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) 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 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 1December 01, 1999; (c) achieve 90% occupancy of the Project by Qualified Tenants by November 1May 01, 19992000; (d) obtain Permanent Mortgage Commencement by December 31February 01, 19992000; (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, 19971998.

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 December 1, 19991998; (c) achieve 90% occupancy of the Project by Qualified Tenants by November December 1, 1999; (d) obtain Permanent Mortgage Commencement by December 311, 19991998; (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, if applicable.

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 March 1, 19992002; (cb) achieve 90% occupancy of the Project by Qualified Tenants by November October 1, 19992002; (dc) obtain Permanent Mortgage Commencement by December 31October 1, 19992002; (ed) 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 (fe) obtain a carryover allocation, within the meaning of Section 42 of the Code, from the State Tax Credit Agency on or before December 31, 19972000; and (f) receive the Limited Partner's acquisition committee approval by 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 1December 31, 19992001; (c) achieve 90% occupancy of the Project by with Qualified Tenants by November March 1, 19992002; (d) obtain achieve Permanent Mortgage Commencement by December 31March 1, 19992002; (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, 19972001.

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 1August 31, 19991997; (c) achieve 90% occupancy of the Project by Qualified Tenants by November 130, 19991997; (d) obtain Permanent Mortgage Commencement by December July 31, 1999;1997; and (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 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 1April 30, 19992000; (c) achieve 90% occupancy of the Project by Qualified Tenants by November September 1, 19992000; (d) obtain achieve Permanent Mortgage Commencement by December 31July 01, 19992000; (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, 19971998; and (g) receive acquisition committee approval by July 31, 1998.

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 November 1, 19991997; (c) achieve 90% occupancy of the Project by Qualified Tenants by November December 1, 19991997; (d) obtain Permanent Mortgage Commencement by December 31November 1, 1999;1997; and (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 60 days after the General Partner receives written demand from the Limited Partner and/or the Special Limited PartnerSLP Class A, the Partnership shall repurchase the Limited Partner's Interest and/or the Special Limited PartnerSLP Class A'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 SLP Class A 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 December 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 (fe) 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 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 April 1, 1999; (c) achieve 90% occupancy of the Project by Qualified Tenants by November 1July, 1999; (d) obtain Permanent Mortgage Commencement by December 31May 1, 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 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 1April 01, 1999; (c) achieve 90% occupancy of the Project by Qualified Tenants by November 1June 01, 1999; (d) obtain Permanent Mortgage Commencement by December 31April 01, 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.