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

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 90 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 May 31December 1, 20052002; (b) achieve 90% occupancy of the Apartment Housing Low Income Units by satisfying the Minimum Set-Aside Test Qualified Tenants by June 30September 1, 20052002; (c) obtain Permanent Mortgage Commencement by March December 1, 20062002; 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 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 31February 1, 20052006; (b) achieve 90% occupancy of the Apartment Housing by satisfying the Minimum Set-Aside Test by June 30February 1, 20052006; (c) obtain Permanent Mortgage Commencement by March July 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 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 31July 1, 20052007; (b) achieve 90% occupancy of the Apartment Housing by satisfying the Minimum Set-Aside Test by June 30September 1, 20052007; (c) obtain Permanent Mortgage Commencement by March September 1, 20062007; 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 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 31June 1, 20052007; (b) achieve 90% occupancy of the Apartment Housing by satisfying the Minimum Set-Aside Test by June 301, 20052007; (c) obtain Permanent Mortgage Commencement by March June 1, 20062007; 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.