Permitted Transfers Without Prior County Board Approval. The Borrower represents, covenants and agrees that the only Transfers permitted at any time without the prior written approval of the County Board are as follows:
(1) The rental of residential apartment units on the Property by the Borrower in the ordinary course of business and in compliance with this Agreement;
(2) The issuance or conveyance of limited partnership rights by the Borrower for the purpose of obtaining tax credits; provided, however, that the limited partner(s) are persons or entities who are providing equity funds to the Borrower in consideration for receipt of federal and/or state tax credits allocated to the Borrower for financing the construction and/or renovation of the Property; and
(3) The transfer by the Limited Partner of its respective partnership interests in the Borrower to any other entity which is an Affiliate of the Limited Partner or the General Partner. Borrower shall promptly notify the County Manager or his designee in writing of any such Transfer permitted without prior approval of the County Board.
Permitted Transfers Without Prior County Board Approval. The Borrower represents, covenants and agrees that the only Transfers permitted at any time without the prior written approval of the County Board are as follows:
(1) The rental of residential apartment units on the Property by the Borrower in the ordinary course of business and in compliance with this Agreement;
(2) The issuance or conveyance of limited partnership rights by the Borrower for the purpose of obtaining tax credits; provided, however, that the limited partner are persons or entities who are providing equity funds to the Borrower in consideration for receipt of federal and/or state tax credits allocated to the Borrower for financing the construction and/or renovation of the Property; and
Permitted Transfers Without Prior County Board Approval. The Borrower represents, covenants and agrees that the only Transfers permitted at any time without the prior written approval of the County Board are as follows:
(1) The rental of residential apartment units on the Property by the Borrower in the ordinary course of business and in compliance with this Agreement;
(2) The issuance of limited liability company rights by the Borrower or the conveyance by Xxxxxxxx to a new member for the purpose of obtaining tax credits; provided, however, that WHDC or an ownership affiliate of WHDC is managing member, and the new member or new members are persons or entities who are providing funds to the Borrower in consideration for receipt of federal and/or state tax credits allocated to the Borrower for financing the construction and/or renovation of the Property;
(3) The transfer by the Investor Members of their respective membership interests in the Borrower to any other entity which is an affiliate of the Investor Member or which is controlled by Xxxxxx Housing Capital LLC; and
(4) A change in the beneficial ownership of the Investor Members so long as such entity remains controlled by or is an affiliate of Xxxxxx Housing Capital LLC. Borrower shall promptly notify the County Manager or her designee in writing of any such Transfer permitted without prior approval of the County Board.
Permitted Transfers Without Prior County Board Approval. The Borrower represents, covenants and agrees that the only Transfers permitted at any time without the prior written approval of the County Board are as follows:
Permitted Transfers Without Prior County Board Approval. The Borrower represents, covenants and agrees that the only Transfers permitted at any time without the prior written approval of the County Board are as follows:
(1) The rental of an Income-Restricted Unit by the Borrower in the ordinary course of business and in compliance with this Agreement.
(2) The issuance of limited partnership rights by the Borrower for the purpose of obtaining tax credits; provided, however, that AHC or an ownership affiliate of AHC is a general partner, and the limited partner or limited partners are persons or entities who are providing funds to the Borrower in consideration for receipt of federal and/or state tax credits allocated to the Borrower for financing the acquisition, construction and renovation of the Property pursuant to this Agreement.
(3) The transfer of either the Special Limited Partner’s or the Investment Limited Partner’s interest in the Borrower to an affiliate of the Investment Limited Partner, or any other person after the Investor Limited Partners have made all of the capital contributions required under the Amended and Restated Partnership Agreement.
(4) A change in the beneficial ownership of either the Special Limited Partner or the Investment Limited Partner.
(5) Any lease, sublease, or assignment of an existing lease of the commercial space. Borrower shall promptly notify the County Manager or her designee in writing of any such Transfer permitted without prior approval of the County Board.
Permitted Transfers Without Prior County Board Approval. The Borrower represents, covenants and agrees that the only Transfers permitted at any time without the prior written approval of the County Board are as follows:
(1) The rental of residential apartment units on the Property by the Borrower in the ordinary course of business and in compliance with this Agreement.
(2) The issuance of limited liability company rights by the Borrower or the conveyance by Borrower to a new owner for the purpose of obtaining tax credits; provided, however, that AHC or an ownership affiliate of AHC is managing member, and the minority member or minority members are persons or entities who are providing funds to the Borrower in consideration for receipt of federal and/or state tax credits allocated to the Borrower for financing the construction and/or renovation of the Property.
(3) A Transfer by the Borrower to a limited partnership of which the general partner is an ownership affiliate of AHC. Borrower shall promptly notify the County Manager or her designee in writing of any such Transfer permitted without prior approval of the County Board.
Permitted Transfers Without Prior County Board Approval. The Borrower represents, covenants and agrees that the only Transfers permitted at any time without the prior written approval of the County Board are as follows:
(1) The rental of residential apartment units on the Property by the Borrower in the ordinary course of business and in compliance with this Agreement;
(2) The issuance or conveyance of limited partnership rights by the Borrower for the purpose of obtaining tax credits; provided, however, that the limited partner or limited partners are persons or entities who are providing funds to the Borrower in consideration for receipt of federal and/or state tax credits allocated to the Borrower for financing the construction and/or renovation of the Property; and
(3) The transfer by the Limited Partner of its respective partnership interests in the Borrower to any other entity which is an affiliate of the Limited Partner or the General Partner or an affiliate of Enterprise Community Investment, Inc.; and
(4) The master leasing to APAH of the commercial space at the Property. any such Transfer permitted without prior approval of the County Board.
Permitted Transfers Without Prior County Board Approval. The Borrower represents, covenants and agrees that the only Transfers permitted at any time without the prior written approval of the County Board are as follows:
(1) The rental of residential apartment units on the Property by the Borrower in the ordinary course of business and in compliance with this Agreement;
(2) The issuance or conveyance of limited partnership rights by the Borrower for the purpose of obtaining tax credits; provided, however, that the limited partner(s) are persons or entities who are providing equity funds to the Borrower in consideration for receipt of federal and/or state tax credits allocated to the Borrower for financing the construction and/or renovation of the Property; and
(3) The transfer by the Limited Partners of their respective partnership interests in the Borrower to any other entity which is an Affiliate of the Limited Partners.
(4) The transfer by non-managing members, minority stockholders or limited partners of the Limited Partners of their respective member or partnership interests in the Limited Partners, or the transfer by the, managing member, minority stockholders or general partner to any other entity which is an Affiliate of the Limited Partners or an Affiliate of the members or partners themselves. Borrower shall promptly notify the County Manager or his designee in writing of any such Transfer permitted without prior approval of the County Board.
Permitted Transfers Without Prior County Board Approval. The Borrower represents, covenants and agrees that the only Transfers permitted at any time without the prior written approval of the County Board are as follows:
(1) The rental of residential apartment units on the Property by the Borrower in the ordinary course of business and in compliance with this Agreement;
(2) The issuance or conveyance of limited partnership rights by the Borrower for the purpose of obtaining tax credits; provided, however, that the limited partner(s) are persons or entities who are providing equity funds to the Borrower in consideration for receipt of federal and/or state tax credits allocated to the Borrower for financing the construction and/or renovation of the Property; and
(3) The transfer by the Limited Partners of their respective partnership interests in the Borrower to any other entity which is an affiliate of the Limited Partners.
(4) The transfer by WHDC of its partnership interests (or its Affiliate’s partnership interest) in the Borrower to ARHC or AHRC’s Affiliate. Borrower shall promptly notify the County Manager or his designee in writing of any such Transfer permitted without prior approval of the County Board.
Permitted Transfers Without Prior County Board Approval. The Borrower represents, covenants and agrees that the only Transfers permitted at any time without the prior written approval of the County Board are as follows:
(1) The rental of residential apartment units on the Property by the Borrower in the ordinary course of business and in compliance with this Agreement;
(2) The issuance or conveyance of membership rights by the Borrower for the purpose of obtaining tax credits; provided, however, that the member(s) are persons or entities who are providing equity funds to the Borrower in consideration for receipt of federal and/or state tax credits allocated to the Borrower for financing the construction and/or renovation of the Property;
(3) The Transfer of obsolete or worn out Accessories (as defined in the County Deed of Trust) that are contemporaneously replaced by items of equal or better function and quality, which are free of liens, encumbrances and security interests other than those created by or permitted pursuant to the County Loan Documents or consented to by the County Board;
(4) the grant of an easement, servitude, or restrictive covenant if, before the grant, the County Board determines that the easement, servitude, or restrictive covenant will not materially affect the operation or value of the Property or the County Board’s interest in the Property, and the Borrower pays to the County Board, upon demand, all costs and expenses incurred by the County Board in connection with reviewing the Borrower’s request; provided, however, utility easements of a type usually permitted or required to operate a multifamily project in the Commonwealth of Virginia (such as, by way of example, gas, sewer and electricity supplier easements and easements to provide cable service) shall be deemed to be Permitted Transfers without the need for the County Board’s prior review or determination so long as (i) such easement does not obligate Borrower to incur any additional costs, (ii) such easement does not grant the grantee of the easement the option to acquire any other estate in the Property, and (iii) the County Board is not obligated to subordinate the lien of the County Deed of Trust to the proposed easement;
(5) the creation of a mechanic’s, materialman’s, or judgment lien against the Property which is released of record or otherwise remedied to the County Board’s satisfaction within 45 days after Borrower has actual or constructive notice of the existence of such lien; and
(6) solely with respect to Transfers desc...
