Common use of General Partner or Affiliates Dealing with Partnership Clause in Contracts

General Partner or Affiliates Dealing with Partnership. (a) The General Partner or any Affiliate may act as Management Agent on such terms and conditions permitted by applicable regulations of the Lender and the Agency, and may receive compensation at the highest rates approved and permitted by the Lender or the Agency at any time; provided, however, that the Management Agent may not receive compensation in excess of that permitted by HUD and the Lender; provided, further, that notwithstanding the foregoing, the Management Agent may not receive compensation in excess of five percent (5%) of gross rental receipts received from tenants of the Apartment Complex without the prior approval of BCTC 94, Inc. (b) The General Partner or any Affiliates thereof shall have the right to contract or otherwise deal with the Partnership for the sale of goods or services to the Partnership in addition to those set forth herein, if (A) compensation paid or promised for such goods or services is reasonable (i.e., at fair market value) and is paid only for goods or services actually furnished to the Partnership, (B) the goods or services to be furnished shall be reasonable for and necessary to the Partnership, (C) the fees, terms and conditions of such transaction are at least as favorable to the Partnership as would be obtainable in an arm's-length transaction, (D) no agent, attorney, accountant or other independent consultant or contractor who also is employed on a full-time basis by the General Partner or any Affiliate shall be compensated by the Partnership for his services. Any contract covering such transactions shall be in writing and shall be terminable without penalty on sixty (60) days Notice. Any payment made to the General Partner or any Affiliate for such goods or services shall be fully disclosed to all Limited Partners in the reports required under Section 13.04. Neither the General Partner nor any Affiliate shall, by the making of lump-sum payments to any other Person for disbursement by such other Person, circumvent the provisions of this Section 8.05(b).

General Partner or Affiliates Dealing with Partnership. (a) The General Partner or any Affiliate may act as Management Agent on such terms and conditions permitted by applicable regulations of the Lender and the Agency, and may receive compensation at the highest rates approved and permitted by the Lender or the Agency at any time; provided, however, that the Management Agent may not receive compensation in excess of that permitted by HUD and the Lender; provided, further, that notwithstanding the foregoing, the Management Agent may not receive compensation in excess of five percent (5%) of gross rental receipts received from tenants of the Apartment Complex without the prior approval of BCTC 94, Inc. (b) The General Partner or any Affiliates thereof shall have the right to rightto contract or otherwise deal with the Partnership for the sale of goods or services to the Partnership in addition to those set forth herein, if (A) compensation paid or promised for such goods or services is reasonable (i.e., at fair market value) and is paid only for goods or services actually furnished to the Partnership, (B) the goods or services to be furnished shall be reasonable for and necessary to the Partnership, (C) the fees, terms and conditions of such transaction are at least as favorable to the Partnership as Partnershipas would be obtainable in an arm's-length transaction, (D) no agent, attorney, accountant or other independent consultant or contractor who also is employed on a full-time basis by the General Partner or any Affiliate shall be compensated by the Partnership for his services. Any contract covering such transactions shall be in writing and shall be terminable without penalty on sixty (60) days Notice. Any payment made to the General Partner or any Affiliate for such goods or services shall be fully disclosed to all Limited Partners in the reports required under Section underSection 13.04. Neither the General Partner nor any Affiliate shall, ,by the making of lump-sum payments to any other Person for disbursement by such other Person, ,circumvent the provisions of this Section 8.05(b).