Sale or Lease of Project. So long as any Subordinate Bonds are Outstanding, the Borrower will not lease the Project (except tenant leases in the normal course of business), in whole or in part, nor sell, mortgage or otherwise encumber its interests in the Project, in whole or part, except as provided in Sections 7.5 and 8.1 hereof, provided that in no event shall such lease, assignment or sale be permitted if (1) the effect thereof would be to impair the validity or the exclusion from gross income under Section 103 of the Code of the interest on the Subordinate Bonds, or (2) if any such transaction should release the Borrower of any of its obligations under this Loan Agreement (except as otherwise provided in Section 8.1 hereof). Before any such lease, sale or assignment, the Borrower shall deliver to the Trustee an opinion of Bond Counsel, addressed to the Trustee and in form and substance satisfactory to the Trustee, stating in effect that such lease, sale or assignment will not cause interest on the Subordinate Bonds to be included in gross income for purposes of federal income taxation. The Borrower shall give at least thirty (30) days’ notice to the Trustee and the Issuer of any such sale, assignment or lease, unless such thirty (30) day notice is waived by the Trustee and the Issuer.
Sale or Lease of Project. The Borrower will not lease the Qualified Project (except pursuant to leases to residential tenants, leases of the commercial space and leases, licenses and easements to service providers (e.g. laundry, cable and similar services) in the normal course of business), in whole or in part, nor sell, mortgage, assign or otherwise encumber its interests in the Qualified Project, in whole or part, without the prior written consent of the LHC.
Sale or Lease of Project. Except as provided in (f) hereof and Section 2.3 of the Deed of Trust, and subject to the further provisions of this Section and Permitted Encumbrances, the Borrower will not lease the Project, in whole or in part, nor sell, mortgage, assign or otherwise encumber its interests in the Project, in whole or part, without the prior written consent of the Issuer and the Sole Bondowner. No lease, sale, assignment or encumbrance will be permitted if the effect thereof (i) would be to adversely affect the exclusion of the interest on the Bonds from gross income for federal income tax purposes or the Project’s eligibility for the Tax Credits, or (ii) would release the Borrower of any of its obligations under this Loan Agreement (except as otherwise provided in (f)). Before any lease (except a lease to residential or commercial tenants in the normal course of business), sale, assignment or encumbrance of the Project, the Borrower shall cause to be delivered to the Trustee an Opinion of Bond Counsel, addressed to the Trustee and in form and substance satisfactory to it, stating in effect that such lease, sale, assignment or encumbrance will not adversely affect the exclusion of interest on the Bonds from gross income for federal income tax purposes. The Borrower shall give at least 60 days’ notice to the Trustee and the Issuer of any such lease, sale, assignment or encumbrance, unless the Trustee and the Issuer waive the 60-day notice in writing. The Limited Partner, however, may transfer its limited partnership interest as provided in Section 7.04(e) without any prior notice or consent.
Sale or Lease of Project. Except for Permitted Transfers, Borrower shall not sell, lease or otherwise transfer any interest in the Project or the Personal Property (or any interest therein), other than (a) the lease of residential Units for a term of one-year or less, or (b) disposition of Personal Property to the extent permitted under Section 7.2 below, without the prior written consent of Lender, which consent may be withheld in Lender’s sole and absolute discretion.
Sale or Lease of Project. Project Manager shall have the right to terminate this Agreement should Company elect to sell, assign, convey, or lease all or, substantially all, of the Project.
Sale or Lease of Project. Section 8.1 Conveyance of Project As permitted in N.J.S.A. 40A:20-10, the Township shall consent to the Redeveloper’s request to transfer the Project and the transfer of this Financial Agreement to another urban renewal entity, qualified and organized under the Exemption Law (hereinafter referred to as a “Transferee”), provided such Transferee owns no other project subject to the Exemption Law at the time of the transfer, and provided that the Transferee assumes the Redeveloper's obligations under this Financial Agreement and such Transfer is a permitted transfer under the Redevelopment Agreement (a “Transfer”). The leasing of the Project or any portion thereof shall not be a transfer of the Project and shall not be subject to restriction on transfer, provided that the lease shall still be subject to the financial provisions on leases set forth in this Agreement. Upon a Transferee’s assumption of the Redeveloper’s obligations under this Financial Agreement, the Long Term Tax Exemption shall continue to the benefit of the Transferee and any of its Transferees. If the Township does not deliver a written response to the Redeveloper’s request to Transfer within a thirty (30) day period, then the Redeveloper may deliver a second written request to the Township for consent to the Transfer and the Township shall be deemed to have consented to such requested Transfer if the Township does not deliver a written response to the Redeveloper within thirty (30) days after the Redeveloper’s second request to the Township for such consent. Notwithstanding the foregoing, the Redeveloper (and/or its assignee) shall reimburse the Township an amount not to exceed two percent of the Annual Service Charge for all reasonable out-of-pocket costs incurred by the Township in connection with the Township’s review and approval of the assignment of the Project under this Section 8.1, including but not limited to, reasonable attorneys’ fees associated with the preparation of any amendment to this Financial Agreement and/or the Redevelopment Agreement.
Sale or Lease of Project. Subject to the advance written approval of the Bondholders and the Issuer, the Project or any significant part thereof may be sold or leased by the Company subject to the other requirements provided elsewhere in this section, and, upon any such sale, the Trustee may release the Company from its liabilities hereunder. Prior to any such sale or lease the Company shall provide to the Issuer and the Bondholders at its expense an opinion of nationally recognized bond counsel that the proposed sale will not affect the exclusion from gross income for federal income tax purposes of interest on the Bonds. The Bondholders and the Issuer may attach reasonable conditions to the granting of approval of the proposed sale including but not limited to evidence that the proposed purchaser is fiscally responsible. Prior to the execution of any lease associated with the Project (including any initial lease) the form of the lease must be approved by the Original Purchaser. The Original Purchaser will withhold approval of any lease if, in the Original Purchaser's opinion, the lease materially affects the Company's ability to pay the Bond or materially impairs the collateral under the Bond. All leases will (i) be assigned to the Trustee; (ii) be subordinate to the Bond; (iii) contain provisions which require the tenant to make payments under the lease directly to the Trustee upon notification that the Company is in default under any of the Financing Documents; and (iv) prohibit prepayment on the lease without the Trustee's consent.
Sale or Lease of Project. The Borrower shall not sell, lease or otherwise assign any interest in the Project or any portion thereof, except for residential leases signed in the ordinary course of business.
Sale or Lease of Project
