Common use of Permitted Transfers Without Prior County Board Approval Clause in Contracts

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(s) partner or limited partners 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; andor (3) The transfer by the Limited Partner of its respective partnership interests in the Borrower to any other entity which is an Affiliate 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(s) partner or limited partners 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 affiliate of the Limited Partner or the General Partner. Partner or an affiliate of Enterprise Community Investment, Inc. 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) partner or limited partners 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; andor (3) The transfer by the Limited Partner Partners of its their respective partnership interests in the Borrower to any other entity which is an Affiliate affiliate of the Investor 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.