Common use of Phase I ROFR Term – Tax Compliance Period Clause in Contracts

Phase I ROFR Term – Tax Compliance Period. Borrower covenants and agrees that, subject to Section 5.03 above, if the Borrower receives a bona fide offer to purchase the Property from a prospective purchaser other than APAH or an affiliate of APAH (“Bona Fide Offer”) during the period of time commencing from the Effective Date and ending upon the close of the fifteenth (15th) full year of the compliance period for the federal low-income housing tax credits for the Property (the “Phase I ROFR Term”), which Bona Fide Offer the Borrower desires to accept, then the County Board shall have a right of first refusal to purchase the Property (the “Phase I Refusal Right”), pursuant to the terms and conditions set forth in this Section 5.04, at the lesser of the fair market value price, as determined in Section 5.04(d) below, or the Bona Fide Offer proposed purchase price (the “Phase I ROFR Term Purchase Price”).

Phase I ROFR Term – Tax Compliance Period. Borrower covenants and agrees that, subject to Section 5.03 above, if the Borrower receives a bona fide offer Bona Fide Offer to purchase the Property from a prospective purchaser other than APAH or an affiliate Affiliate of APAH (“Bona Fide Offer”) the General Partner during the period of time commencing from the Effective Date and ending upon the close of the fifteenth (15th) full year of the compliance period for the federal low-income housing tax credits for the Property (the “Phase I ROFR Term”), which Bona Fide Offer the Borrower desires to accept, then the County Board shall have a right of first refusal to purchase the Property (the “Phase I Refusal Right”), pursuant to the terms and conditions set forth in this Section 5.04, at the lesser of the fair market value price, as determined in Section 5.04(d) below, or the Bona Fide Offer proposed purchase price (the “Phase I ROFR Term Purchase Price”).

Phase I ROFR Term – Tax Compliance Period. Borrower covenants and agrees that, subject to Section 5.03 above, if the Borrower receives a bona fide offer Bona Fide Offer to purchase the Property from a prospective purchaser purchaser, other than APAH ARHC or an affiliate Affiliate of APAH (“Bona Fide Offer”) ARHC, during the period of time commencing from the Effective Date and ending upon the close of the fifteenth (15th) full year of the compliance period for the federal low-income housing tax credits for the Property (the “Phase I ROFR Term”), which Bona Fide Offer the Borrower desires to accept, then the County Board shall have a right of first refusal to purchase the Property (the “Phase I Refusal Right”), pursuant to the terms and conditions set forth in this Section 5.04, at the lesser of the fair market value price, as determined in Section 5.04(d) below, or the Bona Fide Offer proposed purchase price which the Borrower desires to accept (the “Phase I ROFR Term Purchase Price”).

Phase I ROFR Term – Tax Compliance Period. Borrower covenants and agrees that, subject to Section 5.03 above, if the Borrower receives a bona fide offer Bona Fide Offer to purchase the Property from a prospective purchaser other than APAH or an affiliate Affiliate of APAH (“Bona Fide Offer”) the Borrower during the period of time commencing from the Effective Date and ending upon the close of the fifteenth (15th) full year of the compliance period for the federal low-income housing tax credits for the Property (the “Phase I ROFR Term”), which Bona Fide Offer the Borrower desires to accept, then the County Board shall have a right of first refusal to purchase the Property (the “Phase I Refusal Right”), pursuant to the terms and conditions set forth in this Section 5.04, at the lesser of the fair market value price, as determined in Section 5.04(d) below, or the Bona Fide Offer proposed purchase price (the “Phase I ROFR Term Purchase Price”).

Phase I ROFR Term – Tax Compliance Period. Borrower covenants and agrees that, subject to Section 5.03 above, if the Borrower receives a bona fide offer to purchase the Property from a prospective purchaser other than APAH or an affiliate of APAH MBS (“Bona Fide Offer”) during the period of time commencing from the Effective Closing Date and ending upon the close of the fifteenth (15th) full year of the compliance period for the federal low-income housing tax credits for the Property (the “Phase I ROFR Term”), which Bona Fide Offer the Borrower desires to accept, then the County Board shall have a right of first refusal to purchase the Property (the “Phase I Refusal Right”), pursuant to the terms and conditions set forth in this Section 5.04, at the lesser greater of the fair market value price, as determined in Section 5.04(d) below, or the Bona Fide Offer proposed purchase price (the “Phase I ROFR Term Purchase Price”). Borrower shall not accept a Bona Fide Offer from any party for less than the Phase I ROFR Term Purchase Price.

Phase I ROFR Term – Tax Compliance Period. Borrower covenants and agrees that, subject to Section 5.03 above, if the Borrower receives a bona fide offer to purchase the Property from a prospective purchaser other than APAH or an affiliate of APAH (“Bona Fide Offer”) during the period of time commencing from the Effective Date and ending upon the close of the fifteenth (15th) full year of the compliance period for the federal low-income housing tax credits for the Property (the “Phase I ROFR Term”), which Bona Fide Offer the Borrower desires to accept, then the County Board shall have a right of first refusal to purchase the Property (the “Phase I Refusal Right”), pursuant to the terms and conditions set forth in this Section 5.04, at the lesser of the fair market value price, as determined in Section 5.04(d) below, or the Bona Fide Offer proposed purchase price (the “Phase I ROFR Term Purchase Price”).