Common use of Repurchase of Limited Partner's Interest Clause in Contracts

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) cause the Apartment Housing to be placed in service by December 15March 1, 20002001; (b) achieve 9095% occupancy of the Apartment Housing and 100% of the units will have been rented by Qualified Tenants by February 01January 1, 20012002; (c) obtain Permanent Mortgage Commencement by January 01April 1, 20012002; (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, 20001999.

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 151, 20002002; (b) achieve 90% occupancy of the Apartment Housing by Qualified Tenants by February 01January 1, 20012003; (c) obtain Permanent Mortgage Commencement by January 011, 20012003; (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, 20002001. Section 7.4 of the Amended and Restated Partnership Agreement shall be amended in its entirety:

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 15September 1, 20002001; (b) achieve 90100% occupancy of the Apartment Housing by Qualified Tenants by February 01March 1, 20012002; (c) obtain Permanent Mortgage Commencement by January 01March 1, 20012002; (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) cause the Apartment Housing to be placed in service by December 15August 1, 20002002; (b) achieve 90% occupancy of the Apartment Housing by Qualified Tenants by February 01November 1, 20012002; (c) obtain Permanent Mortgage Commencement by January 01November 1, 20012002; (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, 20002001.

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 15March 1, 20002001; (b) achieve 90% occupancy of the Apartment Housing by Qualified Tenants by February 01November 1, 2001; (c) obtain Permanent Mortgage Commencement by January 01June 1, 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) cause the Apartment Housing to be placed in service by December 15August 1, 20002003; (b) achieve 90% occupancy of the Apartment Housing by Qualified Tenants by February 01December 1, 20012003; (c) obtain Permanent Mortgage Commencement by January 01December 1, 20012003; (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, 20002002.

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 15September 01, 20001999 ; (b) achieve 90% occupancy of the Apartment Housing by Qualified Tenants satisfying the Minimum Set-Aside Test by February November 01, 20011999; (c) obtain Permanent Mortgage Commencement by January September 01, 20011999; (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; orand (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, 20001998.

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 15August 1, 20002002; (b) achieve 90% occupancy of the Apartment Housing by Qualified Tenants by February 01December 1, 20012002; (c) obtain Permanent Mortgage Commencement by January 01August 1, 20012002; (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, 20002001.

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 January 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) cause the Apartment Housing to be placed in service by December 15June 1, 20002002; (b) achieve 90% occupancy of the Apartment Housing by Qualified Tenants by February 01October 1, 20012002; (c) obtain Permanent Mortgage Commencement by January 01October 1, 20012002; (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, 20002001.

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 15June 1, 20002001; (b) achieve 90% occupancy o ccupancy of the Apartment Housing by Qualified Tenants by February August 01, 2001; (c) obtain Permanent Mortgage Commencement by January August 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) cause the Apartment Housing to be placed in service by December 15October 31, 20002001; (b) achieve 90% occupancy of the Apartment Housing by Qualified Tenants satisfying the minimum Set-Aside Test by February 01December 31, 20012000; (c) obtain Permanent Mortgage Commencement by January 01April 1, 20012000; (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, 20001999.

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 15November 1, 2000; (b) achieve 90% occupancy of the Apartment Housing by Qualified Tenants satisfying the Minimum Set-Aside Test by February 011, 2001; (c) obtain Permanent Mortgage Commencement by January 01February 1, 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, 20001999.