Information to Partners. (a) The General Partners shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year of the Partnership: (i) Within forty-five (45) days after the end of each calendar year (or such other period as is necessary for compliance with Section 12.3(a)), (A) a balance sheet as of the end of such fiscal year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditors, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited Partners, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution of the Investment Limited Partners, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof. (ii) Within forty-five (45) days after the end of each calendar year (or such other period as is necessary for compliance with Section 12.3(a)), all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal income tax returns together with a draft of the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filed. (iii) Within thirty (30) days after the end of each quarter of a calendar year, a report containing: (A) a balance sheet, which may be unaudited; (B) a statement of income for the quarter then ended, which may be unaudited; (C) a statement of cash flows for the quarter then ended, which may be unaudited; (D) a certification of the General Partners that the Apartment Complex and its tenants are in compliance with all applicable federal, state and local requirements and regulations; (E) a low-income housing tax credit monitoring form, a copy of the rent roll for the Apartment Complex, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the form specified by BCCLP; (F) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; and (b) Within sixty (60) days after the end of each calendar year a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to the appropriate state agency concerning the same. (c) Upon the reasonable written request of the Investment Limited Partners for further information with respect to any matter covered in item (a) or item (b) above, the General Partners shall furnish such information within thirty (30) days of receipt of such request. (d) Prior to October 15 of each year, the Partnership shall send to the Investment Limited Partners an estimate of the Investment Limited Partners' share of the tax credits, profits and losses of the Partnership for Federal income tax purposes for the current fiscal year. Such estimate shall be pre- pared by the General Partners and the Auditors and shall be in the form specified by BCCLP. (e) Within fifteen (15) days after the end of any calendar quarter during which: (i) there is a material default by the Partnership under any Pro- ject Document or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt, (ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established, (iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or (iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners shall send the Investment Limited Partners a detailed report of such event. (f) The Partnership shall send to the Investment Limited Partners, on or before the tenth day of each month, the monthly housing credit monitoring form, and copies of all applicable periodic reports covering the status of project operations from the previous period, as may be required by any Agency. (g) On or before May 1st of each year, the Partnership shall send to the Investment Limited Partners a report on operations, in the form supplied by BCCLP. (h) Promptly after Permanent Mortgage Commencement, the General Partners shall send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners hereby consent to any Agency's providing BCCLP with copies of all material communications between any such office and the General Partners and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners that the Investment Limited Partners would like copies of the monthly rent rolls for the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen (15) days after the expiration of each month. (i) The General Partners shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all of the Partners have signed this Agreement an unaudited statement of income of the Partnership for the time period of January 1, 1996 through May 31, 1996. (j) Within thirty (30) days of the earliest date on which all of the Partners have signed this Agreement, the General Partners shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLP. (k) If the General Partners do not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth therein, the General Partners shall pay as damages the sum of $250 per day to the Investment Limited Partner until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the General Partners, and failure to so pay shall constitute a material default of the General Partners hereunder. In addition, if the General Partners shall fail so to pay, the General Partners and their Affiliates shall forthwith cease to be entitled to the payment of any Cash Flow or Capital Transaction proceeds to which they may otherwise be entitled hereunder. Such payments of the Partnership Management Fee, Cash Flow and Capital Transaction proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments of the Management Fee, Cash Flow and Capital Transaction proceeds otherwise due to the General Partners or their Affiliates. (l) On or before each January 31, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 2 contracts
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp), Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year of the Partnership:
(i) Within forty-five sixty (4560) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, (A) a balance sheet as of the end of such fiscal year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditors, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution of the Investment Limited PartnersPartner, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five thirty (4530) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal income tax returns together with a draft of the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filedreturns.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearfiscal year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income for the quarter then ended, which may be unaudited;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the General Partners that the Apartment Complex and its tenants are in compliance with all applicable federal, state and local requirements and regulations;
(E) a low-income housing tax credit monitoring form, a copy of the rent roll for the Apartment Complex, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the form specified by BCCLP;
(F) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; and.
(b) Within sixty (60) days after the end of each calendar fiscal year of the Partnership a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to the appropriate state agency concerning the same.
(c) Upon the reasonable written request of the Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the General Partners shall furnish such information within thirty (30) days of receipt of such request.
(d) Prior to October 15 of each year, the Partnership shall send to the Investment Limited Partners Partner an estimate of the Investment Limited Partners' Partner's share of the tax credits, profits and losses of the Partnership for Federal income tax purposes for the current fiscal year. Such estimate shall be pre- pared prepared by the General Partners and the Auditors and shall be in the form specified by BCCLPAuditors.
(e) Within fifteen (15) days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Document the Project Documents or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners shall send the Investment Limited Partners Partner a detailed report of such event.
(f) The After the Admission Date, the Partnership shall send to the Investment Limited PartnersPartner, on or before the tenth day of each month, the monthly housing credit monitoring form, and copies of all applicable periodic reports covering the status of project operations from the previous period, as may be required by any AgencyAgency or the Authority .
(g) On or before May 1st Within fifteen (15) days after the end of each quarter of the Partnership's fiscal year, the Partnership shall send to the Investment Limited Partners Partner a report on operations, in the form supplied by BCCLPthe Investment Limited Partner.
(h) Promptly after Permanent Mortgage Commencement, the The General Partners shall cause the Partnership to send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners hereby consent to any Agency's providing BCCLP with copies of all material communications between any such office and the General Partners and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners Partner a copy of each Construction Mortgage draw requisition and any notification or correspondence from the Construction Lender indicating that any such draw will not be paid as requisitioned. Upon receipt, the Partnership shall send to the Investment Limited Partners would like Partner copies of the monthly rent rolls for Form(s) 8609 evidencing the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen (15) days after the expiration of each monthTax Credit allocation.
(i) The If the earlier of (A) the Completion Date or (B) the date upon which tenants first occupied apartment units in the Apartment Complex shall have occurred six months or more prior to the date upon which the Investment Limited Partner acquired its Interest in the Partnership, then the General Partners shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all of Admission Date the Partners have signed this Agreement an following items:
(i) An unaudited statement of income of the Partnership for the time year (or such shorter period as there may be from the date of January the most recent audited statement of income of the Partnership) ended on the date upon which the Investment Limited Partner acquired its Interest in the Partnership; and
(ii) An audited statement of income of the Partnership for any fiscal year of the Partnership ending between (A) the earlier of (1, 1996 through May 31, 1996) the Completion Date or (2) the date upon which tenants first occupied apartment units in the Apartment Complex and (B) the date upon which the Investment Limited Partner acquired its Interest in the Partnership.
(j) Within thirty (30) days of the earliest date on which all of the Partners have signed this Agreement, the General Partners shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLP.
(k) If the General Partners do not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth therein, the General Partners shall may be required by the Investment Limited Partner to pay as damages the sum of $250 100 per day (plus interest at a rate equal to the general base rate of interest established by The First National Bank of Boston or its successors and assigns and announced by it as the rate charged by it to its prime commercial customers on short-term unsecured borrowings as its "base rate" from time to time in effect plus 3%) to the Investment Limited Partner until such obligations shall have been fulfilled; provided, however, that said penalty shall not be applied should the failure to provide such reports and information be beyond the control of the General Partner. Such damages shall be paid forthwith by the General Partners, and failure to so pay shall constitute a material default of the General Partners hereunder. In addition, if the General Partners shall so fail so to pay, the General Partners and their Affiliates shall forthwith cease to be entitled to the Annual Partnership Management Fee, and to the payment of any Cash Flow or Capital Transaction proceeds to which they may otherwise be entitled hereunder. Such payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds otherwise due to the General Partners or their Affiliatesaffiliates.
(l) On or before each January 31, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 2 contracts
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp), Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year of the Partnership:
(i) Within forty-five sixty (4560) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, (A) a balance sheet as of the end of such fiscal year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditors, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution of the Investment Limited PartnersPartner, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five thirty (4530) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal income tax returns together with a draft of the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filedreturns.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearfiscal year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income for the quarter then ended, which may be unaudited;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the General Partners that the Apartment Complex and its tenants are in compliance with all applicable federal, state and local requirements and regulations;
(E) a low-income housing tax credit monitoring form, a copy of the rent roll for the Apartment Complex, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the form specified by BCCLP;
(F) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; and.
(b) Within sixty (60) days after the end of each calendar fiscal year of the Partnership a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to the appropriate state agency concerning the same.
(c) Upon the reasonable written request of the Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the General Partners shall furnish such information within thirty (30) days of receipt of such request.
(d) Prior to October 15 of each year, the Partnership shall send to the Investment Limited Partners Partner an estimate of the Investment Limited Partners' Partner's share of the tax credits, profits and losses of the Partnership for Federal income tax purposes for the current fiscal year. Such estimate shall be pre- pared prepared by the General Partners and the Auditors and shall be in the form specified by BCCLPAuditors.
(e) Within fifteen (15) days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Document the Project Documents or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners shall send the Investment Limited Partners Partner a detailed report of such event.
(f) The After the Admission Date, the Partnership shall send to the Investment Limited PartnersPartner, on or before the tenth day of each month, the monthly housing credit monitoring form, and copies of all applicable periodic reports covering the status of project operations from the previous period, as may be required by any AgencyAgency or the Authority .
(g) On or before May 1st Within fifteen (15) days after the end of each quarter of the Partnership's fiscal year, the Partnership shall send to the Investment Limited Partners Partner a report on operations, in the form supplied by BCCLPthe Investment Limited Partner.
(h) Promptly after Permanent Mortgage Commencement, the The General Partners shall cause the Partnership to send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners hereby consent to any Agency's providing BCCLP with copies of all material communications between any such office and the General Partners and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners Partner a copy of each Construction Mortgage draw requisition and any notification or correspondence from the Construction Lender indicating that any such draw will not be paid as requisitioned. Upon receipt, the Partnership shall send to the Investment Limited Partners would like Partner copies of the monthly rent rolls for Form(s) 8609 evidencing the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen (15) days after the expiration of each monthTax Credit allocation.
(i) The If the earlier of (A) the Completion Date or (B) the date upon which tenants first occupied apartment units in the Apartment Complex shall have occurred six months or more prior to the date upon which the Investment Limited Partner acquired its Interest in the Partnership, then the General Partners shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all of Admission Date the Partners have signed this Agreement an following items:
(i) An unaudited statement of income of the Partnership for the time year (or such shorter period as there may be from the date of January the most recent audited statement of income of the Partnership) ended on the date upon which the Investment Limited Partner acquired its Interest in the Partnership; and
(ii) An audited statement of income of the Partnership for any fiscal year of the Partnership ending between (A) the earlier of (1, 1996 through May 31, 1996) the Completion Date or (2) the date upon which tenants first occupied apartment units in the Apartment Complex and (B) the date upon which the Investment Limited Partner acquired its Interest in the Partnership.
(j) Within thirty (30) days By December 1 of the earliest date on which all of the Partners have signed this Agreementeach year, the General Partners Partnership shall prepare, or cause send to the Auditors to prepare, and deliver to each Investment Limited Partner a Tax Credit basis worksheet the Property's operating budget for each building in the Apartment Complex, all in a form specified by BCCLPfollowing year.
(k) If the General Partners do not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth therein, the General Partners shall may be required by the Investment Limited Partner to pay as damages the sum of $250 100 per day (plus interest at a rate equal to the general base rate of interest established by The First National Bank of Boston or its successors and assigns and announced by it as the rate charged by it to its prime commercial customers on short-term unsecured borrowings as its "base rate" from time to time in effect plus 3%) to the Investment Limited Partner until such obligations shall have been fulfilled; provided, however, that said penalty shall not be applied should the failure to provide such reports and information be beyond the control of the General Partner. Such damages shall be paid forthwith by the General Partners, and failure to so pay shall constitute a material default of the General Partners hereunder. In addition, if the General Partners shall so fail so to pay, the General Partners and their Affiliates shall forthwith cease to be entitled to the Annual Partnership Management Fee, and to the payment of any Cash Flow or Capital Transaction proceeds to which they may otherwise be entitled hereunder. Such payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds otherwise due to the General Partners or their Affiliatesaffiliates.
(l) On or before each January 31, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 2 contracts
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp), Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year of the Partnership:
(i) Within forty-five (45) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, (A) a balance sheet as of the end of such fiscal year, a statement of income, a statement of partners' , equity, and a statement of cash flows, each for the year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditors, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution of the Investment Limited PartnersPartner, (6) borrowed moniesmoneys, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five thirty (4530) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal income tax returns together with a draft of the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filed.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearfiscal year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income for the quarter then ended, if available, which may be unaudited;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the General Partners that the Apartment Complex and its tenants are in compliance with all applicable federal, state state, and local requirements and regulations;
(E) a low-income housing tax credit monitoring form, a copy of the rent roll for the Apartment Complex, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the form specified by BCCLPBoston Capital;
(F) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; and
(b) Within sixty (60) days after the end of each calendar fiscal year of the Partnership a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to and any reports filed in connection with the appropriate state agency concerning compliance monitoring conducted by the sameAuthority.
(c) Upon the reasonable written request of the Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the General Partners shall furnish such information within thirty (30) days of receipt of such request.
(d) Prior to October 15 of each year, the Partnership shall send to the Investment Limited Partners Partner an estimate of the Investment Limited Partners' Partner's share of the tax credits, profits and losses of the Partnership for Federal income tax purposes for the current fiscal year. Such estimate shall be pre- pared prepared by the General Partners and the Auditors and shall be in the form specified by BCCLPAuditors.
(e) Within fifteen (15) 15 days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Document the Project Documents or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any the General Partner has Partners have received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or,
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners shall send the Investment Limited Partners Partner a detailed report of such event.
(f) The After the Admission Date, the Partnership shall send to the Investment Limited PartnersPartner, on or before the tenth day of each month, the monthly housing credit monitoring form, and copies of all applicable periodic reports covering the status of project operations from the previous period, as may be required by any Agencythe Lender or Agency or the Authority.
(g) On or before May 1st of each of the Partnership's fiscal year, the Partnership shall send to the Investment Limited Partners Partner a report on operations, in the form supplied by BCCLPBoston Capital.
(h) The General Partners shall cause the Partnership to send to the Investment Limited Partner a copy of each Construction Mortgage draw requisition and any notification or correspondence from the Construction Lender indicating that any such draw shall not be paid as requisitioned. Upon receipt, the Partnership shall send to the Investment Limited Partner copies of all documents evidencing any "carryover allocation" pursuant to Section 42(h)(1)(E) of the Code and the Form(s) 8609 evidencing the Tax Credit allocation. Promptly after Permanent Mortgage Commencement, the General Partners shall send to BCCLP Boston Capital a closing binder containing photocopies of the fully-fully- executed versions of all documents signed in connection with the Permanent Second Mortgage. The General Partners hereby consent to any the Lender's or Agency's providing BCCLP Boston Capital with copies of all material communications between any such office and the General Partners and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive receives notice from the Investment Limited Partners Partner that the Investment Limited Partners Partner would like copies of the monthly rent rolls for the Apartment Complex to be sent to BCCLPBoston Capital, the General Partners shall send copies of the rent rolls to BCCLP Boston Capital no later than fifteen ten (1510) days after the expiration of each month.
(i) The If the earlier of (A) the Completion Date or (B) the date upon which tenants first occupied apartment units in the Apartment Complex shall have occurred six months or more prior to the date upon which the Investment Limited Partner acquired its Interest in the Partnership, then the General Partners shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all of Admission Date the Partners have signed this Agreement an following items:
(i) An unaudited statement of income of the Partnership for the time year (or such shorter period as there may be from the date of January the most recent audited statement of income of the Partnership) ended on the date upon which the Investment Limited Partner acquired its Interest in the Partnership; and
(ii) An audited statement of income of the Partnership for any fiscal year of the Partnership ending between (A) the earlier of (1, 1996 through May 31, 1996) the Completion Date or (2) the date upon which tenants first occupied apartment units in the Apartment Complex and (B) the date upon which the Investment Limited Partner acquired its Interest in the Partnership.
(j) Within thirty (30) days of the earliest date on which all of the Partners have signed this AgreementCompletion Date, the General Partners shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLPBoston Capital.
(k) If the General Partners do not cause the Partnership to fulfill its obligations under Section 12.7(a)(i12.7(a) (i) and/or Section 12.7(a)(ii12.7(a) (ii) within the time periods set forth therein, the General Partners shall may be required by the Investment Limited Partner to pay as damages the sum of $250 100 per day (plus interest at a rate equal to the general base rate of interest established by The First National Bank of Boston or its successors and assigns and announced by it as the rate charged by it to its prime commercial customers on short-term unsecured borrowings as its "base rate" from time to time in effect plus 3%) to the Investment Limited Partner until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the General Partners, and failure to so pay shall constitute a material default of the General Partners hereunder. In addition, if the General Partners shall so fail so to pay, the General Partners and their Affiliates shall forthwith cease to be entitled to the Annual Partnership Management Fee, and to the payment of any Cash Flow or Capital Transaction proceeds to which they may otherwise be entitled hereunder. Such payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds otherwise due to the General Partners or their Affiliates.
(l1) On or before January 31 of each January 31Partnership fiscal year, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 2 contracts
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp), Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners Partner shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year Fiscal Year of the Partnership:
(i) Within forty-five (45) days after the end of each calendar year (or such other period as is necessary for compliance with Section 12.3(a))Fiscal Year of the Partnership, (A) a balance sheet as of the end of such fiscal yearFiscal Year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year Fiscal Year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditors, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution Contributions of the Investment Limited PartnersPartner, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five thirty (4530) days after the end of each calendar year (or such other period as is necessary for compliance with Section 12.3(a))Fiscal Year of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal federal income tax returns together with a draft of for the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filedprior Fiscal Year.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearFiscal Year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income for the quarter then ended, which may be unaudited;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the General Partners Partner that the Apartment Complex and its tenants are in compliance with all applicable federal, state and local requirements and regulations;
(E) a low-income housing tax credit Tax Credit monitoring form, a copy of the rent roll for the Apartment ComplexComplex for each month during such quarter, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the a form specified by BCCLPthe Special Limited Partner;
(F) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; and
(b) Within sixty (60) days after the end of each calendar year Fiscal Year of the Partnership a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to the appropriate state agency concerning the same.
(c) Upon the reasonable written request of the Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the General Partners Partner shall furnish such information within thirty (30) days of receipt of such request.
(d) Prior to October 15 of each yearFiscal Year, the Partnership shall send to the Investment Limited Partners Partner an estimate of the Investment Limited Partners' Partner's share of the tax creditsTax Credits, profits Profits and losses Losses of the Partnership for Federal federal income tax purposes for the current fiscal yearFiscal Year. Such estimate shall be pre- pared prepared by the General Partners Partner and the Auditors and shall be in the form specified by BCCLPthe Special Limited Partner.
(e) Within The General Partner shall send the Investment Limited Partner a detailed report within fifteen (15) days after the end of any calendar quarter during whichwhich any of the following events occur:
(i) there There is a material default by the Partnership under any Pro- ject Project Document or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners shall send the Investment Limited Partners a detailed report of such event.
(f) The Partnership shall send to the Investment Limited Partners, on or before the tenth day of each month, the monthly housing credit monitoring form, and copies of all applicable periodic reports covering the status of project operations from the previous period, as may be required by any Agency.
(g) On or before May 1st of each year, the Partnership shall send to the Investment Limited Partners a report on operations, in the form supplied by BCCLP.
(h) Promptly after Permanent Mortgage Commencement, the General Partners shall send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners hereby consent to any Agency's providing BCCLP with copies of all material communications between any such office and the General Partners and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners that the Investment Limited Partners would like copies of the monthly rent rolls for the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen (15) days after the expiration of each month.
(i) The General Partners shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all of the Partners have signed this Agreement an unaudited statement of income of the Partnership for the time period of January 1, 1996 through May 31, 1996.
(j) Within thirty (30) days of the earliest date on which all of the Partners have signed this Agreement, the General Partners shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLP.
(k) If the General Partners do not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth therein, the General Partners shall pay as damages the sum of $250 per day to the Investment Limited Partner until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the General Partners, and failure to so pay shall constitute a material default of the General Partners hereunder. In addition, if the General Partners shall fail so to pay, the General Partners and their Affiliates shall forthwith cease to be entitled to the payment of any Cash Flow or Capital Transaction proceeds to which they may otherwise be entitled hereunder. Such payments of the Partnership Management Fee, Cash Flow and Capital Transaction proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments of the Management Fee, Cash Flow and Capital Transaction proceeds otherwise due to the General Partners or their Affiliates.
(l) On or before each January 31, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners Partner shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year Fiscal Year of the Partnership:
(i) Within forty-five (45) days By February 28th of each succeeding calendar year after the end of each calendar year (or such other period as is necessary for compliance with Section 12.3(a))Fiscal Year of the Partnership, (A) a balance sheet as of the end of such fiscal yearFiscal Year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year Fiscal Year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditors, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution Contributions of the Investment Limited PartnersPartner, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereofthereof with respect to any Fiscal Year prior to the Completion Date, only an audited balance sheet shall be required.
(ii) Within forty-five (45) days By February 7th of each succeeding calendar year, after the end of each calendar year (or such other period as is necessary for compliance with Section 12.3(a))Fiscal Year of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal federal income tax returns together with a draft of for the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filedprior Fiscal Year.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearFiscal Year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income for the quarter then ended, which may be unaudited;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the General Partners that the Apartment Complex and its tenants are in compliance with all applicable federal, state and local requirements and regulations;
(E) a low-income housing tax credit Tax Credit monitoring form, a copy of the rent roll for the Apartment ComplexComplex for each month during such quarter, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the a form specified by BCCLP;
the Special Limited Partner; (FE) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; and
(iv) a certification of the General Partner that the Apartment Complex and its tenants are in compliance with all applicable federal, state and local requirements and regulations;
(b) Within sixty (60) days after the end of each calendar year Fiscal Year of the Partnership a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to the appropriate state agency concerning the same.
(c) Upon upon the reasonable written request of the Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the General Partners Partner shall furnish such information within thirty (30) days of receipt of such request.
(d) Prior to October 15 of each yearFiscal Year, the Partnership shall send to the Investment Limited Partners Partner an estimate of the Investment Limited Partners' Partner's share of the tax creditsTax Credits, profits Profits and losses Losses of the Partnership for Federal federal income tax purposes for the current fiscal yearFiscal Year. Such estimate shall be pre- pared prepared by the General Partners Partner and the Auditors and shall be in the form specified by BCCLPthe Special Limited Partner.
(e) Within fifteen (15) days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Project Document or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners Partner shall send the Investment Limited Partners Partner a detailed report of such event.
(f) The After the Admission Date, the Partnership shall send to the Investment Limited Partners, on or before the tenth day of each month, the monthly housing credit monitoring form, and Partner copies of all applicable periodic reports covering the status of project operations from and any matters relating to the previous period, Tax Credit as may be are required by any Lender or Agency.
(g) On or before May 1st 1 of each yearFiscal Year, the Partnership shall send to the Investment Limited Partners Partner a report on operations, in the form supplied by BCCLPthe Special Limited Partner.
(h) Promptly after Permanent Mortgage Commencement, the General Partners shall send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners Partner hereby consent consents to any Agency's each Lender or Agency providing BCCLP the Special Limited Partner with copies of all material communications between any such office Lender or Agency and the General Partners Partner and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners that the Investment Limited Partners would like copies of the monthly rent rolls for the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen (15) days after the expiration of each month.
(i) The General Partners shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all of the Partners have signed this Agreement an unaudited statement of income of the Partnership for the time period of January 1, 1996 through May 31, 1996[Intentionally Omitted.]
(j) Within thirty (30) days of following the earliest date on which all of the Partners have signed this AgreementCompletion Date, the General Partners Partner shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLPthe Special Limited Partner.
(k) Promptly after Permanent Mortgage Commencement, the General Partner shall send to the Special Limited Partner a closing binder containing photocopies of the fully executed versions of all documents signed in connection with the Permanent Mortgage. From and after any date upon which the General Partner receives notice from the Special Limited Partner that the Special Limited Partner would like copies of the monthly rent rolls for the Apartment Complex to be sent to the Special Limited Partner, the General Partner shall send copies of the rent rolls to the Special Limited Partner no later than ten (10) days after the expiration of each month.
(l) If the General Partners do Partner does not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth therein, the General Partners Partner shall pay as damages the sum of $250 500 per day (plus interest at a rate equal to the Prime Rate plus three percent (3%)) to the Investment Limited Partner until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the General PartnersPartner, and the failure to so pay any such damages shall constitute a material default of by the General Partners Partner hereunder. In addition, if the General Partners Partner shall fail so to paypay any such damages, the General Partners Partner and their its Affiliates shall forthwith cease to be entitled to the payment distribution of any Cash Flow or Capital Transaction proceeds Proceeds to which they may otherwise be entitled hereunder. Such payments distributions of the Partnership Management Fee, Cash Flow and Capital Transaction proceeds Proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments distributions of the Management Fee, Cash Flow and Capital Transaction proceeds Proceeds otherwise due to the General Partners Partner or their its Affiliates.
(l) On or before each January 31, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year of the Partnership:
(i) Within forty-five (45) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, (A) a balance sheet as of the end of such fiscal year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditors, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution of the Investment Limited PartnersPartner, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five thirty (4530) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal income tax returns together with a draft of the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filedreturns.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearfiscal year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;; and
(B) a statement of income for the quarter then ended, which may be unaudited;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;; and
(D) a certification of the General Partners that the Apartment Complex and its tenants are in compliance with all applicable federal, state and local requirements and regulations;
(E) a low-income housing tax credit monitoring form, a copy of the rent roll for the Apartment Complex, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the form specified by BCCLP;
(F) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; and.
(b) Within sixty (60) days after the end of each calendar fiscal year of the Partnership a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to the appropriate state agency concerning the same.
(c) Upon the reasonable written request of the Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the General Partners shall furnish such information within thirty (30) days of receipt of such request.
(d) Prior to October 15 of each year, the Partnership shall send to the Investment Limited Partners Partner an estimate of the Investment Limited Partners' Partner's share of the tax credits, profits and losses of the Partnership for Federal income tax purposes for of the current fiscal year. Such estimate shall be pre- pared prepared by the General Partners and the Auditors and shall be in the form specified by BCCLPAuditors.
(e) Within fifteen (15) days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Document or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners shall send the Investment Limited Partners a detailed report of such event.
(f) The Partnership shall send to the Investment Limited Partners, on or before the tenth day of each month, the monthly housing credit monitoring form, and copies of all applicable periodic reports covering the status of project operations from the previous period, as may be required by any Agency.
(g) On or before May 1st of each year, the Partnership shall send to the Investment Limited Partners a report on operations, in the form supplied by BCCLP.
(h) Promptly after Permanent Mortgage Commencement, the General Partners shall send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners hereby consent to any Agency's providing BCCLP with copies of all material communications between any such office and the General Partners and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners that the Investment Limited Partners would like copies of the monthly rent rolls for the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen (15) days after the expiration of each month.
(i) The General Partners shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all of the Partners have signed this Agreement an unaudited statement of income of the Partnership for the time period of January 1, 1996 through May 31, 1996.
(j) Within thirty (30) days of the earliest date on which all of the Partners have signed this Agreement, the General Partners shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLP.
(k) If the General Partners do not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth therein, the General Partners shall pay as damages the sum of $250 per day to the Investment Limited Partner until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the General Partners, and failure to so pay shall constitute a material default of the General Partners hereunder. In addition, if the General Partners shall fail so to pay, the General Partners and their Affiliates shall forthwith cease to be entitled to the payment of any Cash Flow or Capital Transaction proceeds to which they may otherwise be entitled hereunder. Such payments of the Partnership Management Fee, Cash Flow and Capital Transaction proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments of the Management Fee, Cash Flow and Capital Transaction proceeds otherwise due to the General Partners or their Affiliates.
(l) On or before each January 31, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year of the Partnership:
(i) Within forty-five (45) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, (A) a balance sheet as of the end of such fiscal year, a statement of income, a statement of partners' , equity, and a statement of cash flows, each for the year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditors, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution of the Investment Limited PartnersPartner, (6) borrowed moniesmoneys, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five thirty (4530) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal income tax returns together with a draft of the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filed.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearfiscal year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income for the quarter then ended, which may be unaudited;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the General Partners that the Apartment Complex and its tenants are in compliance with all applicable federal, state state, and local requirements and regulations;
(E) a low-income housing tax credit monitoring form, a copy of the rent roll for the Apartment Complex, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the form specified by BCCLPBoston Capital;
(F) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; and
(b) Within sixty (60) days after the end of each calendar fiscal year of the Partnership a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to and any reports filed in connection with the appropriate state agency concerning compliance monitoring conducted by the sameAuthority.
(c) Upon the reasonable written request of the Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the General Partners shall furnish such information within thirty (30) days of receipt of such request.
(d) Prior to October 15 of each year, the Partnership shall send to the Investment Limited Partners Partner an estimate of the Investment Limited Partners' Partner's share of the tax credits, profits and losses of the Partnership for Federal income tax purposes for the current fiscal year. Such estimate shall be pre- pared prepared by the General Partners and the Auditors and shall be in the form specified by BCCLPAuditors.
(e) Within fifteen (15) 15 days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Document the Project Documents or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any the General Partner has Partners have received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or,
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners shall send the Investment Limited Partners Partner a detailed report of such event.
(f) The After the Admission Date, the Partnership shall send to the Investment Limited PartnersPartner, on or before the tenth day of each month, the monthly housing credit monitoring form, and copies of all applicable periodic reports covering the status of project operations from the previous period, as may be required by any Agencythe Lender or Agency or the Authority.
(g) On or before May 1st of each of the Partnership's fiscal year, the Partnership shall send to the Investment Limited Partners Partner a report on operations, in the form supplied by BCCLPBoston Capital.
(h) The General Partners shall cause the Partnership to send to the Investment Limited Partner a copy of each Construction Mortgage draw requisition and any notification or correspondence from the Construction Lender indicating that any such draw shall not be paid as requisitioned. Upon receipt, the Partnership shall send to the Investment Limited Partner copies of all documents evidencing any "carryover allocation" pursuant to Section 42(h)(1)(E) of the Code and the Form(s) 8609 evidencing the Tax Credit allocation. Promptly after Permanent Mortgage Commencement, the General Partners shall send to BCCLP Boston Capital a closing binder containing photocopies of the fully-fully- executed versions of all documents signed in connection with the Permanent Second Mortgage. The General Partners hereby consent to any the Lender's or Agency's providing BCCLP Boston Capital with copies of all material communications between any such office and the General Partners and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive receives notice from the Investment Limited Partners Partner that the Investment Limited Partners Partner would like copies of the monthly rent rolls for the Apartment Complex to be sent to BCCLPBoston Capital, the General Partners shall send copies of the rent rolls to BCCLP Boston Capital no later than fifteen ten (1510) days after the expiration of each month.
(i) The If the earlier of (A) the Completion Date or (B) the date upon which tenants first occupied apartment units in the Apartment Complex shall have occurred six months or more prior to the date upon which the Investment Limited Partner acquired its Interest in the Partnership, then the General Partners shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all of Admission Date the Partners have signed this Agreement an following items:
(i) An unaudited statement of income of the Partnership for the time year (or such shorter period as there may be from the date of January the most recent audited statement of income of the Partnership) ended on the date upon which the Investment Limited Partner acquired its Interest in the Partnership; and
(ii) An audited statement of income of the Partnership for any fiscal year of the Partnership ending between (A) the earlier of (1, 1996 through May 31, 1996) the Completion Date or (2) the date upon which tenants first occupied apartment units in the Apartment Complex and (B) the date upon which the Investment Limited Partner acquired its Interest in the Partnership.
(j) Within thirty (30) days of the earliest date on which all of the Partners have signed this AgreementCompletion Date, the General Partners shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLPBoston Capital.
(k) If the General Partners do not cause the Partnership to fulfill its obligations under Section 12.7(a)(i12.7(a) (i) and/or Section 12.7(a)(ii12.7(a) (ii) within the time periods set forth therein, the General Partners shall may be required by the Investment Limited Partner to pay as damages the sum of $250 100 per day (plus interest at a rate equal to the general base rate of interest established by The First National Bank of Boston or its successors and assigns and announced by it as the rate charged by it to its prime commercial customers on short-term unsecured borrowings as its "base rate" from time to time in effect plus 3%) to the Investment Limited Partner until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the General Partners, and failure to so pay shall constitute a material default of the General Partners hereunder. In addition, if the General Partners shall so fail so to pay, the General Partners and their Affiliates shall forthwith cease to be entitled to the Annual Partnership Management Fee, and to the payment of any Cash Flow or Capital Transaction proceeds to which they may otherwise be entitled hereunder. Such payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds otherwise due to the General Partners or their Affiliates.
(l1) On or before January 31 of each January 31Partnership fiscal year, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year of the Partnership:
(i) Within forty-five (45) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, (A) a balance sheet as of the end of such fiscal year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditors, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution of the Investment Limited PartnersPartner, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five thirty (4530) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal income tax returns together with a draft of the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filedreturns.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearfiscal year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income for the quarter then ended, which may be unaudited;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the General Partners that the Apartment Complex and its tenants are in compliance with all applicable federal, state and local requirements and regulations;
(E) a low-income housing tax credit monitoring form, a copy of the rent roll for the Apartment Complex, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the form specified by BCCLP;
(F) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; and
(b) Within sixty (60) days after the end of each calendar fiscal year of the Partnership a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to the appropriate state agency concerning the same.
(c) Upon the reasonable written request of the Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the General Partners shall furnish such information within thirty (30) days of receipt of such request.
(d) Prior to October 15 of each year, the Partnership shall send to the Investment Limited Partners Partner an estimate of the Investment Limited Partners' Partner's share of the tax credits, profits and losses of the Partnership for Federal income tax purposes for the current fiscal year. Such estimate shall be pre- pared prepared by the General Partners and the Auditors and shall be in the form specified by BCCLP.
(e) Within fifteen (15) days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Project Document or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or
(iv) any Partner has pledged or collateralized collaterized its Interest in the Partnership, the General Partners shall send the Investment Limited Partners Partner a detailed report of such event.
(f) The After the Admission Date, the Partnership shall send to the Investment Limited PartnersPartner, on or before the tenth day of each month, the monthly housing credit monitoring form, and copies of all applicable periodic reports covering the status of project operations from the previous period, as may be required by any AgencyLender.
(g) On or before May 1st of each yearof the Partnership's fiscal years, the Partnership shall send to the Investment Limited Partners Partner a report on operations, in the form supplied by BCCLP.
(h) The General Partners shall cause the Partnership to send to the Investment Limited Partner a copy of each Construction Mortgage draw requisition and any notification or correspondence from the Construction Lender indicating that any such draw will not be paid as requisitioned. Upon receipt, the Partnership shall send to the Investment Limited Partner copies of the Form(s) 8609 evidencing the Tax Credit allocation. Promptly after Permanent Mortgage Commencement, the General Partners shall send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners hereby consent to any Agency's providing BCCLP with copies of all material communications between any such office and the General Partners and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners that the Investment Limited Partners would like copies of the monthly rent rolls for the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen (15) days after the expiration of each monthMortgages.
(i) The If the earlier of (A) the Completion Date or (B) the date upon which tenants first occupied apartment units in the Apartment Complex after the rehabilitation of such units shall have occurred six months or more prior to the date upon which the Investment Limited Partner acquired its Interest in the Partnership, then the General Partners shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all of Admission Date the Partners have signed this Agreement an following items:
(i) An unaudited statement of income of the Partnership for the time year (or such shorter period as there may be from the date of January the most recent audited statement of income of the Partnership) ended on the date upon which the Investment Limited Partner acquired its Interest in the Partnership; and
(ii) An audited statement of income of the Partnership for any fiscal year of the Partnership ending between (A) the earlier of (1, 1996 through May 31, 1996) the Completion Date or (2) the date upon which tenants first occupied apartment units in the Apartment Complex after the rehabilitation of such units and (B) the date upon which the Investment Limited Partner acquired its Interest in the Partnership.
(j) Within thirty (30) days of the earliest date on which all of the Partners have signed this AgreementCompletion Date, the General Partners shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLP.
(k) If the General Partners do not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth therein, the General Partners shall pay as damages the sum of $250 per day (plus interest at a rate equal to the general base rate of interest established by BankBoston or its successors and assigns and announced by it as the rate charged by it to its prime commercial customers on short-term unsecured borrowings as its "base rate" from time to time in effect plus 3%) to the Investment Limited Partner until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the General Partners, and failure to so pay shall constitute a material default of the General Partners hereunder. In addition, if the General Partners shall so fail so to pay, the General Partners and their Affiliates shall forthwith cease to be entitled to the Annual Partnership Management Fee and to the payment of any Cash Flow or Capital Transaction proceeds to which they may otherwise be entitled hereunder. Such payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds otherwise due to the General Partners or their Affiliates.
(l) On or before each January 31Within thirty (30) days of the Admission Date, the Partnership General Partners shall send deliver to the Investment Limited Partner copies a copy of the certificates, memoranda letter(s) of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex engagement pursuant to Section 6.5(c) are in forcewhich the Partnership has engaged the Auditors to prepare the Partnership income tax returns, accompanied by a certificate audit the books and records of the General Partners stating that such insurance policies satisfy Partnership and certify the requirements financial reports of Section 6.5(c)the Partnership.
Appears in 1 contract
Samples: Agreement of Limited Partnership (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year of the Partnership:
(i) Within forty-five sixty (4560) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, (A) a an audited balance sheet as of the end of such fiscal year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditorsprinciples, and (B) a an audited report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution of the Investment Limited PartnersPartner, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five (45) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal income tax returns together with a draft of the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filedreturns.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearfiscal year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income for the quarter then ended, which may be unaudited;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the General Partners that the Apartment Complex and its tenants are in compliance with all applicable federal, state state, and local requirements and regulations;
(E) a low-income housing tax credit monitoring form, a copy of the rent roll for the Apartment Complex, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the form specified by BCCLP;
(F) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; report and
(b) Within sixty (60) days after the end of each calendar fiscal year of the Partnership a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to the appropriate state agency concerning the same.
(c) Upon the reasonable written request of the Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the General Partners shall furnish such information within thirty (30) days of receipt of such request.
(d) Prior to October 15 of each year, the Partnership shall send to the Investment Limited Partners Partner an estimate of the Investment Limited Partners' Partner's share of the tax credits, profits and losses of the Partnership for Federal income tax purposes for the current fiscal year. Such estimate shall be pre- pared prepared by the General Partners and the Auditors and shall be in the form specified by BCCLPAuditors.
(e) Within fifteen (15) 15 days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Document the Project Documents or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners Partner shall send the Investment Limited Partners Partner a detailed report of such event.
(f) The After the Admission Date, the Partnership shall send to the Investment Limited PartnersPartner, on or before the tenth day of each month, the monthly housing credit monitoring form, and copies of all applicable periodic reports covering the status of project operations from the previous period, as may be required by any AgencyFmHA.
(g) On or before May 1st of each yearof the Partnership's fiscal years, the Partnership shall send to the Investment Limited Partners Partner a report on operations, in the form supplied by BCCLP.
(h) Upon receipt, the Partnership shall send to the Investment Limited Partner copies of the Form(s) 8609 evidencing the Tax Credit allocation. Promptly after Permanent Mortgage Commencement, the General Partners shall send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners hereby consent to the relevant FmHA District Office, as well as any Agency's other applicable FmHA office, providing BCCLP with copies of all material communications between any such office and the General Partners and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners Partner that the Investment Limited Partners Partner would like copies of the monthly rent rolls for the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen ten (1510) days after the expiration of each month.
(i) The If the earlier of (A) the Completion Date or (B) the date upon which tenants first occupied apartment units in the Apartment Complex after the rehabilitation of such units shall have occurred six months or more prior to the date upon which the Investment Limited Partner acquired its Interest in the Partnership, then the General Partners shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all of Admission Date the Partners have signed this Agreement an following items:
(i) An unaudited statement of income of the Partnership for the time year (or such shorter period as there may be from the date of January the most recent audited statement of income of the Partnership) ended on the date upon which the Investment Limited Partner acquired its Interest in the Partnership; and
(ii) An unaudited statement of income of the Partnership for any fiscal year of the Partnership ending between (A) the earlier of (1, 1996 through May 31, 1996) the Completion Date or (2) the date upon which tenants first occupied apartment units in the Apartment Complex after the rehabilitation of such units and (B) the date upon which the Investment Limited Partner acquired its Interest in the Partnership.
(j) Within thirty (30) days of the earliest date on which all of the Partners have signed this AgreementCompletion Date, the General Partners shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLP.
(k) By December 1 of each year, the Partnership shall send to the Investment Limited Partner the Property's operating budget for the following year.
(l) If the General Partners do not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth therein, the General Partners shall may be required by the Investment Limited Partner to pay as damages the sum of $250 200 per day (plus interest at a rate equal to the general base rate of interest established by The First National Bank of Boston or its successors and assigns and announced by it as the rate charged by it to its prime commercial customers on short-term unsecured borrowings as its "base rate" from time to time in effect plus 3%) to the Investment Limited Partner until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the General Partners, and failure to so pay shall constitute a material default of the General Partners hereunder. In addition, if the General Partners shall so fail so to pay, the General Partners and their Affiliates shall forthwith cease to be entitled to the Annual Partnership Management Fee, and to the payment of any Cash Flow or Capital Transaction proceeds to which they may otherwise be entitled hereunder. Such payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds otherwise due to the General Partners or their Affiliates.
(l) On or before each January 31, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 1 contract
Samples: Certificate and Agreement of Limited Partnership (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The Managing General Partners Partner shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year of the Partnership:
(i) Within forty-five (45) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, (A) a balance sheet as of the end of such fiscal year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditors, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution of the Investment Limited PartnersPartner, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five thirty (4530) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal income tax returns together with a draft of the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filed.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearfiscal year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income and expenses for the quarter then ended, which may be unaudited, in the form specified by BCCLP;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the Managing General Partners Partner that the Apartment Complex and its tenants are in compliance with all applicable federal, state and local requirements and regulations;
(E) a low-income housing tax credit monitoring form, a copy of the rent roll for the Apartment Complex, a statement of income and expenses, an operating statement form and an Occupancy/Rental Report, all in the form specified by BCCLP;
(F) a copy of the rent roll for the Apartment Complex; and
(G) all other information which would be pertinent pertinant to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; and.
(biv) Within sixty forty five (6045) days after the end of each calendar fiscal year of the Partnership a copy of the annual report or Form(s) 8609 to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to and any reports filed in connection with the appropriate state agency concerning compliance monitoring conducted by the sameCredit Agency.
(cb) Upon the reasonable written request of the Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the Managing General Partners Partner shall furnish such information within thirty (30) days of receipt of such request.
(dc) Prior to October 15 Within ninety (90) days after the end of each yearfiscal year of the Partnership, the Partnership Managing General Partner shall send provide to the Investment Limited Partners an estimate Partners:
(i) a certification from the Managing General Partner that (A) all Construction and/or Permanent Mortgage payments and taxes and insurance with respect to the Apartment Complex are current as of the Investment Limited Partners' share date of the tax creditsyear-end report, profits (B) there is no default under the Project Documents or this Agreement, or if there is any such default, a detailed description thereof, and losses (C) there is no building, health or fire code violation or similar violation of a governmental law, ordinance or regulation against the Apartment Complex or, if there is any such violation, a detailed description thereof; and
(ii) a descriptive statement of all transactions during the fiscal year between the Partnership and General Partners or any Affiliate thereof, including the nature of the Partnership for Federal income tax purposes for the current fiscal year. Such estimate shall be pre- pared by the General Partners transaction and the Auditors and shall be in the form specified by BCCLPpayments involved.
(ed) Within fifteen (15) days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Project Document or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the Managing General Partners Partner shall send the Investment Limited Partners Partner a detailed report of such event.
(fe) The After the Admission Date, the Partnership shall send to the Investment Limited PartnersPartner, on or before the tenth day of each month, the monthly housing credit monitoring formform in a form prescribed by BCCLP, and as well as copies of all applicable periodic reports covering the status of project operations from the previous period, as may be required by the Credit Agency or any other Agency.
(f) On or before ninety (90) days after the expiration of each fiscal year of the Managing General Partner, the Managing General Partner shall send to the Investment Limited Partner copies of the balance sheet and income statement of the Managing General Partner for such fiscal year, which financial statements shall be reviewed by an independent certified public accountant.
(g) On or before May 1st The Managing General Partner shall cause the Partnership to send to the Investment Limited Partner a copy of each yearConstruction Mortgage draw requisition and any notification or correspondence from the Construction Lender indicating that any such draw will not be paid as requisitioned. Upon receipt, the Partnership shall send to the Investment Limited Partners a report on operations, in Partner copies of all documents evidencing any "carryover allocation" pursuant to Section 42(h)(1)(E) of the form supplied by BCCLP.
(hCode and the Form(s) 8609 evidencing the Tax Credit allocation. Promptly after Permanent Mortgage Commencement, the Managing General Partners Partner shall send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent MortgageMortgages. The General Partners hereby consent to any Agency's providing BCCLP with copies of all material communications between any such office and the General Partners and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners Partner that the Investment Limited Partners Partner would like copies of the monthly rent rolls for the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen ten (1510) days after the expiration of each month.
(ih) The If either (A) the Completion Date or (B) the date upon which tenants first occupied apartment units in the Apartment Complex shall have occurred six months or more prior to the date upon which the Investment Limited Partner acquired its Interest in the Partnership, then the Managing General Partners Partner shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all of Admission Date the Partners have signed this Agreement an following items:
(i) An unaudited statement of income of the Partnership for the time year (or such shorter period as there may be from the date of January the most recent audited statement of income of the Partnership) ended on the date upon which the Investment Limited Partner acquired its Interest in the Partnership; and
(ii) An audited statement of income of the Partnership for any fiscal year of the Partnership ending between (A) the earlier of (1, 1996 through May 31, 1996) the Completion Date or (2) the date upon which tenants first occupied apartment units in the Apartment Complex (after the construction of such units) and (B) the date upon which the Investment Limited Partner acquired its Interest in the Partnership.
(ji) Within thirty (30) days of the earliest date on which all of the Partners have signed this AgreementCompletion Date, the Managing General Partners Partner shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLP.
(j) Prior to October 15 of each year, the Partnership shall send to the Investment Limited Partner an estimate of the Investment Limited Partner's share of the tax credits, profits and losses of the Partnership for Federal income tax purposes for the current fiscal year. Such estimate shall be prepared by the Managing General Partner and the Auditors and shall be in the form specified by BCCLP.
(k) On or before January 31st of each Partnership fiscal year, the Partnership shall send to the Investment Limited Partner copies of the complete insurance policies satisfactory to the Investment Limited Partner so that the Investment Limited Partner will be able to determine that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.6(c) are in force, accompanied by a certificate of the Managing General Partner stating that such insurance policies satisfy the requirements of Section 6.6(c).
(l) On or before December 1 of each Partnership fiscal year, the Partnership shall send to the Investment Limited Partner a proposed budget for the up-coming fiscal year setting forth the anticipated rental income and operating expenses for the Apartment Complex.
(m) If the Managing General Partners do Partner does not cause the Partnership to fulfill its his obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth thereintherein and after notice by the Investment Limited Partner of its failure to fulfill his obligations, the General ManagingGeneral Partners shall pay as damages the sum of $250 100 per day to the Investment Limited Partner until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the Managing General PartnersPartner, and failure to so pay shall constitute a material default of the General Partners hereunder. In addition, if the Managing General Partners Partner shall fail so to pay, the Managing General Partners Partner and their his Affiliates shall forthwith cease to be entitled to the Partnership Management Fee and to the payment of any Cash Flow or Capital Transaction proceeds to which they he may otherwise be entitled hereunder. Such payments of the Partnership Management Fee, Cash Flow and Capital Transaction proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments of the Partnership Management Fee, Cash Flow and Capital Transaction proceeds otherwise due to the Managing General Partners or their his Affiliates.
(l) On or before each January 31, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 1 contract
Samples: Articles of Partnership (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners Partner shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year Fiscal Year of the Partnership:
(i) Within forty-five (45) days By February 28 of each succeeding calendar year after the end of each calendar year (or such other period as is necessary for compliance with Section 12.3(a))Fiscal Year of the Partnership, (A) a balance sheet as of the end of such fiscal yearFiscal Year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year Fiscal Year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the AuditorsAuditors (unless as of December 31, construction of the Apartment Complex had begun, but was not complete, then only the balance sheet need be audited), and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution Contributions of the Investment Limited PartnersPartner, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof., with respect to any Fiscal Year prior to the Completion Date, only an audited balance sheet shall be required..
(ii) Within forty-five (45) days By February 7 of each succeeding calendar year after the end of each calendar year (or such other period as is necessary for compliance with Section 12.3(a))Fiscal Year of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal federal income tax returns together with a draft of for the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filedprior Fiscal Year.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearFiscal Year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income for the quarter then ended, which may be unaudited;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the General Partners Partner that the Apartment Complex and its tenants are in compliance with all applicable federal, state and local requirements and regulations;
; (E) a low-income housing tax credit Tax Credit monitoring form, a copy of the rent roll for the Apartment ComplexComplex for each month during such quarter, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the form specified by BCCLP;
(F) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; and
(b) Within sixty (60) days after the end of each calendar year a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to the appropriate state agency concerning the same.
(c) Upon the reasonable written request of the Investment Limited Partners for further information with respect to any matter covered in item (a) or item (b) above, the General Partners shall furnish such information within thirty (30) days of receipt of such request.
(d) Prior to October 15 of each year, the Partnership shall send to the Investment Limited Partners an estimate of the Investment Limited Partners' share of the tax credits, profits and losses of the Partnership for Federal income tax purposes for the current fiscal year. Such estimate shall be pre- pared by the General Partners and the Auditors and shall be in the form specified by BCCLP.
(e) Within fifteen (15) days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Document or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners shall send the Investment Limited Partners a detailed report of such event.
(f) The Partnership shall send to the Investment Limited Partners, on or before the tenth day of each month, the monthly housing credit monitoring form, and copies of all applicable periodic reports covering the status of project operations from the previous period, as may be required by any Agency.
(g) On or before May 1st of each year, the Partnership shall send to the Investment Limited Partners a report on operations, in the form supplied by BCCLP.
(h) Promptly after Permanent Mortgage Commencement, the General Partners shall send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners hereby consent to any Agency's providing BCCLP with copies of all material communications between any such office and the General Partners and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners that the Investment Limited Partners would like copies of the monthly rent rolls for the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen (15) days after the expiration of each month.
(i) The General Partners shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all of the Partners have signed this Agreement an unaudited statement of income of the Partnership for the time period of January 1, 1996 through May 31, 1996.
(j) Within thirty (30) days of the earliest date on which all of the Partners have signed this Agreement, the General Partners shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLP.
(k) If the General Partners do not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth therein, the General Partners shall pay as damages the sum of $250 per day to the Investment Special Limited Partner until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the General Partners, and failure to so pay shall constitute a material default of the General Partners hereunder. In addition, if the General Partners shall fail so to pay, the General Partners and their Affiliates shall forthwith cease to be entitled to the payment of any Cash Flow or Capital Transaction proceeds to which they may otherwise be entitled hereunder. Such payments of the Partnership Management Fee, Cash Flow and Capital Transaction proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments of the Management Fee, Cash Flow and Capital Transaction proceeds otherwise due to the General Partners or their Affiliates.
(l) On or before each January 31, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).Partner;
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year of the Partnership:
(i) Within forty-five (45) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, (A) a balance sheet as of the end of such fiscal year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditors, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution of the Investment Limited PartnersPartner, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five thirty (4530) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal income tax returns together with a draft of the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filedreturns.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearfiscal year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income for the quarter then ended, which may be unaudited;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the General Partners that the Apartment Complex and its tenants are in compliance with all applicable federal, state state, and local requirements and regulations;
(E) a low-income housing tax credit monitoring form, a copy of the rent roll for the Apartment Complex, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the form specified by BCCLP;
(F) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; report and
(b) Within sixty (60) days after the end of each calendar fiscal year of the Partnership a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to the appropriate state agency concerning the same.
(c) Upon the reasonable written request of the Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the General Partners shall furnish such information within thirty (30) days of receipt of such request.
(d) Prior to October 15 of each year, the Partnership shall send to the Investment Limited Partners Partner an estimate of the Investment Limited Partners' Partner's share of the tax credits, profits and losses of the Partnership for Federal income tax purposes for the current fiscal year. Such estimate shall be pre- pared prepared by the General Partners and the Auditors and shall be in the form specified by BCCLPAuditors.
(e) Within fifteen (15) 15 days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Document the Project Documents or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners Partner shall send the Investment Limited Partners Partner a detailed report of such event.
(f) The After the Admission Date, the Partnership shall send to the Investment Limited PartnersPartner, on or before the tenth day of each month, the monthly housing credit monitoring form, and copies of all applicable periodic reports covering the status of project operations from the previous period, as may be required by any AgencyRECD.
(g) On or before May 1st of each of the Partnership's fiscal year, the Partnership shall send to the Investment Limited Partners Partner a report on operations, in the form supplied by BCCLP.
(h) The General Partners shall cause the Partnership to send to the Investment Limited Partner a copy of each Construction Mortgage draw requisition and any notification or correspondence from the Construction Lender indicating that any such draw will not be paid as requisitioned. Upon receipt, the Partnership shall send to the Investment Limited Partner copies of the Form(s) 8609 evidencing the Tax Credit allocation. Promptly after Permanent Mortgage Commencement, the General Partners shall send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners hereby consent to the relevant RECD District Office, as well as any Agency's other applicable RECD office, providing BCCLP with copies of all material communications between any such office and the General Partners and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners Partner that the Investment Limited Partners Partner would like copies of the monthly rent rolls for the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen ten (1510) days after the expiration of each month.
(i) The If the earlier of (A) the Completion Date or (B) the date upon which tenants first occupied apartment units in the Apartment Complex shall have occurred six months or more prior to the date upon which the Investment Limited Partner acquired its Interest in the Partnership, then the General Partners shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all of Admission Date the Partners have signed this Agreement an following items:
(i) An unaudited statement of income of the Partnership for the time year (or such shorter period as there may be from the date of January the most recent audited statement of income of the Partnership) ended on the date upon which the Investment Limited Partner acquired its Interest in the Partnership; and
(ii) An audited statement of income of the Partnership for any fiscal year of the Partnership ending between (A) the earlier of (1, 1996 through May 31, 1996) the Completion Date or (2) the date upon which tenants first occupied apartment units in the Apartment Complex and (B) the date upon which the Investment Limited Partner acquired its Interest in the Partnership.
(j) Within thirty (30) days of the earliest date on which all of the Partners have signed this AgreementCompletion Date, the General Partners shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLP.
(k) If the General Partners do not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth therein, the General Partners shall may be required by the Investment Limited Partner to pay as damages the sum of $250 per day (plus interest at a rate equal to the general base rate of interest established by The First National Bank of Boston or its successors and assigns and announced by it as the rate charged by it to its prime commercial customers on short-term unsecured borrowings as its "base rate" from time to time in effect plus 3%) to the Investment Limited Partner until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the General Partners, and failure to so pay shall constitute a material default of the General Partners hereunder. In addition, if the General Partners shall so fail so to pay, the General Partners and their Affiliates shall forthwith cease to be entitled to the Annual Partnership Management Fee, and to the payment of any Cash Flow or Capital Transaction proceeds to which they may otherwise be entitled hereunder. Such payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds otherwise due to the General Partners or their Affiliates.
(l) On or before each January 31, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners Partner shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year Fiscal Year of the Partnership:
(i) Within forty-five (45) days after the end of each calendar year (or such other period as is necessary for compliance with Section 12.3(a))Fiscal Year of the Partnership, (A) a balance sheet as of the end of such fiscal yearFiscal Year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year Fiscal Year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditors, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, if any, (5) reserves from the gross proceeds of the Capital Contribution Contributions of the Investment Limited PartnersPartner, if any, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five thirty (4530) days after the end of each calendar year (or such other period as is necessary for compliance with Section 12.3(a))Fiscal Year of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal federal income tax returns together with a draft of for the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filedprior Fiscal Year.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearFiscal Year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income for the quarter then ended, which may be unaudited;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the General Partners Partner that the Apartment Complex and its tenants are in compliance with all applicable federal, state and local requirements and regulations;
(E) a low-income housing tax credit Tax Credit monitoring form, a copy of the rent roll for the Apartment ComplexComplex for each month during such quarter, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the a form specified by BCCLPthe Special Limited Partner;
(F) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; and
(b) Within sixty (60) days after the end of each calendar year Fiscal Year of the Partnership a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to the appropriate state agency concerning the same.
(c) Upon upon the reasonable written request of the Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the General Partners Partner shall furnish such information within thirty (30) days of receipt of such request.
(d) Prior to October 15 of each yearFiscal Year, the Partnership shall send to the Investment Limited Partners Partner an estimate of the Investment Limited Partners' Partner's share of the tax creditsTax Credits, profits Profits and losses Losses of the Partnership for Federal federal income tax purposes for the current fiscal yearFiscal Year. Such estimate shall be pre- pared prepared by the General Partners Partner and the Auditors and shall be in the form specified by BCCLPthe Special Limited Partner.
(e) Within fifteen (15) days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Project Document or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners Partner shall send the Investment Limited Partners Partner a detailed report of such event.
(f) The After the Admission Date, the Partnership shall send to the Investment Limited Partners, on or before the tenth day of each month, the monthly housing credit monitoring form, and Partner copies of all applicable periodic reports covering the status of project operations from and any matters relating to the previous period, Tax Credit as may be are required by any Lender or Agency.
(g) On or before May 1st 1 of each yearFiscal Year, the Partnership shall send to the Investment Limited Partners Partner a report on operations, in the form supplied by BCCLPthe Special Limited Partner.
(h) Promptly after Permanent Mortgage Commencement, the General Partners shall send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners Partner hereby consent consents to any Agency's each Lender or Agency providing BCCLP the Special Limited Partner with copies of all material communications between any such office Lender or Agency and the General Partners Partner and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners that the Investment Limited Partners would like copies of the monthly rent rolls for the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen (15) days after the expiration of each month.
(i) The General Partners Partner shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all Admission Date an audited statement of the Partners have signed this Agreement income (or if none has been prepared, an unaudited statement of income income) of the Partnership for the time period of January 1, 1996 through May 31, 1996fiscal year 1995.
(j) Within thirty (30) days of following the earliest date on which all of the Partners have signed this AgreementCompletion Date, the General Partners Partner shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLPthe Special Limited Partner.
(k) Promptly after Permanent Mortgage Commencement, the General Partner shall send to the Special Limited Partner a closing binder containing photocopies of the fully executed versions of all documents signed in connection with the Permanent Mortgage. From and after any date upon which the General Partner receives notice from the Special Limited Partner that the Special Limited Partner would like copies of the monthly rent rolls for the Apartment Complex to be sent to the Special Limited Partner, the General Partner shall send copies of the rent rolls to the Special Limited Partner no later than ten (10) days after the expiration of each month.
(l) If the General Partners do Partner does not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth therein, the General Partners Partner shall pay as damages the sum of $250 150 per day to the Investment Limited Partner until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the General PartnersPartner, and the failure to so pay any such damages shall constitute a material default of by the General Partners Partner hereunder. In addition, if the General Partners Partner shall fail so to paypay any such damages, the General Partners Partner and their its Affiliates shall forthwith cease to be entitled to the payment distribution of any Cash Flow or Capital Transaction proceeds Proceeds to which they may otherwise be entitled hereunder. Such payments distributions of the Partnership Management Fee, Cash Flow and Capital Transaction proceeds Proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments distributions of the Management Fee, Cash Flow and Capital Transaction proceeds Proceeds otherwise due to the General Partners Partner or their its Affiliates.
(l) On or before each January 31, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year of the Partnership:
(i) Within fortyseventy-five (4575) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, (A) a balance sheet as of the end of such fiscal year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditors, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution of the Investment Limited PartnersPartner, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five (45) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal income tax returns together with a draft of the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filed.
(iii) Within thirty forty-five (3045) days after the end of each quarter of a calendar yearfiscal year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income for the quarter then ended, which may be unaudited;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the General Partners that the Apartment Complex and its tenants are in compliance with all applicable federal, state state, and local requirements and regulations;
(E) a low-income housing tax credit monitoring form, a copy of the rent roll for the Apartment Complex, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the form specified by BCCLP;
(F) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; report and
(b) Within sixty (60) days after the end of each calendar fiscal year of the Partnership a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to and any reports filed in connection with the appropriate state agency concerning compliance monitoring conducted by the sameAuthority.
(c) Upon the reasonable written request of the Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the General Partners shall furnish such information within thirty (30) days of receipt of such request.
(d) Prior to October 15 of each year, the Partnership shall send to the Investment Limited Partners Partner an estimate of the Investment Limited Partners' Partner's share of the tax credits, profits and losses of the Partnership for Federal income tax purposes for the current fiscal year. Such estimate shall be pre- pared prepared by the General Partners and the Auditors and shall be in the form specified by BCCLP.
(e) Within fifteen (15) days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Document the Project Documents or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners Partner shall send the Investment Limited Partners Partner a detailed report of such event.
(f) The After the Admission Date, the Partnership shall send to the Investment Limited PartnersPartner, on or before the tenth day of each month, the monthly housing credit monitoring form, and copies of all applicable periodic reports covering the status of project operations from the previous period, as may be required by any AgencyAgency or the Authority.
(g) On or before May 1st of each of the Partnership's fiscal year, the Partnership shall send to the Investment Limited Partners Partner a report on operations, in the form supplied by BCCLP.
(h) The General Partners shall cause the Partnership to send to the Investment Limited Partner a copy of each Construction Mortgage draw requisition and any notification or correspondence from the Construction Lender indicating that any such draw will not be paid as requisitioned. Upon receipt, the Partnership shall send to the Investment Limited Partner copies of the Form(s) 8609 evidencing the Tax Credit allocation. Promptly after Permanent Mortgage Commencement, the General Partners shall send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners hereby consent to any Agency's , providing BCCLP with copies of all material communications between any such office and the General Partners and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners Partner that the Investment Limited Partners Partner would like copies of the monthly rent rolls for the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen ten (1510) days after the expiration of each month.
(i) The If the earlier of (A) the Completion Date or (B) the date upon which tenants first occupied apartment units in the Apartment Complex shall have occurred six months or more prior to the date upon which the Investment Limited Partner acquired its Interest in the Partnership, then the General Partners shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all of Admission Date the Partners have signed this Agreement an following items:
(i) An unaudited statement of income of the Partnership for the time year (or such shorter period as there may be from the date of January the most recent audited statement of income of the Partnership) ended on the date upon which the Investment Limited Partner acquired its Interest in the Partnership; and
(ii) An audited statement of income of the Partnership for any fiscal year of the Partnership ending between (A) the earlier of (1, 1996 through May 31, 1996) the Completion Date or (2) the date upon which tenants first occupied apartment units in the Apartment Complex and (B) the date upon which the Investment Limited Partner acquired its Interest in the Partnership.
(j) Within thirty (30) days of the earliest date on which all of the Partners have signed this AgreementCompletion Date, the General Partners shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLP.
(k) If the General Partners do not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii12.7(a) (ii) within the time periods set forth therein, the General Partners shall may be required by the Investment Limited Partner to pay as damages the sum of $250 per day day, commencing 15 days after the respective due dates until the financial information and/or reports are received (plus interest at a rate equal to the general base rate of interest established by The First National Bank of Boston or its successors and assigns and announced by it as the rate charged by it to its prime commercial customers on short-term unsecured borrowings as its "base rate" from time to time in effect plus 3%), to the Investment Limited Partner until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the General Partners, and failure to so pay shall constitute a material default of the General Partners hereunder. In addition, if the General Partners shall so fail so to pay, the General Partners and their Affiliates shall forthwith cease to be entitled to the payment of any Cash Flow or Capital Transaction proceeds to which they may otherwise be entitled hereunder. Such payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments of the Management Fee, Cash Flow and Capital Transaction proceeds otherwise due to the General Partners or their Affiliates.
(l1) On or before January 31 of each January 31Partnership fiscal year, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 1 contract
Samples: Agreement of Limited Partnership (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners Partner shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year Fiscal Year of the Partnership:
(i) Within forty-five (45) days after the end of each calendar year (or such other period as is necessary for compliance with Section 12.3(a))Fiscal Year of the Partnership, (A) a balance sheet as of the end of such fiscal yearFiscal Year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year Fiscal Year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditors, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited Partners, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution of the Investment Limited Partners, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five thirty (4530) days after the end of each calendar year (or such other period as is necessary for compliance with Section 12.3(a))Fiscal Year of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal federal income tax returns together with a draft of for the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filedprior Fiscal Year.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearFiscal Year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income for the quarter then ended, which may be unaudited;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the General Partners Partner that the Apartment Complex and its tenants are in compliance with all applicable federal, state and local requirements and regulations;
(E) a low-income housing tax credit Tax Credit monitoring form, a copy of the rent roll for the Apartment ComplexComplex for each month during such quarter, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the a form specified by BCCLPthe Special Limited Partner;
(F) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; and
(b) Within sixty (60) days after the end of each calendar year a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to the appropriate state agency concerning the same.
(c) Upon the reasonable written request of the Investment Limited Partners for further information with respect to any matter covered in item (a) or item (b) above, the General Partners Partner shall furnish such information within thirty (30) days of receipt of such request.
(dc) Prior to October 15 of each yearFiscal Year, the Partnership shall send to the Investment Limited Partners an estimate of the Investment Limited Partners' share of the tax creditsTax Credits, profits Profits and losses Losses of the Partnership for Federal federal income tax purposes for the current fiscal yearFiscal Year. Such estimate shall be pre- pared prepared by the General Partners Partner and the Auditors and shall be in the form specified by BCCLPthe Special Limited Partner.
(ed) Within fifteen (15) days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Project Document or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners Partner shall send the Investment Limited Partners a detailed report of such event.
(fe) The After the Admission Date, the Partnership shall send to the Investment Limited Partners, on or before the tenth day of each month, the monthly housing credit monitoring form, and Partners copies of all applicable periodic reports covering the status of project operations from and any matters relating to the previous period, Tax Credit as may be are required by any Lender or Agency.
(gf) On or before May 1st of each year, the Partnership shall send to the Investment Limited Partners a report on operations, in the form supplied by BCCLP.
(h) Promptly after Permanent Mortgage Commencement, the General Partners shall send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners Partner hereby consent consents to any Agency's each Lender or Agency providing BCCLP the Special Limited Partner with copies of all material communications between any such office Lender or Agency and the General Partners Partner and/or the Partnership, including, but not limited to, any notices of default.
(g) If the earlier of (A) the Completion Date or (B) the date upon which tenants first occupied apartment units in the Apartment Complex after the construction of such units, shall have occurred six (6) months or more prior to the date on which any Investment Limited Partner acquired its Interest in the Partnership, then the General Partner shall cause to be prepared and delivered to the Investment Limited Partners within sixty (60) days of the Admission Date the following items:
(i) An unaudited statement of income of the Partnership for the year (or such shorter period as there may be from the date of the most recent audited statement of income of the Partnership) ended on the date upon which any Investment Limited Partner acquired its Interest in the Partnership; and
(ii) An audited statement of income of the Partnership for any fiscal year of the Partnership ending between (A) the earlier of (1) the Completion Date or (2) the date upon which tenants first occupied apartment units in the Apartment Complex after the rehabilitation of such units and (B) the date upon which any Investment Limited Partner acquired its Interest in the Partnership.
(h) Promptly after Permanent Mortgage Commencement, the General Partner shall send to the Special Limited Partner a closing binder containing photocopies of the fully executed versions of all documents signed in connection with the Permanent Mortgage. From and after any date upon which the General Partners receive Partner receives notice from the Investment Special Limited Partners Partner that the Investment Special Limited Partners Partner would like copies of the monthly rent rolls for the Apartment Complex to be sent to BCCLPthe Special Limited Partner, the General Partners Partner shall send copies of the rent rolls to BCCLP the Special Limited Partner no later than fifteen ten (1510) days after the expiration of each month.
(i) The General Partners shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all of the Partners have signed this Agreement an unaudited statement of income of the Partnership for the time period of January 1, 1996 through May 31, 1996.
(j) Within thirty (30) days of the earliest date on which all of the Partners have signed this Agreement, the General Partners shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLP.
(k) If the General Partners do Partner does not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth therein, the General Partners Partner shall pay as damages the sum of $250 150 per day to the Investment Limited Partner Partners until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the General PartnersPartner, and the failure to so pay any such damages shall constitute a material default of by the General Partners Partner hereunder. In addition, if the General Partners Partner shall fail so to paypay any such damages, the General Partners Partner and their its Affiliates shall forthwith cease to be entitled to the payment distribution of any Cash Flow or Capital Transaction proceeds Proceeds to which they may otherwise be entitled hereunder. Such payments distributions of the Partnership Management Fee, Cash Flow and Capital Transaction proceeds Proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments distributions of the Management Fee, Cash Flow and Capital Transaction proceeds Proceeds otherwise due to the General Partners Partner or their its Affiliates.
(l) On or before each January 31, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year of the PartnershipPart- nership:
(i) Within forty-five six (4546) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, (A) a balance sheet as of the end of such fiscal year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year then ended, all of which, except the statement of cash flowsCash Flow statement, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditors, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution of the Investment Limited PartnersPartner, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five (45) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal federal income tax returns together with a draft of the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filedreturns.
(iii) Within thirty forty-five (3045) days after the end of each quarter of a calendar yearfiscal year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income and expenses for the quarter then ended, which may be unaudited, in the form specified by BCAMLP;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the General Partners that the Apartment Complex and its tenants are in compliance with all applicable federal, state and local requirements and regulations;
(E) a low-income housing tax credit monitoring form, a copy of the rent roll for the Apartment Complex, a statement of income rolls and expenses, an operating statement and an Occupancyoccupancy/Rental Report, all rental report in the form specified by BCCLP;BCAMLP; and
(FE) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; and.
(biv) Within sixty the latest of (60a) forty-five (45) days after the end of each calendar fiscal year of the Partnership or (b) within two (2) weeks of receipt by the Partnership from MHDC, a copy of the annual report on Form(s) 8609 to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to the appropriate state agency concerning the samesame and any reports filed in connection with the compliance monitoring conducted by MHDC on behalf of the State.
(cb) Upon the reasonable written request of the Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the General Partners shall furnish such information within thirty (30) days of receipt of such requestrequest to the extent that the General Partners possess the information or can acquire it without unreasonable effort or expense.
(dc) Prior to October 15 of each year, the Partnership shall send to the Investment Limited Partners Partner an estimate of the Investment Limited Partners' Partner's share of the tax credits, profits and losses of the Partnership for Federal federal income tax purposes for the current fiscal year. Such estimate shall be pre- pared by the General Partners and the Auditors Auditors.
(d) Within ninety (90) days after the end of each fiscal year of the Partnership, the General Partners shall provide to the Limited Partners:
(i) a certification from the General Partners that (A) all Mortgage payments payable and shall be in all taxes and insurance with respect to the form specified by BCCLPApartment Complex are current as of the date of the year-end report, (B) there is no default under the Project Documents or this Agreement, or if there is any such default, a detailed description thereof, and (C) there is no building, health or fire code violation or similar violation of a governmental law, ordinance or regulation against the Apartment Complex or, if there is any such violation, a detailed description thereof; and
(ii) a descriptive statement of all transactions during the fiscal year between the Partnership and General Partners or any Affiliate thereof, including the nature of the transaction and the payments involved.
(e) Within fifteen (15) 15 days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Document the Project Documents or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partnerdistributions, or
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners shall send the Investment Limited Partners a detailed report of such event.
(f) The After the Admission Date, the Partnership shall send to the Investment Limited PartnersPartner, on or before the tenth day of each month, the monthly housing credit monitoring formform in a form prescribed by BCAMLP, and as well as copies of all applicable periodic reports covering the status of project operations from the previous period, as may be required by any AgencyMHDC.
(g) On or before May 1st ninety (90) days after the expiration of each fiscal year of a General Partner, such General Partner shall send to the Investment Limited Partner copies of the balance sheet and income statement of such General Partner for such fiscal year, which financial statements shall be audited by an independent certified public accountant.
(h) The General Partner shall cause the Partnership to send to the Investment Limited Partner a copy of each Mortgage draw requisition and any notification or correspondence from any Lender indicating that any such draw will not be paid as requisitioned. Promptly upon receipt, the Partnership shall send to the Investment Limited Partners a report on operations, in Partner copies of all documents evidencing any "carryover allocation" pursuant to Section 42(h)(1)(E) of the form supplied by BCCLP.
(hCode and the Form(s) 8609 evidencing the Tax Credit allocation. Promptly after Permanent Mortgage Commencement, the General Partners shall send to BCCLP a BCAMLP closing binder binders containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent MortgageMortgages. The General Partners hereby consent to any Agencygovernmental agency's providing BCCLP BCAMLP with copies of all material communications between any such office and the General Partners and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners Partner that the Investment Limited Partners Partner would like copies of the monthly rent rolls for the Apartment Complex to be sent to BCCLPBCAMLP, the General Partners shall send copies of the rent rolls to BCCLP BCAMLP no later than fifteen ten (1510) days after the expiration of each month.
(i) The If the earlier of (A) the Completion Date or (B) the date upon which tenants first occupied apartment units in the Apartment Complex shall have occurred six months or more prior to the date upon which the Investment Limited Partner acquired its Interest in the Partnership, then the General Partners shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) 60 days of the earliest date on which all of Admission Date the Partners have signed this Agreement an following items:
(i) An unaudited statement of income of the Partnership for the time year (or such shorter period as there may be from the date of January the most recent audited statement of income of the Partnership) ended on the date upon which the Investment Limited Partner acquired its Interest in the Partnership; and
(ii) An audited statement of income of the Partnership for any fiscal year of the Partnership ending between (A) the earlier of (1, 1996 through May 31, 1996) the Completion Date or (2) the date upon which tenants first occupied apartment units in the Apartment Complex and (B) the date upon which the Investment Limited Partner acquired its Interest in the Partnership.
(j) Within thirty (30) days of the earliest date on which all of the Partners have signed this Agreement, the General Partners shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLP.
(k) If the General Partners do not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within forty-six (46) days after the time periods set forth thereinend of any fiscal year of the Partnership, the General Partners shall pay as damages the sum of $250 100 per day to the Investment Limited Partner until such obligations shall have been fulfilled; provided, however, that the Investment Limited Partner may waive any such monetary penalty if the failure of the Partnership to fulfill its reporting obligations is attributable to force majeure. Such damages shall be paid forthwith by the General Partners, and failure to so pay shall constitute a material default of the General Partners hereunder. In addition, if the General Partners shall so fail so to pay, the General Partners and their Affiliates shall forthwith cease to be entitled to the Annual Partnership Management Fee, the Management Incentive Fee and to the payment of any Cash Flow or Capital Transaction proceeds to which they may otherwise be entitled hereunder. Such payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments of the Annual Partnership Management Fee, the Management Incentive Fee, Cash Flow and Capital Transaction proceeds otherwise due to the General Partners or their AffiliatesPartners.
(l) On or before each January 31, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 1 contract
Samples: Agreement of Limited Partnership (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners Partner shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year Fiscal Year of the Partnership:
(i) Within forty-five (45) days after the end of each calendar year (or such other period as is necessary for compliance with Section 12.3(a))Fiscal Year of the Partnership, (A) a balance sheet as of the end of such fiscal yearFiscal Year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year Fiscal Year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditors, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution Contributions of the Investment Limited PartnersPartner, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five thirty (4530) days after the end of each calendar year (or such other period as is necessary for compliance with Section 12.3(a))Fiscal Year of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal federal income tax returns together with a draft of for the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filedprior Fiscal Year.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearFiscal Year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income for the quarter then ended, which may be unaudited;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the General Partners Partner that the Apartment Complex and its tenants are in compliance with all applicable federal, state and local requirements and regulations;
(E) a low-income housing tax credit Tax Credit monitoring form, a copy of the rent roll for the Apartment ComplexComplex for each month during such quarter, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the a form specified by BCCLPthe Special Limited Partner;
(F) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; and
(b) Within sixty (60) days after the end of each calendar year Fiscal Year of the Partnership a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to the appropriate state agency concerning the same.
(c) Upon upon the reasonable written request of the Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the General Partners Partner shall furnish such information within thirty (30) days of receipt of such requestrequest or such longer time if delay is reasonable and such additional information shall be delivered at the cost of the Investment Limited Partner; provided, however, that such expenses shall be reasonable and comparable to those ordinarily and customarily incurred for such information.
(d) Prior to October 15 of each yearFiscal Year, the Partnership shall send to the Investment Limited Partners Partner an estimate of the Investment Limited Partners' Partner's share of the tax creditsTax Credits, profits Profits and losses Losses of the Partnership for Federal federal income tax purposes for the current fiscal yearFiscal Year. Such estimate shall be pre- pared prepared by the General Partners Partner and the Auditors and shall be in the form specified by BCCLPthe Special Limited Partner.
(e) Within fifteen (15) days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Project Document or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners Partner shall send the Investment Limited Partners Partner a detailed report of such event.
(f) The After the Admission Date, the Partnership shall send to the Investment Limited Partners, on or before the tenth day of each month, the monthly housing credit monitoring form, and Partner copies of all applicable periodic reports covering the status of project operations from and any matters relating to the previous period, Tax Credit as may be are required by any Lender or Agency.
(g) On or before May 1st 1 of each yearFiscal Year, the Partnership shall send to the Investment Limited Partners Partner a report on operations, in the form supplied by BCCLPthe Special Limited Partner.
(h) Promptly after Permanent Mortgage Commencement, the General Partners shall send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners Partner hereby consent consents to any Agency's each Lender or Agency providing BCCLP the Special Limited Partner with copies of all material communications between any such office Lender or Agency and the General Partners Partner and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners that the Investment Limited Partners would like copies of the monthly rent rolls for the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen (15) days after the expiration of each month.
(i) The If the earlier of (A) the Completion Date or (B) the date upon which tenants first occupied apartment units in the Apartment Complex after the construction of such units, shall have occurred six (6) months or more prior to the date on which the Investment Limited Partner acquired its Interest in the Partnership, then the General Partners Partner shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all of Admission Date the Partners have signed this Agreement an following items:
(i) An unaudited statement of income of the Partnership for the time year (or such shorter period as there may be from the date of January the most recent audited statement of income of the Partnership) ended on the date upon which the Investment Limited Partner acquired its Interest in the Partnership; and
(ii) An audited statement of income of the Partnership for any fiscal year of the Partnership ending between (A) the earlier of (1, 1996 through May 31, 1996) the Completion Date or (2) the date upon which tenants first occupied apartment units in the Apartment Complex after the rehabilitation of such units and (B) the date upon which the Investment Limited Partner acquired its Interest in the Partnership.
(j) Within thirty (30) days of following the earliest date on which all of the Partners have signed this AgreementCompletion Date, the General Partners Partner shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLPthe Special Limited Partner.
(k) Promptly after the closing of any New Permanent Loan, the General Partner shall send to the Special Limited Partner a closing binder containing photocopies of the fully executed versions of all documents signed in connection with the New Permanent Mortgage. From and after any date upon which the General Partner receives notice from the Special Limited Partner that the Special Limited Partner would like copies of the monthly rent rolls for the Apartment Complex to be sent to the Special Limited Partner, the General Partner shall send copies of the rent rolls to the Special Limited Partner no later than ten (10) days after the expiration of each month.
(l) If the General Partners do Partner does not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth therein, the General Partners Partner shall pay as damages the sum of $250 per day (plus interest at a rate equal to the Prime Rate plus three percent (3%)) to the Investment Limited Partner until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the General PartnersPartner, and the failure to so pay any such damages shall constitute a material default of by the General Partners Partner hereunder. In addition, if the General Partners Partner shall fail so to paypay any such damages, the General Partners Partner and their its Affiliates shall forthwith cease to be entitled to the payment distribution of any Cash Flow or Capital Transaction proceeds Proceeds to which they may otherwise be entitled hereunder. Such payments distributions of the Partnership Management Fee, Cash Flow and Capital Transaction proceeds Proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments distributions of the Management Fee, Cash Flow and Capital Transaction proceeds Proceeds otherwise due to the General Partners Partner or their its Affiliates.
(l) On or before each January 31, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year of the Partnership:
(i) Within forty-five (45) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, (A) a balance sheet as of the end of such fiscal year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditors, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution of the Investment Limited PartnersPartner, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five thirty (4530) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal income tax returns together with a draft of the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filed.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearfiscal year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income and expenses for the quarter then ended, which may be unaudited, in the form specified by BCCLP;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the General Partners that the Apartment Complex and its tenants are in compliance with all applicable federal, state and local requirements and regulations;
(E) a low-income housing tax credit monitoring form, a copy of the rent roll for the Apartment Complex, a statement of income and expenses, an operating statement form and an Occupancy/Rental Report, all in the form specified by BCCLP;
(F) a copy of the rent roll for the Apartment Complex; and
(G) all other information which would be pertinent pertinant to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; and.
(biv) Within sixty forty five (6045) days after the end of each calendar fiscal year of the Partnership a copy of the annual report or Form(s) 8609 to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to and any reports filed in connection with the appropriate state agency concerning compliance monitoring conducted by the sameCredit Agency.
(cb) Upon the reasonable written request of the Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the General Partners shall furnish such information within thirty (30) days of receipt of such request.
(dc) Prior to October 15 Within ninety (90) days after the end of each year, the Partnership shall send to the Investment Limited Partners an estimate fiscal year of the Investment Limited Partners' share of the tax creditsPartnership, profits and losses of the Partnership for Federal income tax purposes for the current fiscal year. Such estimate shall be pre- pared by the General Partners shall provide to the Limited Partners:
(i) a certification from the General Partners that (A) all Construction and/or Permanent Mortgage payments and taxes and insurance with respect to the Apartment Complex are current as of the date of the year-end report, (B) there is no default under the Project Documents or this Agreement, or if there is any such default, a detailed description thereof, and (C) there is no building, health or fire code violation or similar violation of a governmental law, ordinance or regulation against the Apartment Complex or, if there is any such violation, a detailed description thereof; and
(ii) a descriptive statement of all transactions during the fiscal year between the Partnership and General Partners or any Affiliate thereof, including the nature of the transaction and the Auditors and shall be in the form specified by BCCLPpayments involved.
(ed) Within fifteen (15) days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Project Document or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners shall send the Investment Limited Partners Partner a detailed report of such event.
(fe) The After the Admission Date, the Partnership shall send to the Investment Limited PartnersPartner, on or before the tenth day of each month, the monthly housing credit monitoring formform in a form prescribed by BCCLP, and as well as copies of all applicable periodic reports covering the status of project operations from the previous period, as may be required by the Credit Agency or any other Agency.
(f) On or before ninety (90) days after the expiration of each fiscal year of the General Partners, such General Partners shall send to the Investment Limited Partner copies of the balance sheet and income statement of such General Partners for such fiscal year, which financial statements shall be reviewed by an independent certified public accountant.
(g) On or before May 1st The General Partners shall cause the Partnership to send to the Investment Limited Partner a copy of each yearConstruction Mortgage draw requisition and any not)fication or correspondence from the Construction Lender indicating that any such draw will not be paid as requisitioned. Upon receipt, the Partnership shall send to the Investment Limited Partners a report on operations, in Partner copies of all documents evidencing any "carryover allocation" pursuant to Section 42(h)(1)(E) of the form supplied by BCCLP.
(hCode and the Form(s) 8609 evidencing the Tax Credit allocation. Promptly after Permanent Mortgage Commencement, the General Partners shall send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent MortgageMortgages. The General Partners hereby consent to any Agency's providing BCCLP with copies of all material communications between any such office and the General Partners and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners Partner that the Investment Limited Partners Partner would like copies of the monthly rent rolls for the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen ten (1510) days after the expiration of each month.
(ih) The If either (A) the Completion Date or (B) the date upon which tenants first occupied apartment units in the Apartment Complex shall have occurred six months or more prior to the date upon which the Investment Limited Partner acquired its Interest in the Partnership, then the General Partners shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all of Admission Date the Partners have signed this Agreement an following items:
(i) An unaudited statement of income of the Partnership for the time year (or such shorter period as there may be from the date of January the most recent audited statement of income of the Partnership) ended on the date upon which the Investment Limited Partner acquired its Interest in the Partnership; and
(ii) An audited statement of income of the Partnership for any fiscal year of the Partnership ending between (A) the earlier of (1, 1996 through May 31, 1996) the Completion Date or (2) the date upon which tenants first occupied apartment units in the Apartment Complex (after the construction of such units) and (B) the date upon which the Investment Limited Partner acquired its Interest in the Partnership.
(ji) Within thirty (30) days of the earliest date on which all of the Partners have signed this AgreementCompletion Date, the General Partners shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLP.
(j) Prior to October 15 of each year, the Partnership shall send to the Investment Limited Partner an estimate of the Investment Limited Partner's share of the tax credits, profits and losses of the Partnership for Federal income tax purposes for the current fiscal year. Such estimate shall be prepared by the General Partners and the Auditors and shall be in the form specified by BCCLP.
(k) On or before January 31st of each Partnership fiscal year, the Partnership shall send to the Investment Limited Partner copies of the complete insurance policies satisfactory to the Investment Limited Partner so that the Investment Limited Partner will be able to determine that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.7(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.7(c).
(l) On or before December 1 of each Partnership fiscal year, the Partnership shall send to the Investment Limited Partner a proposed budget for the up-coming fiscal year setting forth the anticipated rental income and operating expenses for the Apartment Complex.
(m) If the General Partners do does not cause the Partnership to fulfill its furfill his obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth therein, the General Partners shall pay as damages the sum of $250 100 per day to the Investment Limited Partner until such obligations shall have been fulfilledfurfilled. Such damages shall be paid forthwith by the General Partners, and failure to so pay shall constitute a material default of the General Partners hereunder. In addition, if the General Partners shall fail so to pay, the General Partners and their Affiliates shall forthwith cease to be entitled to the Partnership Management Fee and to the payment of any Cash Flow or Capital Transaction proceeds to which they may otherwise be entitled hereunder. Such payments of the Partnership Management Fee, Cash Flow and Capital Transaction proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments of the Partnership Management Fee, Cash Flow and Capital Transaction proceeds otherwise due to the General Partners or their Affiliates.
(l) On or before each January 31, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year of the Partnership:
(i) Within forty-five (45) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, (A) a balance sheet as of the end of such fiscal year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year then ended, all of which, except the statement of cash flowsCash Flow statement, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditors, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited Partners, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution of the Investment Limited Partners, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five thirty (4530) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal federal income tax returns together with a draft of the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filedreturns.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearfiscal year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income for the quarter then ended, which may be unaudited;
(C) a statement Cash Flow Statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the General Partners that the Apartment Complex and its tenants are in compliance with all applicable federal, state and local requirements and regulations;
(E) a low-income housing tax credit monitoring form, a copy of the rent roll for the Apartment Complex, a statement of income rolls and expenses, an operating statement and an Occupancyoccupancy/Rental Report, all rental report in the form specified by BCCLP;BCAMLP; and
(FE) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; and.
(b) Within sixty (60) days after the end of each calendar fiscal year of the Partnership a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to the appropriate state agency concerning the same.
(c) Upon the reasonable written request of the Investment Limited Partners for further information with respect to any matter covered in item (a) or item (b) above, the General Partners shall furnish such information within thirty (30) 30 days of receipt of such request.
(d) Prior to October 15 of each year, the Partnership shall send to the Investment Limited Partners an estimate of the Investment Limited Partners' share of the tax credits, profits and losses of the Partnership for Federal federal income tax purposes for the current fiscal year. Such estimate shall be pre- pared prepared by the General Partners and the Auditors and shall be in the form specified by BCCLPAuditors.
(e) Within fifteen (15) 15 days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Document the Project Documents or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partnerdistributions, or
(iv) any Partner has pledged or collateralized collaterized its Interest in the Partnership, the General Partners shall send the Investment Limited Partners a detailed report of such event.
(f) The After the First Admission Date, the Partnership shall send to the Investment Limited Partners, on or before the tenth day of each month, the monthly housing credit monitoring form, and copies of all applicable periodic reports covering the status of project operations from the previous period, as may be required by any AgencyMHDC.
(g) On or before May 1st 1 of each yearof the Partnership's fiscal years, the Partnership shall send to the Investment Limited Partners a report on operations, in the form supplied by BCCLPthe Investment Limited Partners.
(h) Promptly after Permanent Mortgage CommencementUpon the completion of the construction of the Apartment Complex, the General Partners Partnership shall send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners hereby consent to any Agency's providing BCCLP with copies of all material communications between any such office and the General Partners and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners that the Investment Limited Partners would like copies a copy of the monthly rent rolls for Form(s) 8609 evidencing the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen (15) days after the expiration of each monthTax Credit allocation.
(i) The If the earlier of (A) the Completion Date or (B) the date upon which tenants first occupied apartment units in the Apartment Complex shall have occurred six months or more prior to the date upon which the Investment Limited Partners acquired their Interests in the Partnership, then the General Partners shall cause to be prepared and delivered to the Investment Limited Partner Partners within sixty (60) 60 days of the earliest date on which all of First Admission Date the Partners have signed this Agreement an following items:
(i) An unaudited statement of income of the Partnership for the time year (or such shorter period as there may be from the date of January the most recent audited statement of income of the Partnership) ended on the date upon which the Investment Limited Partners acquired its Interest in the Partnership; and
(ii) An audited statement of income of the Partnership for any fiscal year of the Partnership ending between (A) the earlier of (1, 1996 through May 31, 1996) the Completion Date or (2) the date upon which tenants first occupied apartment units in the Apartment Complex and (B) the date upon which the Investment Limited Partners acquired their Interests in the Partnership.
(j) If at any time within the first 120 months after the First Admission Date the General Partners do not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth therein, the General Partners shall pay as damages the sum of $100 per day for the first 10 days thereafter, $150 per day for the next 10 days thereafter and by an amount increasing by $50 per day each tenth day thereafter (plus interest at a rate equal to the general base rate of interest established by The First National Bank of Boston or its successors and assigns and announced by it as the rate charged by it to its prime commercial customers on short-term unsecured borrowings as its "base rate" from time to time in effect plus 3%) to the Investment Limited Partners until such obligations shall have been fulfilled; provided, however, that no monetary penalty will accrue if failure of the Partnership to fulfill its reporting obligations is attributable to force majeure. Such damages shall be paid forthwith by the General Partners, and failure to so pay shall constitute a material default of the General Partners hereunder. In addition, if the General Partners shall so fail to pay, the General Partners shall forthwith cease to be entitled to the Annual Partnership Management Fee and to the payment of any Cash Flow or Capital Transaction proceeds to which they may otherwise be entitled hereunder. Such payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds otherwise due to the General Partners.
(k) Within thirty (30) days of the earliest date on which all of the Partners have signed this AgreementCompletion Date, the General Partners shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLPBCAMLP.
(k) If the General Partners do not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth therein, the General Partners shall pay as damages the sum of $250 per day to the Investment Limited Partner until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the General Partners, and failure to so pay shall constitute a material default of the General Partners hereunder. In addition, if the General Partners shall fail so to pay, the General Partners and their Affiliates shall forthwith cease to be entitled to the payment of any Cash Flow or Capital Transaction proceeds to which they may otherwise be entitled hereunder. Such payments of the Partnership Management Fee, Cash Flow and Capital Transaction proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments of the Management Fee, Cash Flow and Capital Transaction proceeds otherwise due to the General Partners or their Affiliates.
(l) On or before each January 31, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year of the Partnership:
(i) Within forty-five (45) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, (A) a balance sheet as of the end of such fiscal year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditors, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution of the Investment Limited PartnersPartner, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five thirty (4530) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal income tax returns together with a draft of the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filedreturns.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearfiscal year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income for the quarter then ended, which may be unaudited;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;; and
(D) a certification of the General Partners that the Apartment Complex and its tenants are in compliance with all applicable federal, state and local requirements and regulations;
(E) a low-income housing tax credit monitoring form, a copy of the rent roll for the Apartment Complex, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the form specified by BCCLPBoston Capital Communications Limited Partnership;
(F) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; and.
(b) Within sixty (60) days after the end of each calendar fiscal year of the Partnership a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-low- income housing and, if required, a certificate to and any reports filed in connection with compliance monitoring conducted by the appropriate state agency concerning the sameAuthority.
(c) Upon the reasonable written request of the Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the General Partners shall furnish such information within thirty (30) days of receipt of such request.
(d) Prior to October 15 of each year, the Partnership shall send to the Investment Limited Partners Partner an estimate of the Investment Limited Partners' Partner's share of the tax credits, profits and losses of the Partnership for Federal income tax purposes for the current fiscal year. Such estimate shall be pre- pared prepared by the General Partners and the Auditors and shall be in the form specified by BCCLPAuditors.
(e) Within fifteen (15) days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Project Document or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any the General Partner has Partners have received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners shall send the Investment Limited Partners Partner a detailed report of such event.
(f) The After the Admission Date, the Partnership shall send to the Investment Limited PartnersPartner, on or before the tenth day of each month, the monthly housing credit monitoring form, and copies of all applicable periodic reports covering the status of project operations from the previous period, as may be required by FmHA or any AgencyAuthority.
(g) On or before May 1st Within fifteen (15) days after the end of each quarter of the Partnership's fiscal year, the Partnership shall send to the Investment Limited Partners Partner a report on operations, in the form supplied by BCCLPthe Investment Limited Partner.
(h) The General Partners shall cause the Partnership to send to the Investment Limited Partner a copy of each Construction Mortgage draw requisition and any notification or correspondence from the Construction Lender indicating that any such draw will not be paid as requisitioned. Upon receipt, the Partnership shall send to the Investment Limited Partner copies of the Form(s) 8609 evidencing the Tax Credit allocation. Promptly after Permanent Mortgage CommencementClosing, the General Partners shall send to BCCLP Boston Capital Communications Limited Partnership a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners hereby consent to any AgencyAuthority's providing BCCLP Boston Capital Communications Limited Partnership with copies of all material communications between any such office and the General Partners and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners Partner that the Investment Limited Partners Partner would like copies of the monthly rent rolls for the Apartment Complex to be sent to BCCLPBoston Capital Communications Limited Partnership, the General Partners shall send copies of the rent rolls to BCCLP Boston Capital Communications Limited Partnership no later than fifteen ten (1510) days after the expiration of each month.
(i) The If the earlier of (A) the Completion Date or (B) the date upon which tenants first occupied apartment units in the Apartment Complex shall have occurred six months or more prior to the date upon which the Investment Limited Partner acquired its Interest in the Partnership, then the General Partners shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all of Admission Date the Partners have signed this Agreement an following items:
(i) An unaudited statement of income of the Partnership for the time year (or such shorter period as there may be from the date of January the most recent audited statement of income of the Partnership) ended on the date upon which the Investment Limited Partner acquired its Interest in the Partnership; and
(ii) An audited statement of income of the Partnership for any fiscal year of the Partnership ending between (A) the earlier of (1, 1996 through May 31, 1996) the Completion Date or (2) the date upon which tenants first occupied apartment units in the Apartment Complex and (B) the date upon which the Investment Limited Partner acquired its Interest in the Partnership.
(j) Within thirty (30) days of the earliest date on which all of the Partners have signed this AgreementCompletion Date, the General Partners shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLPBoston Capital Communications Limited Partnership.
(k) If the General Partners do not cause the Partnership to fulfill its obligations under Section 12.7(a)(i12.7(a) (i) and/or Section 12.7(a)(ii12.7(a) (ii) within the time periods set forth therein, the General Partners shall pay as damages the sum of $250 500 per day (plus interest at a rate equal to the general base rate of interest established by The First National Bank of Boston or its successors and assigns and announced by it as the rate charged by it to its prime commercial customers on short-term unsecured borrowings as its "base rate" from time to time in effect plus 3%) to the Investment Limited Partner until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the General Partners, and failure to so pay shall constitute a material default of the General Partners hereunder. In addition, if the General Partners shall so fail so to pay, the General Partners and their Affiliates shall forthwith cease to be entitled to the Annual Partnership Management Fee and to the payment of any Cash Flow or Capital Transaction proceeds to which they may otherwise be entitled hereunder. Such payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds otherwise due to the General Partners or their Affiliates.
(l) On or before January 31 of each January 31Partnership fiscal year, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year of the Partnership:
(i) Within forty-five sixty (4560) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, (A) a balance sheet as of the end of such fiscal year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditorsprinciples, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution of the Investment Limited PartnersPartner, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five (45) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal income tax returns together with a draft of the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filedreturns.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearfiscal year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income for the quarter then ended, which may be unaudited;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the General Partners that the Apartment Complex and its tenants are in compliance with all applicable federal, state state, and local requirements and regulations;
(E) a low-income housing tax credit monitoring form, a copy of the rent roll for the Apartment Complex, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the form specified by BCCLP;
(F) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; report and
(b) Within sixty (60) days after the end of each calendar fiscal year of the Partnership a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to the appropriate state agency concerning the same.
(c) Upon the reasonable written request of the Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the General Partners shall furnish such information within thirty (30) days of receipt of such request.
(d) Prior to October 15 of each year, the Partnership shall send to the Investment Limited Partners Partner an estimate of the Investment Limited Partners' Partner's share of the tax credits, profits and losses of the Partnership for Federal income tax purposes for the current fiscal year. Such estimate shall be pre- pared prepared by the General Partners and the Auditors and shall be in the form specified by BCCLPAuditors.
(e) Within fifteen (15) 15 days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Document the Project Documents or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners Partner shall send the Investment Limited Partners Partner a detailed report of such event.
(f) The After the Admission Date, the Partnership shall send to the Investment Limited PartnersPartner, on or before the tenth day of each month, the monthly housing credit monitoring form, and copies of all applicable periodic reports covering the status of project operations from the previous period, as may be required by any AgencyFmHA.
(g) On or before May 1st 1st. of each of the Partnership's fiscal year, the Partnership shall send to the Investment Limited Partners Partner a report on operations, in the form supplied by BCCLP.
(h) The General Partners shall cause the Partnership to send to the Investment Limited Partner a copy of each Construction Mortgage draw requisition and any notification or correspondence from the Construction Lender indicating that any such draw will not be paid as requisitioned. Upon receipt, the Partnership shall send to the Investment Limited Partner copies of the Form(s) 8609 evidencing the Tax Credit allocation. Promptly after Permanent Mortgage Commencement, the General Partners shall send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners hereby consent to the relevant FmHA District Office, as well as any Agency's other applicable FMHA office, providing BCCLP with copies of all material communications between any such office and the General Partners and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners Partner that the Investment Limited Partners Partner would like copies of the monthly rent rolls for the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen ten (1510) days after the expiration of each month.
(i) The If the earlier of (A) the Completion Date or (B) the date upon which tenants first occupied apartment units in the Apartment Complex after the rehabilitation of such units shall have occurred six months or more prior to the date upon which the Investment Limited Partner acquired its Interest in the Partnership, then the General Partners shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all of Admission Date the Partners have signed this Agreement an following items:
(i) An unaudited statement of income of the Partnership for the time year (or such shorter period as there may be from the date of January the most recent audited statement of income of the Partnership) ended on the date upon which the Investment Limited Partner acquired its Interest in the Partnership; and
(ii) An unaudited statement of income of the Partnership for any fiscal year of the Partnership ending between (A) the earlier of (1, 1996 through May 31, 1996) the Completion Date or (2) the date upon which tenants first occupied apartment units in the Apartment Complex after the rehabilitation of such units and (B) the date upon which the Investment Limited Partner acquired its Interest in the Partnership.
(j) Within thirty (30) days of the earliest date on which all of the Partners have signed this AgreementCompletion Date, the General Partners shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLP.
(k) If the General Partners do not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth therein, the General Partners shall may be required by the Investment Limited Partner to pay as damages the sum of $250 200 per day (plus interest at a rate equal to the general base rate of interest established by The First National Bank of Boston or its successors and assigns and announced by it as the rate charged by it to its prime commercial customers on short-term unsecured borrowings as its "base rate" from time to time in effect plus 3%) to the Investment Limited Partner until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the General Partners, and failure to so pay shall constitute a material default of the General Partners hereunder. In addition, if the General Partners shall so fail so to pay, the General Partners and their Affiliates shall forthwith cease to be entitled to the Annual Partnership Management Fee, and to the payment of any Cash Flow or Capital Transaction proceeds to which they may otherwise be entitled hereunder. Such payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds otherwise due to the General Partners or their Affiliates.
(l) On or before each January 31, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year of the Partnership:
(i) Within forty-five sixty (4560) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, (A) a balance sheet as of the end of such fiscal year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditorsprinciples, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution of the Investment Limited PartnersPartner, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five (45) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal income tax returns together with a draft of the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filedreturns.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearfiscal year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income for the quarter then ended, which may be unaudited;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the General Partners that the Apartment Complex and its tenants are in compliance with all applicable federal, state state, and local requirements and regulations;
(E) a low-income housing tax credit monitoring form, a copy of the rent roll for the Apartment Complex, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the form specified by BCCLP;
(F) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; report and
(b) Within sixty (60) days after the end of each calendar fiscal year of the Partnership a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to the appropriate state agency concerning the same.
(c) Upon the reasonable written request of the Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the General Partners shall furnish such information within thirty (30) days of receipt of such request.
(d) Prior to October 15 of each year, the Partnership shall send to the Investment Limited Partners Partner an estimate of the Investment Limited Partners' Partner's share of the tax credits, profits and losses of the Partnership for Federal income tax purposes for the current fiscal year. Such estimate shall be pre- pared prepared by the General Partners and the Auditors and shall be in the form specified by BCCLPAuditors.
(e) Within fifteen (15) 15 days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Document the Project Documents or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners Partner shall send the Investment Limited Partners Partner a detailed report of such event.
(f) The After the Admission Date, the Partnership shall send to the Investment Limited PartnersPartner, on or before the tenth day of each month, the monthly housing credit monitoring form, and copies of all applicable periodic reports covering the status of project operations from the previous period, as may be required by any AgencyFmHA.
(g) On or before May 1st St. of each of the Partnership's fiscal year, the Partnership shall send to the Investment Limited Partners Partner a report on operations, in the form supplied by BCCLP.
(h) The General Partners shall cause the Partnership to send to the Investment Limited Partner a copy of each Construction Mortgage draw requisition and any notification or correspondence from the Construction Lender indicating that any such draw will not be paid as requisitioned. Upon receipt, the Partnership shall send to the Investment Limited Partner copies of the Form(s) 8609 evidencing the Tax Credit allocation. Promptly after Permanent Mortgage Commencement, the General Partners shall send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners hereby consent to the relevant FmHA District Office, as well as any Agency's other applicable FMHA office, providing BCCLP with copies of all material communications between any such office and the General Partners and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners Partner that the Investment Limited Partners Partner would like copies of the monthly rent rolls for the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen ten (1510) days after the expiration of each month.
(i) The If the earlier of (A) the Completion Date or (B) the date upon which tenants first occupied apartment units in the Apartment Complex after the rehabilitation of such units shall have occurred six months or more prior to the date upon which the Investment Limited Partner acquired its Interest in the Partnership, then the General Partners shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all of Admission Date the Partners have signed this Agreement an following items:
(i) An unaudited statement of income of the Partnership for the time year (or such shorter period as there may be from the date of January the most recent audited statement of income of the Partnership) ended on the date upon which the Investment Limited Partner acquired its Interest in the Partnership; and
(ii) An unaudited statement of income of the Partnership for any fiscal year of the Partnership ending between (A) the earlier of (1, 1996 through May 31, 1996) the Completion Date or (2) the date upon which tenants first occupied apartment units in the Apartment Complex after the rehabilitation of such units and (B) the date upon which the Investment Limited Partner acquired its Interest in the Partnership.
(j) Within thirty (30) days of the earliest date on which all of the Partners have signed this AgreementCompletion Date, the General Partners shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLP.
(k) If the General Partners do not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth therein, the General Partners shall may be required by the Investment Limited Partner to pay as damages the sum of $250 200 per day (plus interest at a rate equal to the general base rate of interest established by The First National Bank of Boston or its successors and assigns and announced by it as the rate charged by it to its prime commercial customers on short-term unsecured borrowings as its "base rate" from time to time in effect plus 3%) to the Investment Limited Partner until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the General Partners, and failure to so pay shall constitute a material default of the General Partners hereunder. In addition, if the General Partners shall so fail so to pay, the General Partners and their Affiliates shall forthwith cease to be entitled to the Annual Partnership Management Fee, and to the payment of any Cash Flow or Capital Transaction proceeds to which they may otherwise be entitled hereunder. Such payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds otherwise due to the General Partners or their Affiliates.
(l) On or before each January 31, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year of the Partnership:
(i) Within forty-five (45) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, (A) a balance sheet as of the end of such fiscal year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditors, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution of the Investment Limited PartnersPartner, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five thirty (4530) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal income tax returns together with a draft of the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filedreturns.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearfiscal year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income for the quarter then ended, which may be unaudited;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the General Partners that the Apartment Complex and its tenants are in compliance with all applicable federal, state state, and local requirements and regulations;
(E) a low-income housing tax credit monitoring form, a copy of the rent roll for the Apartment Complex, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the form specified by BCCLP;
(F) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; report and
(b) Within sixty (60) days after the end of each calendar fiscal year of the Partnership a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to the appropriate state agency concerning the same.
(c) Upon the reasonable written request of the Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the General Partners shall furnish such information within thirty (30) days of receipt of such request.
(d) Prior to October 15 of each year, the Partnership shall send to the Investment Limited Partners Partner an estimate of the Investment Limited Partners' Partner's share of the tax credits, profits and losses of the Partnership for Federal income tax purposes for the current fiscal year. Such estimate shall be pre- pared prepared by the General Partners and the Auditors and shall be in the form specified by BCCLPAuditors.
(e) Within fifteen (15) 15 days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Document the Project Documents or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners Partner shall send the Investment Limited Partners Partner a detailed report of such event.
(f) The After the Admission Date, the Partnership shall send to the Investment Limited PartnersPartner, on or before the tenth day of each month, the monthly housing credit monitoring form, and copies of all applicable periodic reports covering the status of project operations from the previous period, as may be required by any AgencyFmHA.
(g) On or before May 1st of each of the Partnership's fiscal year, the Partnership shall send to the Investment Limited Partners Partner a report on operations, in the form supplied by BCCLP.
(h) The General Partners shall cause the Partnership to send to the Investment Limited Partner a copy of each Construction Mortgage draw requisition and any notification or correspondence from the Construction Lender indicating that any such draw will not be paid as requisitioned. Upon receipt, the Partnership shall send to the Investment Limited Partner copies of the Form(s) 8609 evidencing the Tax Credit allocation. Promptly after Permanent Mortgage Commencement, the General Partners shall send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners hereby consent to the relevant FmHA District Office, as well as any Agency's other applicable FMHA office, providing BCCLP with copies of all material communications between any such office and the General Partners and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners Partner that the Investment Limited Partners Partner would like copies of the monthly rent rolls for the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen ten (1510) days after the expiration of each month.
(i) The If the earlier of (A) the Completion Date or (B) the date upon which tenants first occupied apartment units in the Apartment Complex shall have occurred six months or more prior to the date upon which the Investment Limited Partner acquired its Interest in the Partnership, then the General Partners shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all of Admission Date the Partners have signed this Agreement an following items:
(i) An unaudited statement of income of the Partnership for the time year (or such shorter period as there may be from the date of January the most recent audited statement of income of the Partnership) ended on the date upon which the Investment Limited Partner acquired its Interest in the Partnership; and
(ii) An audited statement of income of the Partnership for any fiscal year of the Partnership ending between (A) the earlier of (1, 1996 through May 31, 1996) the Completion Date or (2) the date upon which tenants first occupied apartment units in the Apartment Complex and (B) the date upon which the Investment Limited Partner acquired its Interest in the Partnership.
(j) Within thirty (30) days of the earliest date on which all of the Partners have signed this AgreementCompletion Date, the General Partners shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLP.
(k) If the General Partners do not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth therein, the General Partners shall may be required by the Investment Limited Partner to pay as damages the sum of $250 500 per day (plus interest at a rate equal to the general base rate of interest established by The First National Bank of Boston or its successors and assigns and announced by it as the rate charged by it to its prime commercial customers on short-term unsecured borrowings as its "base rate" from time to time in effect plus 3%) to the Investment Limited Partner until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the General Partners, and failure to so pay shall constitute a material default of the General Partners hereunder. In addition, if the General Partners shall so fail so to pay, the General Partners and their Affiliates shall forthwith cease to be entitled to the Annual Partnership Management Fee, and to the payment of any Cash Flow or Capital Transaction proceeds to which they may otherwise be entitled hereunder. Such payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds otherwise due to the General Partners or their Affiliates.
(l) On or before each January 31, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year of the Partnership:
(i) Within forty-five (45) days after the end By February 15 of each calendar year (or such other period as is necessary for compliance with Section 12.3(a))Calendar Year, an audited financial statement which includes (A) a balance sheet as of the end of such fiscal year, a statement of income, a statement of partnersPartners' equity, and a statement of cash flows, each for the year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditorsprinciples, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution of the Investment Limited PartnersPartner, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five (45) days after the end By February 1 of each calendar year (or such other period as is necessary for compliance with Section 12.3(a))Calendar Year, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal income tax returns together with a draft of the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filedreturns.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearfiscal year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;; and
(B) a statement of income for the quarter then ended, which may be unaudited;; and
(C) a statement of cash flows for the quarter then ended, which may be unaudited;; and
(D) a certification of the General Partners that the Apartment Complex and its tenants are in compliance with all applicable federal, state and local requirements and regulations;
(E) a low-income housing tax credit monitoring form, a copy of the rent roll for the Apartment Complex, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the form specified by BCCLP;
(F) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; and.
(b) Within sixty (60) days after the end of each calendar fiscal year of the Partnership a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to the appropriate state agency concerning the same.
(c) Upon the reasonable written request of the Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the General Partners shall furnish such information within thirty (30) days of receipt of such request.
(d) Prior to October 15 of each year, the Partnership shall send to the Investment Limited Partners Partner an estimate of the Investment Limited Partners' Partner's share of the tax credits, profits and losses of the Partnership for Federal income tax purposes for the current fiscal year. Such estimate shall be pre- pared prepared by the General Partners and the Auditors and shall be in the form specified by BCCLPAuditors.
(e) Within fifteen (15) 15 days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Document the Project Documents or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any the General Partner has Partners have received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partnerdistributions, or
(iv) any Partner has pledged or collateralized collaterized its Interest in the Partnership, the General Partners shall send the Investment Limited Partners Partner a detailed report of such event.
(f) The After the Admission Date, the Partnership shall send to the Investment Limited PartnersPartner, on or before the tenth day of each month, the monthly housing credit monitoring form, and copies of all applicable periodic reports covering the status of project operations from the previous period, as may be required by any AgencyRECD.
(g) On or before May 1st Within 15 days after each quarter of each the Partnership's fiscal year, the Partnership shall send to the Investment Limited Partners Partner a report on operations, in the form supplied by BCCLPthe Investment Limited Partner.
(h) Promptly after Permanent Mortgage CommencementUpon receipt, the General Partners Partnership shall send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners hereby consent to any Agency's providing BCCLP with copies of all material communications between any such office and the General Partners and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners that the Investment Limited Partners would like Partner copies of the monthly rent rolls for Form(s) 8609 evidencing the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen (15) days after the expiration of each monthTax Credit allocation.
(i) The If the earlier of (A) the Completion Date or (B) the date upon which tenants first occupied apartment units in the Apartment Complex shall have occurred six months or more prior to the date upon which the Investment Limited Partner acquired its Interest in the Partnership, then the General Partners shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) 60 days of the earliest date on which all of Admission Date the Partners have signed this Agreement an following items:
(i) An unaudited statement of income of the Partnership for the time year (or such shorter period as there may be from the date of January the most recent audited statement of income of the Partnership) ended on the date upon which the Investment Limited Partner acquired its Interest in the Partnership; and
(ii) An audited statement of income of the Partnership for any fiscal year of the Partnership ending between (A) the earlier of (1, 1996 through May 31, 1996) the Completion Date or (2) the date upon which tenants first occupied apartment units in the Apartment Complex and (B) the date upon which the Investment Limited Partner acquired its Interest in the Partnership.
(j) Within thirty (30) days of the earliest date on which all of the Partners have signed this AgreementCompletion Date, the General Partners Partner shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLP.
(k) By December 1 of each year, the Partnership shall send to the Investment Limited Partner the Property's operating budget for the following year.
(l) If the General Partners do not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth therein, the General Partners shall may be required by the Investment Limited Partner to pay as damages the sum of $250 150 per day to the Investment Limited Partner until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the General Partners, and failure to so pay shall constitute a material default of the General Partners hereunder. In addition, if the General Partners shall so fail so to pay, the General Partners and their Affiliates shall forthwith cease to be entitled to the Annual Partnership Management Fee, and to the payment of any Cash Flow or Capital Transaction proceeds to which they may otherwise be entitled hereunder. Such payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds otherwise due to the General Partners or their Affiliates.
(l) On or before each January 31, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners Partner shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year Fiscal Year of the Partnership:
(i) Within forty-five (45) days after the end of each calendar year (or such other period as is necessary for compliance with Section 12.3(a))Fiscal Year of the Partnership, (A) a balance sheet as of the end of such fiscal yearFiscal Year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year Fiscal Year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditors, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution Contributions of the Investment Limited PartnersPartner, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five thirty (4530) days after the end of each calendar year (or such other period as is necessary for compliance with Section 12.3(a))Fiscal Year of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal federal income tax returns together with a draft of for the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filedprior Fiscal Year.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearFiscal Year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income for the quarter then ended, which may be unaudited;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the General Partners Partner that the Apartment Complex and its tenants are in compliance with all applicable federal, state and local requirements and regulations;
(E) a low-income housing tax credit Tax Credit monitoring form, a copy of the rent roll for the Apartment ComplexComplex for each month during such quarter, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the a form specified by BCCLPthe Special Limited Partner;
(F) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; and
(b) Within sixty (60) days after the end of each calendar year Fiscal Year of the Partnership a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to the appropriate state agency concerning the same.
(c) Upon upon the reasonable written request of the Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the General Partners Partner shall furnish such information within thirty (30) days of receipt of such requestrequest or such longer time as may be reasonable and such additional information shall be delivered at the cost of the Investment Limited Partner; provided, however, that such expenses shall be reasonable and comparable to those ordinarily and customarily incurred for such information.
(d) Prior to October 15 of each yearFiscal Year, the Partnership shall send to the Investment Limited Partners Partner an estimate of the Investment Limited Partners' Partner's share of the tax creditsTax Credits, profits Profits and losses Losses of the Partnership for Federal federal income tax purposes for the current fiscal yearFiscal Year. Such estimate shall be pre- pared prepared by the General Partners Partner and the Auditors and shall be in the form specified by BCCLPthe Special Limited Partner.
(e) Within The General Partner shall send the Investment Limited Partner a detailed report within fifteen (15) days after the end of any calendar quarter during whichwhich any of the following events occur:
(i) there is a material default by the Partnership under any Pro- ject Project Document or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners shall send the Investment Limited Partners a detailed report of such event.
(f) The After the Admission Date, the Partnership shall send to the Investment Limited Partners, on or before the tenth day of each month, the monthly housing credit monitoring form, and Partner copies of all applicable periodic reports covering the status of project operations from and any matters relating to the previous period, Tax Credit as may be are required by any Lender or Agency.
(g) On or before May 1st 1 of each yearFiscal Year, the Partnership shall send to the Investment Limited Partners Partner a report on operations, in the form supplied by BCCLPthe Special Limited Partner.
(h) Promptly after Permanent Mortgage Commencement, the General Partners shall send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners Partner hereby consent consents to any Agency's each Lender or Agency providing BCCLP the Special Limited Partner with copies of all material communications between any such office Lender or Agency and the General Partners Partner and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners that the Investment Limited Partners would like copies of the monthly rent rolls for the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen (15) days after the expiration of each month.
(i) The If the earlier of (A) the Completion Date or (B) the date upon which tenants first occupied apartment units in the Apartment Complex after the construction of such units, shall have occurred six (6) months or more prior to the date on which the Investment Limited Partner acquired its Interest in the Partnership, then the General Partners Partner shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all of Admission Date the Partners have signed this Agreement an following items:
(i) An unaudited statement of income of the Partnership for the time year (or such shorter period as there may be from the date of January the most recent audited statement of income of the Partnership) ended on the date upon which the Investment Limited Partner acquired its Interest in the Partnership; and
(ii) An audited statement of income of the Partnership for any fiscal year of the Partnership ending between (A) the earlier of (1, 1996 through May 31, 1996) the Completion Date or (2) the date upon which tenants first occupied apartment units in the Apartment Complex after the rehabilitation of such units and (B) the date upon which the Investment Limited Partner acquired its Interest in the Partnership.
(j) Within thirty (30) days of following the earliest date on which all of the Partners have signed this AgreementCompletion Date, the General Partners Partner shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLPthe Special Limited Partner.
(k) Promptly after Permanent Mortgage Commencement, the General Partner shall send to the Special Limited Partner a closing binder containing photocopies of the fully executed versions of all documents signed in connection with the Permanent Mortgage. Further, promptly after the closing of any New Permanent Loan, the General Partner shall send to the Special Limited Partner a closing binder containing photocopies of the fully executed versions of all documents signed in connection with the New Permanent Mortgage. From and after any date upon which the General Partner receives notice from the Special Limited Partner that the Special Limited Partner would like copies of the monthly rent rolls for the Apartment Complex to be sent to the Special Limited Partner, the General Partner shall send copies of the rent rolls to the Special Limited Partner no later than ten (10) days after the expiration of each month.
(l) If the General Partners do Partner does not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth therein, the General Partners Partner shall pay as damages the sum of $250 per day (plus interest at a rate equal to the Prime Rate plus three percent (3%)) to the Investment Limited Partner until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the General PartnersPartner, and the failure to so pay any such damages shall constitute a material default of by the General Partners Partner hereunder. In addition, if the General Partners Partner shall fail so to paypay any such damages, the General Partners Partner and their its Affiliates shall forthwith cease to be entitled to the payment distribution of any Cash Flow or Capital Transaction proceeds Proceeds to which they may otherwise be entitled hereunder. Such payments distributions of the Partnership Management Fee, Cash Flow and Capital Transaction proceeds Proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments distributions of the Management Fee, Cash Flow and Capital Transaction proceeds Proceeds otherwise due to the General Partners Partner or their its Affiliates.
(l) On or before each January 31, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year of the Partnership:
(i) Within forty-five sixty (4560) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, (A) a balance sheet as of the end of such fiscal year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditorsprinciples, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution of the Investment Limited PartnersPartner, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five (45) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal income tax returns together with a draft of the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filedreturns.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearfiscal year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income for the quarter then ended, which may be unaudited;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the General Partners that the Apartment Complex and its tenants are in compliance with all applicable federal, state state, and local requirements and regulations;
(E) a low-income housing tax credit monitoring form, a copy of the rent roll for the Apartment Complex, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the form specified by BCCLP;
(F) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; report and
(b) Within sixty (60) days after the end of each calendar fiscal year of the Partnership a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to the appropriate state agency concerning the same.
(c) Upon the reasonable written request of the Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the General Partners shall furnish such information within thirty (30) days of receipt of such request.
(d) Prior to October 15 of each year, the Partnership shall send to the Investment Limited Partners Partner an estimate of the Investment Limited Partners' Partner's share of the tax credits, profits and losses of the Partnership for Federal income tax purposes for the current fiscal year. Such estimate shall be pre- pared prepared by the General Partners and the Auditors and shall be in the form specified by BCCLPAuditors.
(e) Within fifteen (15) 15 days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Document the Project Documents or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners Partner shall send the Investment Limited Partners Partner a detailed report of such event.
(f) The After the Admission Date, the Partnership shall send to the Investment Limited PartnersPartner, on or before the tenth day of each month, the monthly housing credit monitoring form, and copies of all applicable periodic reports covering the status of project operations from the previous period, as may be required by any AgencyFmHA.
(g) On or before May 1st of each of the Partnership's fiscal year, the Partnership shall send to the Investment Limited Partners Partner a report on operations, in the form supplied by BCCLP.
(h) The General Partners shall cause the Partnership to send to the Investment Limited Partner a copy of each Construction Mortgage draw requisition and any notification or correspondence from the Construction Lender indicating that any such draw will not be paid as requisitioned. Upon receipt, the Partnership shall send to the Investment Limited Partner copies of the Form(s) 8609 evidencing the Tax Credit allocation. Promptly after Permanent Mortgage Commencement, the General Partners shall send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners hereby consent to the relevant FmHA District Office, as well as any Agency's other applicable FMHA office, providing BCCLP with copies of all material communications between any such office and the General Partners and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners Partner that the Investment Limited Partners Partner would like copies of the monthly rent rolls for the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen ten (1510) days after the expiration of each month.
(i) The If the earlier of (A) the Completion Date or (B) the date upon which tenants first occupied apartment units in the Apartment Complex after the rehabilitation of such units shall have occurred six months or more prior to the date upon which the Investment Limited Partner acquired its Interest in the Partnership, then the General Partners shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all of Admission Date the Partners have signed this Agreement an following items:
(i) An unaudited statement of income of the Partnership for the time year (or such shorter period as there may be from the date of January the most recent audited statement of income of the Partnership) ended on the date upon which the Investment Limited Partner acquired its Interest in the Partnership; and
(ii) An unaudited statement of income of the Partnership for any fiscal year of the Partnership ending between (A) the earlier of (1, 1996 through May 31, 1996) the Completion Date or (2) the date upon which tenants first occupied apartment units in the Apartment Complex after the rehabilitation of such units and (B) the date upon which the Investment Limited Partner acquired its Interest in the Partnership.
(j) Within thirty (30) days of the earliest date on which all of the Partners have signed this AgreementCompletion Date, the General Partners shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLP.
(k) If the General Partners do not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth therein, the General Partners shall may be required by the Investment Limited Partner to pay as damages the sum of $250 200 per day (plus interest at a rate equal to the general base rate of interest established by The First National Bank of Boston or its successors and assigns and announced by it as the rate charged by it to its prime commercial customers on short-term unsecured borrowings as its "base rate" from time to time in effect plus 3%) to the Investment Limited Partner until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the General Partners, and failure to so pay shall constitute a material default of the General Partners hereunder. In addition, if the General Partners shall so fail so to pay, the General Partners and their Affiliates shall forthwith cease to be entitled to the Annual Partnership Management Fee, and to the payment of any Cash Flow or Capital Transaction proceeds to which they may otherwise be entitled hereunder. Such payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds otherwise due to the General Partners or their Affiliates.
(l) On or before each January 31, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year of the Partnership:
(i) Within forty-five sixty (4560) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, (A) a balance sheet as of the end of such fiscal year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditors, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution of the Investment Limited PartnersPartner, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five thirty (4530) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal income tax returns together with a draft of the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filedreturns.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearfiscal year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income for the quarter then ended, which may be unaudited;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the General Partners that the Apartment Complex and its tenants are in compliance with all applicable federal, state and local requirements and regulations;
(E) a low-income housing tax credit monitoring form, a copy of the rent roll for the Apartment Complex, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the form specified by BCCLP;
(F) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; and.
(b) Within sixty (60) days after the end of each calendar fiscal year of the Partnership a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to the appropriate state agency concerning the same.
(c) Upon the reasonable written request of the Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the General Partners shall furnish such information within thirty (30) days of receipt of such request.
(d) Prior to October 15 of each year, the Partnership shall send to the Investment Limited Partners Partner an estimate of the Investment Limited Partners' Partner's share of the tax credits, profits and losses of the Partnership for Federal income tax purposes for the current fiscal year. Such estimate shall be pre- pared by the General Partners and the Auditors and shall be in the form specified by BCCLPAuditors.
(e) Within fifteen (15) days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Document the Project Documents or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
, (ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners shall send the Investment Limited Partners a detailed report of such event.
(f) The Partnership shall send to the Investment Limited Partners, on or before the tenth day of each month, the monthly housing credit monitoring form, and copies of all applicable periodic reports covering the status of project operations from the previous period, as may be required by any Agency.
(g) On or before May 1st of each year, the Partnership shall send to the Investment Limited Partners a report on operations, in the form supplied by BCCLP.
(h) Promptly after Permanent Mortgage Commencement, the General Partners shall send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners hereby consent to any Agency's providing BCCLP with copies of all material communications between any such office and the General Partners and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners that the Investment Limited Partners would like copies of the monthly rent rolls for the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen (15) days after the expiration of each month.
(i) The General Partners shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all of the Partners have signed this Agreement an unaudited statement of income of the Partnership for the time period of January 1, 1996 through May 31, 1996.
(j) Within thirty (30) days of the earliest date on which all of the Partners have signed this Agreement, the General Partners shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLP.
(k) If the General Partners do not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth therein, the General Partners shall pay as damages the sum of $250 per day to the Investment Limited Partner until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the General Partners, and failure to so pay shall constitute a material default of the General Partners hereunder. In addition, if the General Partners shall fail so to pay, the General Partners and their Affiliates shall forthwith cease to be entitled to the payment of any Cash Flow or Capital Transaction proceeds to which they may otherwise be entitled hereunder. Such payments of the Partnership Management Fee, Cash Flow and Capital Transaction proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments of the Management Fee, Cash Flow and Capital Transaction proceeds otherwise due to the General Partners or their Affiliates.
(l) On or before each January 31, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The Administrative General Partners Partner shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year of the Partnership:
(i) Within forty-five (45) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, (A) a balance sheet as of the end of such fiscal year, a statement of income, a statement of partnersPartners' equity, and a statement of cash flows, each for the year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditors, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited Partners, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution Contributions of the Investment Limited Partners, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five thirty (4530) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal income tax returns together with a draft of the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filedreturns.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearfiscal year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;; and
(B) a statement of income for the quarter then ended, which may be unaudited;
(C) a Cash Flow statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the General Partners that the Apartment Complex and its tenants are in compliance with all applicable federal, state and local requirements and regulations;
(E) a low-income housing tax credit monitoring form, a copy of the rent roll for the Apartment Complex, a statement of income rolls and expenses, an operating statement and an Occupancyoccupancy/Rental Report, all rental report in the form specified by BCCLP;; and
(FE) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; and.
(b) Within sixty (60) days after the end of each calendar fiscal year of the Partnership a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to the appropriate state agency concerning the same.
(c) Upon the reasonable written request of the any Investment Limited Partners Partner for further information with respect to any matter covered in item items (a) or item (b) above, the Administrative General Partners Partner shall furnish such information within thirty (30) 30 days of receipt of such request.
(d) Prior to October 15 of each year, the Partnership shall send to the each Investment Limited Partners Partner an estimate of the such Investment Limited Partners' share of the tax credits, profits and losses of the Partnership for Federal income tax purposes for the current fiscal year. Such estimate shall be pre- pared prepared by the Administrative General Partners Partner and the Auditors and shall be in the form specified by BCCLPAuditors.
(e) Within fifteen (15) 15 days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Document the Project Documents or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any the Administrative General Partner or the Managing General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partnerdistributions, or
(iv) any Partner has pledged or collateralized its collaterized his Interest in the Partnership, the Administrative General Partners Partner shall send the Investment Limited Partners a detailed report of such event.
(f) The Partnership shall send to the Investment Limited Partners, on or before the tenth day of each month, the monthly housing credit monitoring form, and copies of all applicable periodic reports covering the status of project operations from the previous period, as may be required by any AgencyAgency or Lender.
(g) On or before February 15, May 1st 15 and September 15 of each year, the Partnership shall send to the Investment Limited Partners a report on operations, in the form supplied by BCCLPthe Investment Limited Partners.
(h) Promptly after Permanent Mortgage CommencementUpon receipt, the General Partners Partnership shall send to BCCLP a closing binder containing photocopies each of the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners hereby consent to any Agency's providing BCCLP with copies of all material communications between any such office and the General Partners and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners that the Investment Limited Partners would like copies of the monthly rent rolls for the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen (15Form(s) days after the expiration of 8609 evidencing each month1993 Federal Credit.
(i) The Administrative General Partners Partner shall cause to be prepared and delivered to the Investment Class D Limited Partner within sixty (60) 60 days of the earliest date on which all of Sixth Admission Date the Partners have signed this Agreement an following items:
(i) An unaudited statement of income of the Partnership for the time year (or such shorter period as there may be from the date of January 1, 1996 through May 31, 1996the most recent audited statement of income of the Partnership) ended on the date upon which the Class D Limited Partner acquired its Interest in the Partnership; and
(ii) An audited statement of income of the Partnership for fiscal year 1994.
(j) Within thirty (30) days of the earliest date on which all of the Partners have signed this Agreement, the General Partners shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLP.
(k) If the Administrative General Partners do Partner does not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth therein, the Administrative General Partners Partner shall pay as damages the sum of $250 500 per day (plus interest at a rate equal to the general base rate of interest established by The First National Bank of Boston or its successors and assigns and announced by it as the rate charged by it to its prime commercial customers on short-term unsecured borrowings as its "base rate" from time to time in effect plus 3%) to the Investment Limited Partner Partners (in proportion to their respective agreed-to Capital Contributions) until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the Administrative General PartnersPartner, and failure to so pay shall constitute a material default of the Administrative General Partners Partner hereunder. In addition, if the Administrative General Partners Partner shall so fail so to pay, the Administrative General Partners Partner and their its Affiliates shall forthwith cease to be entitled to the payment of the Annual Partnership Management Fee and to the payment of any Cash Flow or Capital Transaction proceeds to which they may otherwise be entitled hereunder. Such payments of the Annual Partnership Management Fee, Fee and Cash Flow and Capital Transaction proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments of the Annual Partnership Management Fee, Fee and Cash Flow and Capital Transaction proceeds otherwise due to the Administrative General Partners Partner or their its Affiliates.
(l) On or before each January 31, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 1 contract
Samples: Agreement of Limited Partnership (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners Partner shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year Fiscal Year of the Partnership:
(i) Within forty-five sixty (4560) days after the end of each calendar year (or such other period as is necessary for compliance with Section 12.3(a))Fiscal Year of the Partnership, (A) a balance sheet as of the end of such fiscal yearFiscal Year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year Fiscal Year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditors, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution Contributions of the Investment Limited PartnersPartner, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five (45) days after the end of each calendar year (or such other period as is necessary for compliance with Section 12.3(a))Fiscal Year of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal federal income tax returns together with a draft of for the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filedprior Fiscal Year.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearFiscal Year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income for the quarter then ended, which may be unaudited;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the General Partners Partner that to its Best Knowledge the Apartment Complex and its tenants are in compliance with all applicable federal, state and local requirements and regulations;
(E) a low-income housing tax credit Tax Credit monitoring form, a copy of the rent roll for the Apartment ComplexComplex for each month during such quarter, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the a form specified by BCCLPthe Special Limited Partner;
(F) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; and
(b) Within sixty (60) days after the end of each calendar year Fiscal Year of the Partnership a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to the appropriate state agency concerning the same.
(c) Upon the reasonable written request of the Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the General Partners Partner shall furnish such information within thirty (30) days of receipt of such request.
(d) Prior to October 15 of each yearFiscal Year, the Partnership shall send to the Investment Limited Partners Partner an estimate of the Investment Limited Partners' Partner's share of the tax creditsTax Credits, profits Profits and losses Losses of the Partnership for Federal federal income tax purposes for the current fiscal yearFiscal Year. Such estimate shall be pre- pared prepared by the General Partners Partner and the Auditors and shall be in the form specified by BCCLPthe Special Limited Partner.
(e) Within The General Partner shall send the Investment Limited Partner a detailed report within fifteen (15) days after the end of any calendar quarter during whichwhich any of the following events occur:
(i) there is a material default by the Partnership under any Pro- ject Project Document or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners shall send the Investment Limited Partners a detailed report of such event.
(f) The After the Admission Date, the Partnership shall send to the Investment Limited Partners, on or before the tenth day of each month, the monthly housing credit monitoring form, and Partner copies of all applicable periodic reports covering the status of project operations from and any matters relating to the previous period, Tax Credit as may be are required by any Lender or Agency.
(g) On or before May 1st 1 of each yearFiscal Year, the Partnership shall send to the Investment Limited Partners Partner a report on operations, in the form supplied by BCCLPthe Special Limited Partner.
(h) Promptly after Permanent Mortgage Commencement, the General Partners shall send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners Partner hereby consent consents to any Agency's each Lender or Agency providing BCCLP the Special Limited Partner with copies of all material communications between any such office Lender or Agency and the General Partners Partner and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners that the Investment Limited Partners would like copies of the monthly rent rolls for the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen (15) days after the expiration of each month.
(i) The If the earlier of (A) the Completion Date or (B) the date upon which tenants first occupied apartment units in the Apartment Complex after the construction of such units, shall have occurred six (6) months or more prior to the date on which the Investment Limited Partner acquired its Interest in the Partnership, then the General Partners Partner shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all of Admission Date the Partners have signed this Agreement an following items:
(i) An unaudited statement of income of the Partnership for the time year (or such shorter period as there may be from the date of January the most recent audited statement of income of the Partnership) ended on the date upon which the Investment Limited Partner acquired its Interest in the Partnership; and
(ii) An audited statement of income of the Partnership for any fiscal year of the Partnership ending between (A) the earlier of (1, 1996 through May 31, 1996) the Completion Date or (2) the date upon which tenants first occupied apartment units in the Apartment Complex after the rehabilitation of such units and (B) the date upon which the Investment Limited Partner acquired its Interest in the Partnership.
(j) Within thirty (30) days of following the earliest date on which all of the Partners have signed this AgreementCompletion Date, the General Partners Partner shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLPthe Special Limited Partner.
(k) Promptly after Permanent Mortgage Commencement, the General Partner shall send to the Special Limited Partner a closing binder containing photocopies of the fully executed versions of all documents signed in connection with the Permanent Mortgage. From and after any date upon which the General Partner receives notice from the Special Limited Partner that the Special Limited Partner would like copies of the monthly rent rolls for the Apartment Complex to be sent to the Special Limited Partner, the General Partner shall send copies of the rent rolls to the Special Limited Partner no later than ten (10) days after the expiration of each month.
(l) If the General Partners do Partner does not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth therein, the General Partners Partner shall pay as damages the sum of $250 100 per day to the Investment Limited Partner until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the General PartnersPartner, and the failure to so pay any such damages shall constitute a material default of by the General Partners Partner hereunder. In addition, if the General Partners Partner shall fail so to paypay any such damages, the General Partners Partner and their its Affiliates shall forthwith cease to be entitled to the payment distribution of any Cash Flow or Capital Transaction proceeds Proceeds to which they may otherwise be entitled hereunder. Such payments distributions of the Partnership Management Fee, Cash Flow and Capital Transaction proceeds Proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments distributions of the Management Fee, Cash Flow and Capital Transaction proceeds Proceeds otherwise due to the General Partners Partner or their its Affiliates.
(lm) On or before December 1 of each January 31Fiscal Year, the General Partner shall cause the Partnership shall to send to the Investment Limited Partner copies an operating budget of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of for the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c)upcoming Fiscal Year.
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners Partner shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year Fiscal Year of the Partnership:
(i) Within forty-five (45) days By February 28th of each succeeding calendar year after the end of each calendar year (or such other period as is necessary for compliance with Section 12.3(a))Fiscal Year of the Partnership, (A) a balance sheet as of the end of such fiscal yearFiscal Year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year Fiscal Year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditors, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution Contributions of the Investment Limited PartnersPartner, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereofthereof with respect to any Fiscal Year prior to the Completion Date, only an audited balance sheet shall be required.
(ii) Within forty-five (45) days By February 7th of each succeeding calendar year, after the end of each calendar year (or such other period as is necessary for compliance with Section 12.3(a))Fiscal Year of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal federal income tax returns together with a draft of for the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filedprior Fiscal Year.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearFiscal Year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income for the quarter then ended, which may be unaudited;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the General Partners that the Apartment Complex and its tenants are in compliance with all applicable federal, state and local requirements and regulations;
(E) a low-income housing tax credit Tax Credit monitoring form, a copy of the rent roll for the Apartment ComplexComplex for each month during such quarter, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the a form specified by BCCLPthe Special Limited Partner;
(FE) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; and
(iv) a certification of the General Partner that the Apartment Complex and its tenants are in compliance with all applicable federal, state and local requirements and regulations;
(b) Within sixty (60) days after the end of each calendar year Fiscal Year of the Partnership a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to the appropriate state agency concerning the same.
(c) Upon upon the reasonable written request of the Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the General Partners Partner shall furnish such information within thirty (30) days of receipt of such request.
(d) Prior to October 15 of each yearFiscal Year, the Partnership shall send to the Investment Limited Partners Partner an estimate of the Investment Limited Partners' Partner's share of the tax creditsTax Credits, profits Profits and losses Losses of the Partnership for Federal federal income tax purposes for the current fiscal yearFiscal Year. Such estimate shall be pre- pared prepared by the General Partners Partner and the Auditors and shall be in the form specified by BCCLPthe Special Limited Partner.
(e) Within fifteen (15) days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Project Document or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners Partner shall send the Investment Limited Partners Partner a detailed report of such event.
(f) The After the Admission Date, the Partnership shall send to the Investment Limited Partners, on or before the tenth day of each month, the monthly housing credit monitoring form, and Partner copies of all applicable periodic reports covering the status of project operations from and any matters relating to the previous period, Tax Credit as may be are required by any Lender or Agency.
(g) On or before May 1st 1 of each yearFiscal Year, the Partnership shall send to the Investment Limited Partners Partner a report on operations, in the form supplied by BCCLPthe Special Limited Partner.
(h) Promptly after Permanent Mortgage Commencement, the General Partners shall send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners Partner hereby consent consents to any Agency's each Lender or Agency providing BCCLP the Special Limited Partner with copies of all material communications between any such office Lender or Agency and the General Partners Partner and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners that the Investment Limited Partners would like copies of the monthly rent rolls for the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen (15) days after the expiration of each month.
(i) The General Partners shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all of the Partners have signed this Agreement an unaudited statement of income of the Partnership for the time period of January 1, 1996 through May 31, 1996[Intentionally Omitted.]
(j) Within thirty (30) days of following the earliest date on which all of the Partners have signed this AgreementCompletion Date, the General Partners Partner shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLP.
the Special Limited Partner. (k) If the General Partners do not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth thereinPromptly after Permanent Mortgage Commencement, the General Partners shall pay as damages the sum of $250 per day to the Investment Limited Partner until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the General Partners, and failure to so pay shall constitute a material default of the General Partners hereunder. In addition, if the General Partners shall fail so to pay, the General Partners and their Affiliates shall forthwith cease to be entitled to the payment of any Cash Flow or Capital Transaction proceeds to which they may otherwise be entitled hereunder. Such payments of the Partnership Management Fee, Cash Flow and Capital Transaction proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments of the Management Fee, Cash Flow and Capital Transaction proceeds otherwise due to the General Partners or their Affiliates.
(l) On or before each January 31, the Partnership shall send to the Investment Special Limited Partner a closing binder containing photocopies of the fully executed versions of all documents signed in connection with the Permanent Mortgage. From and after any date upon which the General Partner receives notice from the Special Limited Partner that the Special Limited Partner would like copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on monthly rent rolls for the Apartment Complex pursuant to Section 6.5(c) are in forcebe sent to the Special Limited Partner, accompanied by a certificate the General Partner shall send copies of the General Partners stating that such insurance policies satisfy rent rolls to the requirements Special Limited Partner no later than ten (10) days after the expiration of Section 6.5(c)each month.
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year of the Partnership:
(i) Within forty-five (45) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, (A) a balance sheet as of the end of such fiscal year, a statement of income, a statement of partnersPartners' equity, and a statement of cash flows, each for the year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditors, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited Partners, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution Contributions of the Investment Limited Partners, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five thirty (4530) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal income tax returns together with a draft of the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filedreturns.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearfiscal year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;; and
(B) a statement of income for the quarter then ended, which may be unaudited;; and
(C) a Cash Flow statement of cash flows for the quarter then ended, which may be unaudited;; and
(D) a certification of the General Partners that the Apartment Complex and its tenants are in compliance with all applicable federal, state and local requirements and regulations;
(E) a low-income housing tax credit monitoring form, a copy of the rent roll for the Apartment Complex, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the form specified by BCCLP;; and
(F) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; and.
(b) Within sixty (60) days after the end of each calendar fiscal year of the Partnership a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to the appropriate state agency concerning the same.
(c) Upon the reasonable written request of the an Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the General Partners shall furnish such information within thirty (30) 30 days of receipt of such request.
(d) Prior to October 15 of each year, the Partnership shall send to the each Investment Limited Partners Partner an estimate of the Investment Limited Partners' Partner's share of the tax credits, profits and losses of the Partnership for Federal income tax purposes for the current fiscal year. Such estimate shall be pre- pared prepared by the General Partners and the Auditors and shall be in the form specified by BCCLP.
(e) Within fifteen (15) 15 days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Document the Project Documents or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partnerdistributions, or
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners shall send the Investment Limited Partners Partner a detailed report of such event.
(f) The After the Admission Date, the Partnership shall send to the each Investment Limited PartnersPartner, on or before the tenth day of each month, the monthly housing credit monitoring form, and copies of all applicable periodic reports covering the status of project operations from the previous period, as may be required by any AgencyAgency or Lender.
(g) On or before May 1st of each year, the Partnership shall send to the each Investment Limited Partners Partner a report on operations, in the form supplied by BCCLP.
(h) Promptly after Permanent Mortgage Commencement, the The General Partners shall cause the Partnership to send to BCCLP each Investment Limited Partner a closing binder containing photocopies copy of each Construction Loan draw requisition and any notification or correspondence from the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners hereby consent to any Agency's providing BCCLP with copies of all material communications between Construction Lender indicating that any such office and draw will not be paid as requisitioned. Upon receipt, the General Partners and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from Partnership shall send to the Investment Limited Partners that the Investment Limited Partners would like Partner copies of the monthly rent rolls for Form(s) 8609 evidencing the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen (15) days after the expiration of each monthTax Credit allocation.
(i) The If the earlier of (A) the Completion Date or (B) the date upon which tenants first occupied apartment units in the Apartment Complex shall have occurred six months or more prior to the date upon which an Investment Limited Partner acquired its Interest in the Partnership, then the General Partners shall cause to be prepared and delivered to the such Investment Limited Partner within sixty (60) 60 days of the earliest date on which all of Admission Date the Partners have signed this Agreement an following items:
(i) An unaudited statement of income of the Partnership for the time year (or such shorter period as there may be from the date of January the most recent audited statement of income of the Partnership) ended on the date upon which the Investment Limited Partner acquired its Interest in the Partnership; and
(ii) An audited statement of income of the Partnership for any fiscal year of the Partnership ending between (A) the earlier of (1, 1996 through May 31, 1996) the Completion Date or (2) the date upon which tenants first occupied apart-ment units in the Apartment Complex and (B) the date upon which such Investment Limited Partner acquired its Interest in the Partnership.
(j) Within thirty (30) days of the earliest date on which all of the Partners have signed this AgreementCompletion Date, the General Partners shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLP.
(k) If the General Partners do not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth therein, the General Partners shall pay as damages the sum of $250 100 per day (plus interest at a rate equal to the general base rate of interest established by The Bank of Boston or its successors and assigns and announced by it as the rate charged by it to its prime commercial customers on short-term unsecured borrowings as its "base rate" from time to time in effect plus 3%) to the Investment Limited Partner Partners until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the General Partners, and failure to so pay shall constitute a material default of the General Partners hereunder. In addition, if the General Partners shall so fail so to pay, the General Partners and their Affiliates shall forthwith cease to be entitled to the Annual Partnership Management Fee and the payment of any Cash Flow or Capital Transaction proceeds to which they may otherwise be entitled hereunder. Such payments of the Partnership Management Fee, Cash Flow and Capital Transaction proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments of the Annual Partnership Management Fee, Fee and Cash Flow and or Capital Transaction proceeds otherwise due to the General Partners or their Affiliates.
(l) On or before each January 31, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners Partner shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year Fiscal Year of the Partnership:
(i) Within forty-five (45) days after the end of each calendar year (or such other period as is necessary for compliance with Section 12.3(a))Fiscal Year of the Partnership, (A) a balance sheet as of the end of such fiscal yearFiscal Year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year Fiscal Year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditors, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution Contributions of the Investment Limited PartnersPartner, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five thirty (4530) days after the end of each calendar year (or such other period as is necessary for compliance with Section 12.3(a))Fiscal Year of the Partnership, all information relating to the Partnership and/or the Apartment Complex which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal federal income tax returns together with a draft of for the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filedprior Fiscal Year.
(iii) Within thirty (30) days after the end of each quarter of a calendar yearFiscal Year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income for the quarter then ended, which may be unaudited;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the General Partners Partner that the Apartment Complex and its tenants are in compliance with all applicable federal, state and local requirements and regulations;
(E) a low-income housing tax credit Tax Credit monitoring form, a copy of the rent roll for the Apartment ComplexComplex for each month during such quarter, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the a form specified by BCCLPthe Special Limited Partner;
(F) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; and
(b) Within sixty (60) days after the end of each calendar year Fiscal Year of the Partnership a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex as low-income housing and, if required, a certificate to the appropriate state agency concerning the same.
(c) Upon upon the reasonable written request of the Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the General Partners Partner shall furnish such information within thirty (30) days of receipt of such request.
(d) Prior to October 15 of each yearFiscal Year, the Partnership shall send to the Investment Limited Partners Partner an estimate of the Investment Limited Partners' Partner's share of the tax creditsTax Credits, profits Profits and losses Losses of the Partnership for Federal federal income tax purposes for the current fiscal yearFiscal Year. Such estimate shall be pre- pared prepared by the General Partners Partner and the Auditors and shall be in the form specified by BCCLPthe Special Limited Partner.
(e) Within fifteen (15) days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Project Document or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners Partner shall send the Investment Limited Partners Partner a detailed report of such event.
(f) The After the Admission Date, the Partnership shall send to the Investment Limited Partners, on or before the tenth day of each month, the monthly housing credit monitoring form, and Partner copies of all applicable periodic reports covering the status of project operations from and any matters relating to the previous period, Tax Credit as may be are required by any Lender or Agency.
(g) On or before May 1st 1 of each yearFiscal Year, the Partnership shall send to the Investment Limited Partners Partner a report on operations, in the form supplied by BCCLPthe Special Limited Partner.
(h) Promptly after Permanent Mortgage Commencement, the General Partners shall send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners Partner hereby consent consents to any Agency's each Lender or Agency providing BCCLP the Special Limited Partner with copies of all material communications between any such office Lender or Agency and the General Partners Partner and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners that the Investment Limited Partners would like copies of the monthly rent rolls for the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen (15) days after the expiration of each month.
(i) The If the earlier of (A) the Completion Date or (B) the date upon which tenants first occupied apartment units in the Apartment Complex after the construction of such units, shall have occurred six (6) months or more prior to the date on which the Investment Limited Partner acquired its Interest in the Partnership, then the General Partners Partner shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all of Admission Date the Partners have signed this Agreement an following items:
(i) An unaudited statement of income of the Partnership for the time year (or such shorter period as there may be from the date of January the most recent audited statement of income of the Partnership) ended on the date upon which the Investment Limited Partner acquired its Interest in the Partnership; and
(ii) An audited statement of income of the Partnership for any fiscal year of the Partnership ending between (A) the earlier of (1, 1996 through May 31, 1996) the Completion Date or (2) the date upon which tenants first occupied apartment units in the Apartment Complex after the rehabilitation of such units and (B) the date upon which the Investment Limited Partner acquired its Interest in the Partnership.
(j) Within thirty (30) days of following the earliest date on which all of the Partners have signed this AgreementCompletion Date, the General Partners Partner shall prepare, or cause the Auditors to prepare, and deliver to each Limited Partner a Tax Credit basis worksheet for each building in the Apartment Complex, all in a form specified by BCCLPthe Special Limited Partner.
(k) Promptly after Permanent Mortgage Commencement, the General Partner shall send to the Special Limited Partner a closing binder containing photocopies of the fully executed versions of all documents signed in connection with the Permanent Mortgage. From and after any date upon which the General Partner receives notice from the Special Limited Partner that the Special Limited Partner would like copies of the monthly rent rolls for the Apartment Complex to be sent to the Special Limited Partner, the General Partner shall send copies of the rent rolls to the Special Limited Partner no later than ten (10) days after the expiration of each month.
(l) If the General Partners do Partner does not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth therein, the General Partners Partner shall pay as damages the sum of $250 500 per day (plus interest at a rate equal to the Prime Rate plus three percent (3%)) to the Investment Limited Partner until such obligations shall have been fulfilled. Such damages shall be paid forthwith by the General PartnersPartner, and the failure to so pay any such damages shall constitute a material default of by the General Partners Partner hereunder. In addition, if the General Partners Partner shall fail so to paypay any such damages, the General Partners Partner and their its Affiliates shall forthwith cease to be entitled to the payment distribution of any Cash Flow or Capital Transaction proceeds Proceeds to which they may otherwise be entitled hereunder. Such payments distributions of the Partnership Management Fee, Cash Flow and Capital Transaction proceeds Proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments distributions of the Management Fee, Cash Flow and Capital Transaction proceeds Proceeds otherwise due to the General Partners Partner or their its Affiliates.
(l) On or before each January 31, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
Appears in 1 contract
Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
Information to Partners. (a) The General Partners shall cause to be prepared and distributed to all Persons who were Partners at any time during a fiscal year of the Partnership:
(i) Within forty-five sixty (4560) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, (A) a balance sheet as of the end of such fiscal year, a statement of income, a statement of partners' equity, and a statement of cash flows, each for the year then ended, all of which, except the statement of cash flows, shall be prepared in accordance with generally accepted accounting principles and accompanied by a report of the Auditors containing an opinion of the Auditors, and (B) a report of the activities of the Partnership during the period covered by the report. With respect to any distribution to the Investment Limited PartnersPartner, the report called for shall separately identify distributions from (1) Cash Flow from operations during the period, (2) Cash Flow from operations during a prior period which had been held as reserves, (3) proceeds from disposition of property and investments, (4) lease payments on net leases with builders and sellers, (5) reserves from the gross proceeds of the Capital Contribution of the Investment Limited PartnersPartner, (6) borrowed monies, and (7) transactions outside of the ordinary course of business with a description thereof.
(ii) Within forty-five thirty (4530) days after the end of each calendar fiscal year (or such other period as is necessary for compliance with Section 12.3(a))of the Partnership, all information relating to the Partnership and/or the Apartment Complex Partnership Property which is necessary, in the view of the Tax Accountants, for the preparation of the Limited Partners' Federal income tax returns together with a draft of the Partnership's Federal income tax return and, promptly following the filing thereof with the Service, a final copy of such return as filedreturns.
(iii) Within thirty forty-five (3045) days after the end of each quarter of a calendar yearfiscal year of the Partnership, a report containing:
(A) a balance sheet, which may be unaudited;
(B) a statement of income for the quarter then ended, which may be unaudited;
(C) a statement of cash flows for the quarter then ended, which may be unaudited;
(D) a certification of the General Partners that the Apartment Complex and its tenants are in compliance with all applicable federal, state and local requirements and regulations;
(E) a low-income housing tax credit monitoring form, a copy of the rent roll for the Apartment Complex, a statement of income and expenses, an operating statement and an Occupancy/Rental Report, all in the form specified by BCCLP;
(F) all other information which would be pertinent to a reasonable investor regarding the Partnership and its activities during the quarter covered by the report, as requested in writing by notice from the Special Limited Partner to the Partnership; and.
(b) Within sixty (60) days after the end of each calendar fiscal year of the Partnership a copy of the annual report to be filed with the United States Department of the Treasury concerning the status of the Apartment Complex Partnership Property as low-income housing and, if required, a certificate to the appropriate state agency concerning the same.
(c) Upon the reasonable written request of the Investment Limited Partners Partner for further information with respect to any matter covered in item (a) or item (b) above, the General Partners shall furnish such information within thirty (30) days of receipt of such request.
(d) Prior to October 15 of each year, the Partnership shall send to the Investment Limited Partners Partner an estimate of the Investment Limited Partners' Partner's share of the tax credits, profits and losses of the Partnership for Federal income tax purposes for the current fiscal year. Such estimate shall be pre- pared prepared by the General Partners and the Auditors and shall be in the form specified by BCCLPAuditors.
(e) Within fifteen (15) days after the end of any calendar quarter during which:
(i) there is a material default by the Partnership under any Pro- ject Document the Project Documents or in the payment of any mortgage, taxes, interest or other obligation on secured or unsecured debt,
(ii) any reserve has been reduced or terminated by application of funds therein for purposes materially different from those for which such reserve was established,
(iii) any General Partner has received any notice of a material fact which may substantially affect further distributions (as distinguished from amounts) of Cash Flow or Tax Credit allocations to any Limited Partner, or
(iv) any Partner has pledged or collateralized its Interest in the Partnership, the General Partners shall send the Investment Limited Partners Partner a detailed report of such event.
(f) The After the Admission Date, the Partnership shall send to the Investment Limited PartnersPartner, on or before the tenth day of each month, the monthly housing credit monitoring form, and copies of all applicable periodic reports covering the status of project operations from the previous period, as may be required by any AgencyAgency or the Authority.
(g) On or before May 1st Within thirty (30) days after the end of each quarter of the Partnership's fiscal year, the Partnership shall send to the Investment Limited Partners Partner a report on operations, in the form supplied by BCCLPthe Investment Limited Partner.
(h) Promptly after Permanent Mortgage Commencement, the The General Partners shall cause the Partnership to send to BCCLP a closing binder containing photocopies of the fully-executed versions of all documents signed in connection with the Permanent Mortgage. The General Partners hereby consent to any Agency's providing BCCLP with copies of all material communications between any such office and the General Partners and/or the Partnership, including, but not limited to, any notices of default. From and after any date upon which the General Partners receive notice from the Investment Limited Partners Partner a copy of each Construction Mortgage draw requisition and any notification or correspondence from the Construction Lender indicating that any such draw will not be paid as requisitioned. Upon receipt, the Partnership shall send to the Investment Limited Partners would like Partner copies of the monthly rent rolls for Form(s) 8609 evidencing the Apartment Complex to be sent to BCCLP, the General Partners shall send copies of the rent rolls to BCCLP no later than fifteen (15) days after the expiration of each monthTax Credit allocation.
(i) The If the earlier of (A) the Completion Date or (B) the date upon which tenants first occupied single family home units in the Partnership Property shall have occurred six months or more prior to the date upon which the Investment Limited Partner acquired its Interest in the Partnership, then the General Partners shall cause to be prepared and delivered to the Investment Limited Partner within sixty (60) days of the earliest date on which all of Admission Date the Partners have signed this Agreement an following items:
(i) An unaudited statement of income of the Partnership for the time year (or such shorter period as there may be from the date of January the most recent audited statement of income of the Partnership) ended on the date upon which the Investment Limited Partner acquired its Interest in the Partnership; and
(ii) An audited statement of income of the Partnership for any fiscal year of the Partnership ending between (A) the earlier of (1, 1996 through May 31, 1996) the Completion Date or (2) the date upon which tenants first occupied single family home units in the Partnership Property and (B) the date upon which the Investment Limited Partner acquired its Interest in the Partnership.
(j) Within thirty (30) days of the earliest date on which all of the Partners have signed this AgreementCompletion Date, the General Partners partners shall prepare, or cause furnish the Auditors to prepare, and deliver to each Investment Limited Partner with a Tax Credit basis worksheet Basis Worksheet for each building building, in the Apartment Complex, all in a form specified by BCCLPthe Investment Limited Partner.
(k) If the General Partners do not cause the Partnership to fulfill its obligations under Section 12.7(a)(i) and/or Section 12.7(a)(ii) within the time periods set forth therein, the General Partners shall may be required by the Investment Limited Partner to pay as damages the sum of $250 per day (plus interest at a rate equal to the general base rate of interest established by The First National Bank of Boston or its successors and assigns and announced by it as the rate charged by it to its prime commercial customers on short-term unsecured borrowings as its "base rate" from time to time in effect plus 3%) to the Investment Limited Partner until such obligations shall have been fulfilled; provided, however, that said penalty shall not be applied should the failure to provide such reports and information be beyond the control of the General Partner. Such damages shall be paid forthwith by the General Partners, and failure to so pay shall constitute a material default of the General Partners hereunder. In addition, if the General Partners shall so fail so to pay, the General Partners and their Affiliates shall forthwith cease to be entitled to the Annual Partnership Management Fee, and to the payment of any Cash Flow or Capital Transaction proceeds to which they may otherwise be entitled hereunder. Such payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds shall be restored only upon the payment of such damages in full, and any amount of such damages not so paid shall be deducted against payments of the Annual Partnership Management Fee, Cash Flow and Capital Transaction proceeds otherwise due to the General Partners or their Affiliatesaffiliates.
(l) On or before each January 31, the Partnership shall send to the Investment Limited Partner copies of the certificates, memoranda of insurance or other evidence satisfactory to the Investment Limited Partner that insurance policies required to be maintained on the Apartment Complex pursuant to Section 6.5(c) are in force, accompanied by a certificate of the General Partners stating that such insurance policies satisfy the requirements of Section 6.5(c).
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Samples: Limited Partnership Agreement (Boston Capital Tax Credit Fund Iv Lp)
