same are being contested in good faith by appropriate proceedings in such manners as not to cause any material adverse effect on the Partnership's property, financial condition or business operations, with adequate reserves provided for such payments;
(h) permit, and cause the Management Agent to permit, the Special Limited Partner and its representatives: (1) to have access to the Project Apartment Housing and personnel employed by the Partnership and by the Management Agent at all times during normal business hours after reasonable notice; (2) to examine all agreements, LIHTC and Missouri Limited Partner compliance data and plans Plans and specificationsSpecifications; and (3) to make copies thereof;
(i) exercise good faith in all activities relating to the conduct of the business of the Partnership, including the development, operation and maintenance of the Apartment Housing, and shall take no action with respect to the business and property of the Partnership which is not reasonably related to the achievement of the purpose of the Partnership;
(j) make any Capital Contributions, advances or loans required to be made by the General Partner under the terms of this Agreement;
(k) establish and maintain all reserves required to be established and maintained under the terms of this Agreement;
(l) cause the Management Agent to manage the Apartment Housing in such a manner that the Apartment Housing will be eligible to receive LIHTC and Missouri Tax Credits with respect to 100% of the apartment units in the Apartment Housing. To that end, the General Partner agrees, without limitation: (1) to make all elections requested by the Special Limited Partner under Section 42 of the Code or the RsMO to allow the Partnership or its Partners to claim the Tax Credit; (2) to file Form 8609 with respect to the Apartment Housing as required, for at least the duration of the Compliance Period; (3) to operate the Apartment Housing and cause the Management Agent to manage the Apartment Housing so as to comply with the requirements of Section 42 of the Code and the requirements of the RsMO, (4) to make all certifications required by Section 42(l) of the Code, or the RsMO, or any successors thereto; and (5) to operate the Apartment Housing as to comply with all other Tax Credit Conditions; and
(m) perform such other acts as may be expressly required of it under the terms of this Agreement.
Appears in 1 contract
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 6)
Duties of General Partner. The General Partner agrees that it shall at all times:
(a) diligently and faithfully devote such of its time to the business of the Partnership as may be necessary to properly conduct the affairs of the Partnership;
(b) file and publish all certificates, statements or other instruments required by law for the formation and operation of the Partnership as a limited partnership in all appropriate jurisdictions;
(c) cause the Partnership to carry Insurance from an Insurance Company;
(d) have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership, whether or not in its immediate possession or control and not employ or permit another to employ such funds or assets in any manner except for the benefit of the Partnership;
(e) use its best efforts so that all requirements shall be met which are reasonably necessary to obtain or achieve (1) compliance with the Minimum Set-Aside Test, the Rent Restriction Test, and any other requirements necessary for the Project Apartment Housing to initially qualify, and to continue to qualify, for LIHTC; (2) issuance of all necessary certificates of occupancy, including all governmental approvals required to permit occupancy of all of the apartment units in the ProjectApartment Housing; (3) compliance with all provisions of the Project Documents and (4) a reservation and allocation of LIHTC from the State Tax Credit Agency;
(f) use its best efforts to keep make inspections of the Project Apartment Housing and assure that the Apartment Housing is in decent, safe, sanitary and good condition, repair and working order, ordinary use and obsolescence excepted, and make or cause to be made from time to time all necessary repairs thereto (including external and structural repairs) and renewals and replacements thereof;
(g) pay, before the same shall become delinquent and before penalties accrue thereon all Partnership taxes, assessments and other governmental charges against the Partnership or its properties, and all of its other liabilities, except to the extent and so long as the same are being contested in good faith by appropriate proceedings in such manners as not to cause any material adverse effect on the Partnership's property, financial condition or business operations, with adequate reserves provided for such payments;
(h) permit, and cause the Management Agent to permit, the Special Limited Partner and its representatives: (1) to have access to the Project Apartment Housing and personnel employed by the Partnership and by the Management Agent at all times during normal business hours after reasonable notice; (2) to examine all agreements, LIHTC compliance data and plans Plans and specificationsSpecifications; and (3) to make copies thereof;
(i) exercise good faith in all activities relating to the conduct of the business of the Partnership, including the development, operation and maintenance of the Apartment Housing, and shall take no action with respect to the business and property of the Partnership which is not reasonably related to the achievement of the purpose of the Partnership;
(j) make any Capital Contributions, advances or loans required to be made by the General Partner under the terms of this Agreement;
(k) use its best efforts to establish and maintain all reserves required to be established and maintained under the terms of this Agreement;
(l) cause the Management Agent to manage the Apartment Housing in such a manner that the Apartment Housing will be eligible to receive LIHTC with respect to 100% of the apartment units in the Apartment Housing. To that end, the General Partner agrees, without limitation: (1) to make all elections requested by the Special Limited Partner under Section 42 of the Code to allow the Partnership or its Partners to claim the Tax Credit; (2) to file Form 8609 with respect to the Apartment Housing as required, for at least the duration of the Compliance Period; (3) to operate the Apartment Housing and cause the Management Agent to manage the Apartment Housing so as to comply with the requirements of Section 42 of the Code, as amended, or any successor thereto, including, but not limited to, Section 42(g) and Section 42(i)(3) of the Code, as amended, or any successors thereto; (4) to make all certifications required by Section 42(l) of the Code, as amended, or any successor thereto; and (5) to operate the Apartment Housing and cause the Management Agent to manage the Apartment Housing so as to comply with all other Tax Credit Conditions;
(m) have the Architect of Record perform contract administrative services during the course of construction, including but not limited to a monthly review and certification of the Contractor's application for payment (form G702 and G703); to review and take action on requests for change orders; and oversee all changes in the contract documents, addendum, shop drawings and supplements;
(n) perform such other acts as may be expressly required of it under the terms of this Agreement; and
(o) maintain on it's staff during construction and rent-up a trained and experienced project manager who is responsible for the development and construction of the Improvements, and responsible for obtaining Completion of Construction. In lieu of this employee, or if the project manager position remains vacant for twenty-one days, the General Partner shall retain the services of a construction management firm, which firm shall be pre-approved by the Special Limited Partner.
Appears in 1 contract
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 9)
Duties of General Partner. The General Partner agrees that it shall at all times:
(a) diligently and faithfully devote such of its time to the business of the Partnership as may be necessary to properly conduct the affairs of the Partnership;
(b) file and publish all certificates, statements or other instruments required by law for the formation and operation of the Partnership as a limited partnership in all appropriate jurisdictions;
(c) cause the Partnership to carry Insurance from an Insurance Company;
(d) have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership, whether or not in its immediate possession or control and not employ or permit another to employ such funds or assets in any manner except for the benefit of the Partnership;
(e) use its best efforts so that all requirements shall be met which are reasonably necessary to obtain or achieve (1) compliance with the Minimum Set-Aside Test, the Rent Restriction Test, and any other requirements necessary for the Project to initially qualify, and to continue to qualify, for LIHTC; (2) issuance of all necessary certificates of occupancy, including all governmental approvals required to permit occupancy of all of the apartment units in the Project; (3) compliance with all provisions of the Project Documents and (4) a reservation and allocation of LIHTC from the State Tax Credit Agency;
(f) use its best efforts to keep the Project in decent, safe, sanitary and good condition, repair and working order, ordinary use and obsolescence excepted, and make or cause to be made from time to time all necessary repairs thereto (including external and structural repairs) and renewals and replacements thereof;
(g) paypay from Partnership funds, before the same shall become delinquent and before penalties accrue thereon all Partnership taxes, assessments and other governmental charges against the Partnership or its properties, and all of its other liabilities, except to the extent and so long as the same are being contested in good faith by appropriate proceedings in such manners as not to cause any material adverse effect on the Partnership's property, financial condition or business operations, with adequate reserves provided for such payments;
(h) permit, and cause the Management Agent to permit, the Class A Special Limited Partner and its representatives: (1) to have access to the Project and personnel employed by the Partnership and by the Management Agent at all times during normal business hours after reasonable notice; (2) to examine all agreements, LIHTC compliance data and plans and specifications; and
Appears in 1 contract
Samples: Agreement of Limited Partnership (WNC Housing Tax Credit Fund Vi Lp Series 6)
Duties of General Partner. The Managing General Partner agrees and the General Partner agree that it they shall at all times:
(a) diligently Diligently and faithfully devote such of its time to the business of the Partnership as may be necessary to properly conduct the affairs of the Partnership;
(b) file File and publish all certificates, statements or other instruments required by law for the formation and operation of the Partnership as a limited partnership in all appropriate jurisdictions;
(c) cause Cause the Partnership to carry Insurance from an Insurance Company;
(d) have Have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership, whether or not in its immediate possession or control and not employ or permit another to employ such funds or assets in any manner except for the benefit of the Partnership;
(e) use Use its best efforts so that all requirements shall be met which are reasonably necessary to obtain or achieve (1) compliance with the Minimum Set-Aside Test, the Rent Restriction Test, and any other requirements necessary for the Project to initially qualify, and to continue to qualify, for LIHTCTax Credits; (2) issuance of all necessary certificates of occupancy, including all governmental approvals required to permit occupancy of all of the apartment units in the Project; and (3) compliance with all provisions of the Project Documents and (4) a reservation and allocation of LIHTC from the State Tax Credit AgencyDocuments;
(f) use its Use their best efforts to keep the Project and Project dwelling units, in decent, safe, sanitary and good condition, repair and working order, ordinary use and obsolescence excepted, and make or cause to be made from time to time all necessary repairs thereto (including external and structural repairs) and renewals and replacements thereof;
(g) payPay from Partnership funds, before the same shall become delinquent and before penalties accrue thereon all Partnership taxes, assessments and other governmental charges against the Partnership or its properties, and all of its other liabilities, except to the extent and so long as the same are being contested in good faith by appropriate proceedings in such manners as not to cause any material adverse effect on the Partnership's property, financial condition or business operations, with adequate reserves provided for such payments;
(h) permitPermit, and cause the Management Agent to permit, the Special Limited Partner and its representatives: (1) representatives to have access to the Project and personnel employed by the Partnership and by the Management Agent who are concerned with management of the Project at all reasonable times during normal business hours after reasonable notice; (2) and to examine all agreements, LIHTC Tax Credit compliance data and plans and specificationsspecifications and deliver copies thereof and such reports as may reasonably be required by the Special Limited Partner. The General Partner shall provide the Special Limited Partner with copies of all correspondence, notices and reports sent pursuant to or received under the Project Documents or any authority with respect to the Project at the time such correspondence, notices or reports are sent or received, copies of all other correspondence of substantial importance which a prudent investor would wish to examine in connection with the transaction at the time such correspondence is sent or received, and all reports required by Article XIV within the required time periods set forth therein;
(i) Exercise good faith in all activities relating to the conduct of the business of the Partnership, including the development, operation and maintenance of the Apartment Complex, and it shall take no action with respect to the business and property of the Partnership which is not reasonably related to the achievement of the purpose of the Partnership;
(j) Make any Capital Contributions, advances or loans required to be made by the General Partner under the terms of this Agreement;
(k) Establish and maintain from Partnership funds all reserves required to be established and maintained under the terms of this Agreement;
(l) Comply with each and every covenant, representation and warranty set forth in Section 9.11; and
(m) Perform such other acts as may be expressly required of it under the terms of this Agreement.
Appears in 1 contract
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund v Lp Series 4)
Duties of General Partner. The General Partner agrees that it shall at all times:
(a) diligently and faithfully devote such of its time to the business of the Partnership as may be necessary to properly conduct the affairs of the Partnership;
(b) file and publish all certificates, statements or other instruments required by law for the formation and operation of the Partnership as a limited partnership in all appropriate jurisdictions;
(c) cause the Partnership to carry Insurance from an Insurance Company;
(d) have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership, whether or not in its immediate possession or control and not employ or permit another to employ such funds or assets in any manner except for the benefit of the Partnership;
(e) use its best efforts so that all requirements shall be met which are reasonably necessary to obtain or achieve (1) compliance with the Minimum Set-Aside Test, the Rent Restriction Test, and any other requirements necessary for the Project to initially qualify, and to continue to qualify, for LIHTC; (2) issuance of all necessary certificates of occupancy, including all governmental approvals required to permit occupancy of all of the apartment units in the Project; (3) compliance with all provisions of the Project Documents and (4) a reservation and allocation of LIHTC from the State Tax Credit Agency;
(f) use its best efforts to keep the Project in decent, safe, sanitary and good condition, repair and working order, ordinary use and obsolescence excepted, and make or cause to be made from time to time all necessary repairs thereto (including external and structural repairs) and renewals and replacements thereof;
(g) pay, before the same shall become delinquent and before penalties accrue thereon all Partnership taxes, assessments and other governmental charges against the Partnership or its properties, and all of its other liabilities, except to the extent and so long as the same are being contested in good faith by appropriate proceedings in such manners as not to cause any material adverse effect on the Partnership's property, financial condition or business operations, with adequate reserves provided for such payments;
(h) permit, and cause the Management Agent to permit, the Special Limited Partner and its representatives: (1) representatives to have access to the Project and personnel employed by the Partnership and by the Management Agent who are concerned with management of the Project at all reasonable times during normal business hours after reasonable notice; (2) and to examine all agreements, LIHTC Tax Credit compliance data and plans and specificationsspecifications and deliver copies thereof and such reports as may reasonably be required by the Special Limited Partner. The General Partner shall provide the Special Limited Partner with copies of all correspondence, notices and reports sent pursuant to or received under the Project Documents or any authority with respect to the Project at the time such correspondence, notices or reports are sent or received, copies of all other correspondence of substantial importance which a prudent investor would wish to examine in connection with the transaction at the time such correspondence is sent or received, and all reports required by Article XIV within the required time periods set forth therein;
(i) exercise good faith in all activities relating to the conduct of the business of the Partnership, including the development, operation and maintenance of the Project, and shall take no action with respect to the business and property of the Partnership which is not reasonably related to the achievement of the purpose of the Partnership;
(j) make any Capital Contributions, advances or loans required to be made by the General Partner under the terms of this Agreement;
(k) cause the Partnership, out of funds available to the Partnership only and not out of funds of the General Partner individually, to establish and maintain all reserves required to be established and maintained under the terms of this Agreement;
(l) comply with each and every covenant representation and warranty set forth in Section 9.11; and
(m) perform such other acts as may be expressly required of it under the terms of this Agreement.
Appears in 1 contract
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 6)
Duties of General Partner. The General Partner agrees that it shall at all times:
(a) diligently manage or cause to be managed the affairs of the Partnership in a prudent and faithfully businesslike manner and shall devote such part of its time to the Partnership affairs as is reasonably necessary for the conduct of such affairs; provided, however, that it is expressly understood and agreed that the General Partner shall not be required to devote its entire time or attention to the business of the Partnership as nor shall it be restricted in any manner from participating in other businesses or activities, despite the fact that the same may be necessary to properly conduct competitive with the affairs business of the Partnership. In carrying out its obligations, the General Partner shall:
(a) as soon as practicable, but in no event later than sixty (60) days, after the close of each fiscal quarter, except the last fiscal quarter of each Partnership Year, furnish to each Limited Partner and each Assignee of Record on the closing date of such quarter a quarterly report for the fiscal quarter containing such financial and other information as the General Partner deems appropriate;
(b) file and publish all certificatesfurnish to the Limited Partners, statements or other instruments required by law within seventy-five (75) days after the end of each fiscal year, a report containing such information as is pertinent for the formation and operation of the Partnership as a limited partnership in all appropriate jurisdictionstax purposes;
(c) cause furnish to the Partnership to carry Insurance from Partners an Insurance Companyannual report within one hundred twenty (120) days after the end of each fiscal year of the Partnership, containing the following information: financial statements, a balance sheet, a statement of operations, a statement of Partners’ equity and a statement of cash flows, and report of an independent certified public accountant stating that he has made an examination in accordance with generally accepted auditing standards of such financial statements;
(d) have furnish to the Limited Partners annually, within one hundred twenty (120) days after the end of each fiscal year, a fiduciary responsibility for report prepared by a qualified independent petroleum consultant setting forth a computation of the safekeeping total oil and use of all funds and assets gas reserves of the Partnership; such report shall be accompanied by a report setting forth the dollar value thereof at then existing prices and of each Limited Partner’s interest in such reserve value, whether or not in its immediate possession or control and not employ or permit another to employ such funds or assets in any manner except which report shall include an estimate of the time required for the benefit extraction of such reserves and the present worth of such reserves, with a statement that because of the Partnership;time period required to extract such reserves the present value of reserves to be obtained in the future is less than if immediately available; and
(e) use its best efforts so that all requirements shall be met which are reasonably necessary to obtain or achieve (1) compliance with maintain and preserve during the Minimum Set-Aside Test, the Rent Restriction Test, and any other requirements necessary for the Project to initially qualify, and to continue to qualify, for LIHTC; (2) issuance term of all necessary certificates of occupancy, including all governmental approvals required to permit occupancy of all of the apartment units in the Project; (3) compliance with all provisions of the Project Documents and (4) a reservation and allocation of LIHTC from the State Tax Credit Agency;
(f) use its best efforts to keep the Project in decent, safe, sanitary and good condition, repair and working order, ordinary use and obsolescence excepted, and make or cause to be made from time to time all necessary repairs thereto (including external and structural repairs) and renewals and replacements thereof;
(g) pay, before the same shall become delinquent and before penalties accrue thereon all Partnership taxes, assessments and other governmental charges against the Partnership or its properties, and all of its other liabilities, except to the extent and so long as the same are being contested in good faith by appropriate proceedings in such manners as not to cause any material adverse effect on the Partnership's property, financial condition or business operations, with adequate reserves provided for such payments;
(h) permit, and cause the Management Agent to permit, the Special Limited Partner and its representatives: (1) to have access to the Project and personnel employed by the Partnership and by for six (6) years thereafter all accounts, books, and other relevant Partnership documents. Notwithstanding the Management Agent at all times during normal business hours after foregoing, the General Partner may keep logs, well reports and other drilling data confidential for a reasonable notice; (2) to examine all agreements, LIHTC compliance data and plans and specifications; andperiod of time.
Appears in 1 contract
Samples: Limited Partnership Agreement (Everflow Eastern Partners Lp)
Duties of General Partner. The General Partner agrees that it shall at all times:
(a) diligently and faithfully devote such of its time to the business of the Partnership as may be necessary to properly conduct the affairs of the Partnership;
(b) file and publish all certificates, statements or other instruments required by law for the formation and operation of the Partnership as a limited partnership in all appropriate jurisdictions;
(c) cause the Partnership to carry Insurance from an Insurance Company;
(d) have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership, whether or not in its immediate possession or control and not employ or permit another to employ such funds or assets in any manner except for the benefit of the Partnership;
(e) use its best efforts so that all requirements shall be met which are reasonably necessary to obtain or achieve (1) compliance with the Minimum Set-Aside Test, the Rent Restriction Test, and any other requirements necessary for the Project Apartment Housing to initially qualify, and to continue to qualify, for LIHTCLIHTC and Georgia Credits; (2) issuance of all necessary certificates of occupancy, including all governmental approvals required to permit occupancy of all of the apartment units in the ProjectApartment Housing; (3) compliance with all provisions of the Project Documents and (4) a reservation and allocation of LIHTC and Georgia Credits from the State Tax Credit Agency;
(f) use its best efforts to keep make inspections of the Project Apartment Housing and assure that the Apartment Housing is in decent, safe, sanitary and good condition, repair and working order, ordinary use and obsolescence excepted, and and, from available Partnership funds, make or cause to be made from time to time all necessary repairs thereto (including external and structural repairs) and renewals and replacements thereof;
(g) pay, before the same shall become delinquent and before penalties accrue thereon from available Partnership funds, all Partnership taxes, assessments and other governmental charges against the Partnership or its properties, and all of its other liabilities, before the same shall become delinquent and before penalties accrue thereon, except to the extent and so long as the same are being contested in good faith by appropriate proceedings in such manners as not to cause any material adverse effect on the Partnership's property, financial condition or business operations, with adequate reserves provided for such payments;
(h) permit, and cause the Management Agent to permit, the Special Limited Partner and its representatives: (1) to have access to the Project Apartment Housing and personnel employed by the Partnership and by the Management Agent at all times during normal business hours after reasonable notice; (2) to examine all agreements, LIHTC compliance data and plans Plans and specificationsSpecifications; and (3) to make copies thereof;
(i) exercise good faith in all activities relating to the conduct of the business of the Partnership, including the development, operation and maintenance of the Apartment Housing, and shall take no action with respect to the business and property of the Partnership which is not reasonably related to the achievement of the purpose of the Partnership;
(j) make any Capital Contributions, advances or loans required to be made by the General Partner under the terms of this Agreement;
(k) from available Partnership funds, establish and maintain all reserves required to be established and maintained under the terms of this Agreement;
(l) cause the Management Agent to manage the Apartment Housing in such a manner that the Apartment Housing will be eligible to receive LIHTC and Georgia Credits with respect to 100% of the Low Income Units in the Apartment Housing. To that end, the General Partner agrees, without limitation: (1) to make all elections requested by the Special Limited Partner under Section 42 of the Code to allow the Partnership or its Partners to claim the Tax Credit; (2) to file Form 8609 with respect to the Apartment Housing as required, for at least the duration of the Compliance Period; (3) to operate the Apartment Housing and cause the Management Agent to manage the Apartment Housing so as to comply with the requirements of Section 42 of the Code, as amended, or any successor thereto, including, but not limited to, Section 42(g) and Section 42(i)(3) of the Code, as amended, or any successors thereto; (4) to make all certifications required by Section 42(l) of the Code, as amended, or any successor thereto; and (5) to operate the Apartment Housing and cause the Management Agent to manage the Apartment Housing so as to comply with all other Tax Credit Conditions; and
(m) have the Architect of Record perform contract administrative services during the course of construction, including but not limited to a monthly review and certification of the Contractor's application for payment (form G702 and G703); to review and take action on requests for change orders; and oversee all changes in the contract documents, addenda, shop drawings and supplements;
(n) perform such other acts as may be expressly required of it under the terms of this Agreement; and
(o) maintain on its staff during construction and rent-up a trained and experienced project manager who is responsible for the development and construction of the Improvements, and responsible for achieving Completion of Construction. In lieu of this employee, or if the project manager position remains vacant for twenty-one days, the General Partner shall retain the services of a construction management firm, which firm shall be pre-approved by the Special Limited Partner.
Appears in 1 contract
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 9)
