Property Level Default-Project Clause Samples

Property Level Default-Project. At any time within one hundred eighty (180) days after a Property Level Default, including, without limitation, a Performance Test Default, exists with respect to a Project, in which case Investor may be the initiating party with respect only to such Project, except if the Property Level Default is due to a Performance Test Default which occurred due to no default or breach by AIMCO REIT, AIMCO OP, any AIMCO Member or any of their respective Affiliates, then in such case either Investor or the AIMCO Managing Member may be the initiating party with respect to such Project;