Common use of Removal and Replacement of General Partner Clause in Contracts

Removal and Replacement of General Partner. Subject to this Section 5.03(f), the Limited Partner shall be permitted to remove and replace the General Partner with an affiliate of the Limited Partner or an affiliate of Enterprise Community Investment, Inc. (the “Temporary Replacement General Partner”) without the prior written consent of the County Board, but with immediate notice to the County Board within five (5) business days of such replacement; provided, however, that such Temporary Replacement General Partner shall only serve for a period of six (6) months (or such longer time as may be reasonably necessary to find a third party permanent replacement general partner); thereafter, a third-party replacement general partner (the “Permanent Replacement General Partner”), subject to approval by the County Board in its reasonable discretion after being provided pertinent information about the proposed Permanent Replacement General Partner and a reasonable period of time to review, may be admitted to the Borrower as the sole general partner. The Limited Partner shall be required to secure approval from the County Board of a prospective Permanent Replacement General Partner within a reasonable period of time following the appointment of the Temporary Replacement General Partner. Failure of the Limited Partner to adhere to the requirements of this Section 5.03(f) shall render any such removal and replacement of General Partner void and an Event of Default.

Removal and Replacement of General Partner. Subject to this Section 5.03(f), the Limited Partner Partners shall be permitted to remove and replace the General Partner with an affiliate of the Limited Partner or an affiliate of Enterprise Community Investment, Inc. Partners (the “Temporary Replacement General Partner”) without the prior written consent of the County Board, but with immediate notice to the County Board within five (5) business days of such replacement; provided, however, that such Temporary Replacement General Partner shall only serve for a period of six (6) months (or such longer time as may be reasonably necessary to find a third party permanent replacement general partner)months; thereafter, a third-party replacement general partner (the “Permanent Replacement General Partner”), subject to approval by the County Board in its reasonable discretion after being provided pertinent information about the proposed Permanent Replacement General Partner and a reasonable period of time to review, may be admitted to the Borrower as the sole general partner. The Limited Partner Partners shall be required to secure approval from the County Board of a prospective Permanent Replacement General Partner within a reasonable period of time following the appointment of the Temporary Replacement General Partner. Failure of the Limited Partner Partners to adhere to the requirements of this Section 5.03(f) shall render any such removal and replacement of General Partner void and an Event of Default.

Removal and Replacement of General Partner. Subject to this Section 5.03(f), the Limited Partner shall be permitted to remove and replace the General Partner with an affiliate of the Limited Partner or an affiliate of Enterprise Community Investment, Inc. (the “Temporary Replacement General Partner”) without the prior written consent of the County Board, but with immediate notice to will immediately notify the County Board within five (5) business days of such replacement; provided, however, that such Temporary Replacement General Partner shall only serve for a period of six (6) months (or such longer time as may be reasonably necessary to find a third party permanent replacement general partner); thereafter, a third-party replacement general partner (the “Permanent Replacement General Partner”), subject to approval by the County Board in its reasonable discretion after being provided pertinent information about the proposed Permanent Replacement General Partner and a reasonable period of time to review, may be admitted to the Borrower as the sole general partner. The Limited Partner shall be required to secure approval from the County Board of a prospective Permanent Replacement General Partner within a reasonable period of time following the appointment of the Temporary Replacement General Partner. Failure of the Limited Partner to adhere to the requirements of this Section 5.03(f) shall render any such removal and replacement of General Partner void and an Event of Default.

Removal and Replacement of General Partner. Subject to this Section 5.03(f), the LIHTC Limited Partner shall be permitted to remove and replace the General Partner with an affiliate of the LIHTC Limited Partner or an affiliate of Enterprise Community Investment, Inc. (the “Temporary Replacement General Partner”) without the prior written consent of the County Board, but with immediate notice to will immediately notify the County Board within five (5) business days of such replacement; provided, however, that such Temporary Replacement General Partner shall only serve for a period of six (6) months (or such longer time as may be reasonably necessary to find a third party permanent replacement general partner); thereafter, a third-party replacement general partner (the “Permanent Replacement General Partner”), subject to approval by the County Board in its reasonable discretion after being provided pertinent information about the proposed Permanent Replacement General Partner and a reasonable period of time to review, may be admitted to the Borrower as the sole general partner. The LIHTC Limited Partner shall be required to secure approval from the County Board of a prospective Permanent Replacement General Partner within a reasonable period of time following the appointment of the Temporary Replacement General Partner. Failure of the LIHTC Limited Partner to adhere to the requirements of this Section 5.03(f) shall render any such removal and replacement of General Partner void and an Event of Default.

Removal and Replacement of General Partner. Subject to this Section 5.03(f), the Limited Partner shall be permitted to remove and replace the General Partner with an affiliate of the Limited Partner or an affiliate of Enterprise Community Investment, Inc. (the “Temporary Replacement General Partner”) without the prior written consent of the County Board, but with immediate notice to the County Board within five (5) business days of such replacement; provided, however, that such Temporary Replacement General Partner shall only serve for a period of six (6) months (or such longer time as may be reasonably necessary to remove the General Partner and find a third party permanent replacement general partner, provided that notice shall be provided to the County Manager or his designee that such additional time is required and the reasons therefore); thereafter, a third-party replacement general partner (the “Permanent Replacement General Partner”), subject to approval by the County Board in its reasonable discretion after being provided pertinent information about the proposed Permanent Replacement General Partner and a reasonable period of time to review, may be admitted to the Borrower as the sole general partner. The Limited Partner shall be required to secure approval from the County Board of a prospective Permanent Replacement General Partner within a reasonable period of time following the appointment of the Temporary Replacement General Partner. Failure of the Limited Partner to adhere to the requirements of this Section 5.03(f) shall render any such removal and replacement of General Partner void and an Event of Default.

Removal and Replacement of General Partner. Subject to this Section 5.03(f), the Limited Partner Partners shall be permitted to remove and replace the General Partner with an affiliate of the Limited Partner or an affiliate of Enterprise Community Investment, Inc. Partners (the “Temporary Replacement General Partner”) without the prior written consent of the County Board, but with immediate notice to will immediately notify the County Board within five (5) business days of such replacement; provided, however, that such Temporary Replacement General Partner shall only serve for a period of six (6) months (or such longer time as may be reasonably necessary to find a third party permanent replacement general partner); thereafter, a third-party replacement general partner (the “Permanent Replacement General Partner”), subject to approval by the County Board in its reasonable discretion after being provided pertinent information about the proposed Permanent Replacement General Partner and a reasonable period of time to review, may be admitted to the Borrower as the sole general partner. The Limited Partner Partners shall be required to secure approval from the County Board of a prospective Permanent Replacement General Partner within a reasonable period of time following the appointment of the Temporary Replacement General Partner. Failure of the Limited Partner Partners to adhere to the requirements of this Section 5.03(f) shall render any such removal and replacement of General Partner void and an Event of Default.