Permitted Transfers by Developer Clause Samples

Permitted Transfers by Developer. Notwithstanding any other provision of this Agreement to the contrary, Agency approval of an assignment of this Agreement or conveyance of the Agency Parcels, the Residential Structures or the Improvements, or any part thereof, shall not be required in connection with any of the following: a. Any transfers to an entity or entities in which the Developer or its shareholders, members of their immediate families, or trusts for their benefit, retain a minimum of fifty-one percent (51 %) of the ownership or beneficial interest and retains management and control of the transferee entity or entities; or b. The conveyance or dedication of any portion of the Agency Parcels to the City or other appropriate governmental agency, or the granting of easements or permits to facilitate construction of the Improvements.

Permitted Transfers by Developer. Notwithstanding any other provision of this Agreement to the contrary, Agency approval of an assignment of this Agreement or conveyance of the Site, the Improvements, or any part thereof, shall not be required in connection with any of the following: a. Any transfers to an entity or entities in which Developer or any entity controlled by or under common control with Developer, retains a minimum of fifty percent (50%) of the ownership or beneficial interest and retains management and control of the transferee entity or entities; b. The conveyance or dedication of any portion of the Site to the City or other appropriate governmental agency, or the granting of easements or permits to facilitate construction of the Improvements; or

Permitted Transfers by Developer. Notwithstanding any other provision of this Agreement, the City approval of an assignment of this Agreement or any interest herein shall not be required in connection with any of the following (each a “Permitted Transfer”): (I) nominating (a) the Tax Credit Partnership to take title to the Affordable Project at the Closing, provided that the City has reasonably approved all general partners thereof, (b) any party to take title to the Market Rate Parcel at the Closing, (c) any party to take title to the Mixed Income Parcel at the Closing which is directly or indirectly controlled or managed by Developer, an Affiliate thereof, or any other party approved by the City, which approval shall not be unreasonably withheld, conditioned or delayed, and/or (d) any party that the City reasonably approves to take title to the Common Amenities Parcel at the Closing (and the City agrees that the property owners association that administers the CC&Rs, the Tax Credit Partnership that takes title to the Affordable Project, and the party that takes title to the Mixed Income Parcel are hereby pre-approved as parties that may take title to the Common Amenities Parcel at Closing; provided that the City has reasonably approved the financing, operating and management plan with respect to the Common Amenities Parcel); and (II) any assignment or transfer of this Agreement to the foregoing parties taking title with respect to the applicable portion of the Property.

Permitted Transfers by Developer. Notwithstanding any other provision of this Agreement to the contrary, Housing Authority approval of an assignment of this Agreement or conveyance of the Site, the Apartment Complex, or any part thereof, shall not be required in connection with any of the following: (A) the admission of an investor limited partner to Developer; (B) the transfer by the investor limited partner of its interest in Developer to an entity in which an Affiliate of the investor is the general partner or the managing member of the transferee; (C) the removal of the general partner of Developer by the investor limited partner for a default under the partnership agreement; (D) the transfer by the Developer to an Affiliate of Developer; (E) assignments for purposes of securing financing approved by Housing Authority in accordance with Article 300 hereof; (F) the lease of the Affordable Units, subject to the Affordable Housing Covenants Benefitting Housing Authority and the Affordable Housing Covenants Benefitting City; (G) the conveyance or dedication of any portion of the Site to the City or other appropriate governmental agency, or the granting of easements or permits to facilitate Construction.

Permitted Transfers by Developer. Notwithstanding any other provision of this Agreement to the contrary, Agency approval of an assignment of this Agreement, or any part thereof, shall not be required in connection with any of the following: a. Any transfers to an entity or entities in which Developer or any entity controlled by or under common control with Developer, retains a minimum of fifty percent (50%) of the ownership or beneficial interest and retains management and control of the transferee entity or entities; or b. Any transfers to an entity in which Developer, or any entity controlled by or under common control with Developer, retains a minimum of fifty percent (50%) of the ownership or beneficial interest; or

Permitted Transfers by Developer. Notwithstanding any other provision of this Agreement to the contrary, Authority approval of an assignment of this Agreement or conveyance of the Site or any part thereof shall not be required in connection with any of the following: i. the conveyance or dedication of any portion of the Site to the City or other appropriate governmental agencies, or the granting of easements or permits to public utilities to facilitate the development of the Project; ii. The sale to a Qualified Buyer of any Affordable Unit in accordance with the terms of this Agreement.

Permitted Transfers by Developer. Notwithstanding any other provision of the

Permitted Transfers by Developer. Notwithstanding any other provision of this Agreement to the contrary, Authority approval of an assignment of this Agreement or conveyance of the Site, the Developer Improvements, or any part thereof, shall not be required in connection with any of the following: a. Any transfers to an entity or entities in which Developer or any entity controlled by or under common control with Developer, retains a minimum of fifty percent (50%) of the ownership or beneficial interest and retains management and control of the transferee entity or entities; b. Any transfers to an entity in which Developer, or any entity controlled by or under common control with Developer, retains a minimum of fifty percent (50%) of the ownership or beneficial interest; or c. The conveyance or dedication of any portion of the Site to the City or other appropriate governmental agency, or the granting of easements or permits to facilitate construction of the Developer Improvements; or