Common use of NONPROFIT ORGANIZATION(S) Clause in Contracts

NONPROFIT ORGANIZATION(S). If the Owner filed an Application under the nonprofit Credit set-aside for qualified nonprofit organizations, as set forth on Exhibit “A”, the Owner and Development must continue to qualify under the nonprofit set-aside, as defined by Code Section 42 and the QAP, following the proposed Transfer. A thorough explanation of the proposed Transfer and an opinion of legal counsel that the proposed Transfer will not disqualify the Owner/Development for the nonprofit Credit set-aside must accompany the notice of transfer or assignment.