Repurchase of Limited Partner's Interest. Within 60 days after the General Partner receives written demand from the Limited Partner and/or the Special Limited Partner, the Partnership shall repurchase the Limited Partner's Interest and/or the Special Limited Partner's Interest in the Partnership by refunding to it in cash the full amount of the Capital Contribution which the Limited Partner and/or the Special Limited Partner has theretofore made in the event that, for any reason, the Partnership shall fail to:
(a) cause the Apartment Housing to be placed in service by December 15, 2000;
(b) achieve 90% occupancy of the Apartment Housing by Qualified Tenants by February 01, 2001;
(c) obtain Permanent Mortgage Commencement by January 01, 2001;
(d) meet both the Minimum Set-Aside Test and the Rent Restriction Test not later than December 31 of the first year the Partnership elects the FEDERAL LIHTC to commence in accordance with the Code; or
(e) obtain a carryover allocation, within the meaning of Section 42 of the Code, from the State Tax Credit Agency on or before December 31, 2000.
Repurchase of Limited Partner's Interest. Within 60 days after the General Partner receives written demand from the Limited Partner and/or the Special Limited Partner, the Partnership shall repurchase the Limited Partner's Interest and/or the Special Limited Partner's Interest in the Partnership by refunding to it in cash the full amount of the Capital Contribution which the Limited Partner and/or the Special Limited Partner has theretofore made in the event that, for any reason, the Partnership shall fail to:
(a) receive an allocation of LIHTC no later than the close of the calendar year during which the Project is placed in service;
(b) cause the Project to be placed in service by September 1, 1999;
(c) achieve 90% occupancy of the Project by Qualified Tenants by November 1, 1999;
(d) obtain Permanent Mortgage Commencement by December 31, 1999;
(e) meet both the Minimum Set-Aside Test and the Rent Restriction Test not later than December 31 of the first year the Partnership elects the LIHTC to commence in accordance with the Code; and
(f) obtain a carryover allocation, within the meaning of Section 42 of the Code, from the State Tax Credit Agency on or before December 31, 1997.
Repurchase of Limited Partner's Interest. Within 90 days after the General Partner receives written demand from the Limited Partner and/or the Special Limited Partner, the Partnership shall repurchase the Limited Partner's Interest and/or the Special Limited Partner's Interest in the Partnership by refunding to it in cash the full amount of the Capital Contribution which the Limited Partner and/or the Special Limited Partner has theretofore made in the event that, for any reason, the Partnership shall fail to:
(a) cause the Apartment Housing to be placed in service by May 31, 2005;
(b) achieve 90% occupancy of the Apartment Housing by satisfying the Minimum Set-Aside Test by June 30, 2005;
(c) obtain Permanent Mortgage Commencement by March 1, 2006; or
(d) meet both the Minimum Set-Aside Test and the Rent Restriction Test not later than December 31 of the first year the Partnership elects the LIHTC to commence in accordance with the Code.
Repurchase of Limited Partner's Interest. Within 60 days after the General Partner receives written demand from the Limited Partner and/or the Special Limited Partner, the Partnership shall repurchase the Limited Partner's Interest and/or the Special Limited Partner's Interest in the Partnership by refunding to it in cash the full amount of the Capital Contribution which the Limited Partner and/or the Special Limited Partner has theretofore made in the event that, for any reason, the Partnership shall fail to:
(a) receive an allocation of LIHTC no later than the close of the calendar year during which the Project is placed in service;
(b) achieve 90% occupancy of the Project by Qualified Tenants by the admittance of the Limited Partner;
(c) obtain Permanent Mortgage Commencement by the admittance of the Limited Partner;
(d) meet both the Minimum Set-Aside Test and the Rent Restriction Test not later than December 31 of the first year the Partnership elects the LIHTC to commence in accordance with the Code;
(e) admit a qualified not-for-profit co-general partner into the Partnership by May 15, 1998, which admission shall be approved by the Special Limited Partner; and
(f) obtain a carryover allocation, within the meaning of Section 42 of the Code, from the State Tax Credit Agency on or before December 31, 1994.
Repurchase of Limited Partner's Interest. Within 90 days after the General Partner receives written demand from the Limited Partner and/or the Special Limited Partner, the Partnership shall repurchase the Limited Partner's Interest and/or the Special Limited Partner's Interest in the Partnership by refunding to it in cash the full amount of the Capital Contribution which the Limited Partner and/or the Special Limited Partner has theretofore made in the event that, for any reason, the Partnership shall fail to:
(a) cause the Apartment Housing to be placed in service by January 31, 2004;
(b) achieve occupancy of at least 17 of the apartment units of the Apartment Housing by Qualified Tenants and at least 4 of the apartment units of the Apartment Building by other tenants by January 31, 2004;
(c) obtain Mortgage Commencement by January 1, 2004;
(d) at any time before the Completion Date, prevent a foreclosure, or abandonment of the Apartment Housing or fail to lift any order restricting construction of the Apartment Housing;
(e) meet both the Minimum Set-Aside Test and the Rent Restriction Test not later than December 31 of the first year the Partnership elects the LIHTC to commence in accordance with the Code; or
(f) obtain a carryover allocation, within the meaning of Section 42 of the Code, from the State Tax Credit Agency on or before the due date.
Repurchase of Limited Partner's Interest. (b) the Partnership shall fail to cause the Apartment Housing to be placed in service by May 1, 2003;
(c) the Partnership shall fail to achieve 90% occupancy of the Apartment Housing by Qualified Tenants by March 1, 2004;
(d) the Partnership shall fail to obtain Permanent Mortgage Commencement by March 1, 2004;
Repurchase of Limited Partner's Interest. Within 60 days after the General Partner receives written demand from the Limited Partner and/or the Special Limited Partner and/or the Georgia Limited Partner, the Partnership shall repurchase the Limited Partner's Interest and/or the Special Limited Partner's Interest and/or the Georgia Limited Partner's Interest in the Partnership by refunding to it in cash the full amount of the Capital Contribution which the Limited Partner and/or the Special Limited Partner and/or the Georgia Limited Partner has theretofore made in the event that, for any reason:
Repurchase of Limited Partner's Interest. Within 60 days after the General Partner receives written demand from the Limited Partner and/or the Special Limited Partner, the Partnership shall repurchase the Limited Partner's Interest and/or the Special Limited Partner's Interest in the Partnership by refunding to it in cash the full amount of the Capital Contribution which the Limited Partner and/or the Special Limited Partner has theretofore made in the event that, for any reason, the Partnership shall fail to meet the Minimum Set-Aside Test not later than December 31 of the first year the Partnership elects the LIHTC to commence in accordance with the Code.
Repurchase of Limited Partner's Interest. Within 60 days after the General Partner receives written demand from the Limited Partner and/or the Special Limited Partner, the Partnership shall repurchase the Limited Partner's Interest and/or the Special Limited Partner's Interest in the Partnership by refunding to it in cash the full amount of the Capital Contribution which the Limited Partner and/or the Special Limited Partner has theretofore made in the event that, for any reason:
(a) the Limited Partner fails to grant the Acquisition Committee Approval before making the payment described under Section 7.2(b), in which case the Partnership shall, in addition to refunding the Capital Contribution, also pay the Limited Partner and/or Special Limited Partner a predevelopment loan fee equal to 8.5% interest on the amount of the refunded Capital Contribution;
(b) the Partnership shall fail to cause the Apartment Housing to be placed in service by December 1, 2002;
(c) the Partnership shall fail to achieve 90% occupancy of the Apartment Housing by Qualified Tenants by October 1, 2003;
(d) the Partnership shall fail to obtain Permanent Mortgage Commencement by October 1, 2003;
(e) the Partnership shall fail to meet both the Minimum Set-Aside Test and the Rent Restriction Test not later than December 31 of the first year the Partnership elects the LIHTC to commence in accordance with the Code; or
(f) the Partnership shall fail to obtain a carryover allocation, within the meaning of Section 42 of the Code, from the State Tax Credit Agency on or before December 31, 2001.
Repurchase of Limited Partner's Interest. Within 60 days after the General Partner receives written demand from the Limited Partner and/or the Special Limited Partner, the Partnership shall repurchase the Limited Partner's Interest and/or the Special Limited Partner's Interest in the Partnership by refunding to it in cash the full amount of the Capital Contribution which the Limited Partner and/or the Special Limited Partner has theretofore made. This repurchase obligation shall arise if, for any reason, the Partnership shall fail to:
(a) cause the Apartment Housing to be placed in service within 6 months of the Completion Date;
(b) achieve 100% occupancy of the Apartment Housing by Qualified Tenants by April 1, 2008;
(c) obtain Permanent Mortgage Commencement by April 1, 2008;
(d) at any time before the Completion Date, prevent a foreclosure, or abandonment of the Apartment Housing or fail to lift any order restricting construction of the Apartment Housing (provided, however, that such event shall not be grounds for repurchase of the Limited Partner and/or Special Limited Partner's Interest(s) if such restriction either (a) is removed within 30 days, or (b) has only a de minimis impact on the Partnership or the anticipated use of the Apartment Housing and no impact on the Partnership's ability to obtain and allocate Tax Credits to the Limited Partner and the Special Limited Partner);
(e) prior to completion of the Improvements, prevent the Construction Lender from sending notice of default under the Construction Loan;
(f) replace a withdrawn Mortgage Loan commitment with a comparable commitment acceptable to the Special Limited Partner within a reasonable period of time; or
(g) meet both the Minimum Set-Aside Test and the Rent Restriction Test not later than December 31 of the first year the Partnership elects the LIHTC to commence in accordance with the Code.
