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) 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 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 serviceservice unless the Partnership elects to defer the commencement of the credit period to the following year; (b) cause the Project to be placed in service by November 1, 1999; (c) achieve 90% occupancy of the Project by Qualified Tenants by the admittance of the Limited PartnerApril 1, 2000; (cd) obtain Permanent Mortgage Commencement by the admittance of the Limited PartnerJanuary 1, 2000; (de) 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, 19941998.

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 PartnerNovember 1, 2002; (c) obtain Permanent Mortgage Commencement by the admittance of the Limited PartnerNovember 1, 2002; (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 31before; and (f) cause the Project to be placed in service by September 1, 19942002.

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 PartnerJune 1, 2002; (c) obtain Permanent Mortgage Commencement by the admittance of the Limited PartnerSeptember 1, 2002; (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, 19942000; and (f) cause the Project to be placed in service by April 1, 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 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 cause the Project is to be placed in serviceservice by December 31, 2000; (b) achieve 90% occupancy of the Project by Qualified Tenants by the admittance of the Limited PartnerDecember 31, 2001; (c) obtain Permanent Mortgage Commencement by the admittance of the Limited PartnerDecember 31, 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 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 (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, 1994.1998; and (f) receive the Limited Partner's acquisition committee approval by September 30, 1998. E:\WNC\Mansur3.doc

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 PartnerSeptember, 1998; (c) obtain Permanent Mortgage Commencement by the admittance of the Limited PartnerOctober 1, 1998; (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 (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, 19941997.