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 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. 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 January 31April 1, 20042003; (b) achieve 90% 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 31September 1, 20042003; (c) obtain Permanent Mortgage Commencement by January September 1, 20042003; (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) replace a withdrawn Mortgage Loan commitment with a comparable commitment acceptable to the Special Limited Partner within a reasonable period of time; (f) 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 (fg) 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. Within 90 60 days after the General Partner receives written demand from the Limited Partner and/or the Special Limited Partner, which written demand must be delivered within 3 years of the Limited Partner and/or Special Limited Partner having actual knowledge of the occurrence of an event warranting repurchase pursuant to this section, 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 31September 1, 20042002; (b) achieve 85% 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 31September 1, 20042002; (c) obtain Mortgage Commencement by January carryover allocations in compliance with Code Section 42(h)(1)(E) prior to September 1, 20042002; (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; (e) 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; or (f) obtain replace a carryover allocation, withdrawn Mortgage Loan commitment with a comparable commitment acceptable to the Special Limited Partner within the meaning a reasonable period of Section 42 of the Code, from the State Tax Credit Agency on or before the due datetime.

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 January December 31, 20042005; (b) achieve 100% 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 31June 1, 20042005; (c) obtain achieve Permanent Mortgage Commencement by January September 1, 20042005; (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 rehabilitation of the Apartment Housing; (e) intentionally omitted; (f) replace a withdrawn Mortgage Loan or Second Loan commitment with a comparable commitment acceptable to the Special Limited Partner within a reasonable period of time; (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; or (fh) obtain a carryover allocation, within the meaning of Section 42 of the Code, from the State Tax Credit Agency Agency, on or before the due date. If the Special Limited Partner elects to have the General Partner repurchase such Interests then the repurchase shall occur within 30 days after the General Partner receives written demand from the Special Limited Partner.