Common use of Specific Powers of the General Partner Clause in Contracts

Specific Powers of the General Partner. Subject to the other provisions of this Agreement, the General Partner, in the Partnership's name and on its behalf, may: (a) hold, sell, transfer, lease or otherwise deal with any real, personal or mixed property, interest therein or appurtenance thereto in accordance with the purpose of this Agreement as indicated in Article IV hereto; (b) employ, contract and otherwise deal with, from time to time, Persons whose services are necessary or appropriate in connection with management and operation of the Partnership business, including, without limitation, contractors, agents, brokers, Accountants and Management Agents (provided that the selection of any Accountant or Management Agent has received the Consent of the Special Limited Partner) and attorneys, on such terms as the General Partner shall determine; (c) bring or defend, pay, collect, compromise, arbitrate, resort to legal action or otherwise adjust claims or demands of or against the Partnership; (d) pay as a Partnership expense any and all costs and expenses associated with the formation, development, organization and operation of the Partnership, including the expense of annual audits, tax returns and LIHTC compliance; (e) deposit, withdraw, invest, pay, retain and distribute the Partnership's funds in a manner consistent with the provisions of this Agreement; (f) execute the Construction Loan and the Mortgage; (g) require in any or all Partnership contracts that the General Partner shall not have any personal liability thereunder but that the Person contracting with the Partnership shall look solely to the Partnership and its assets for satisfaction; (h) execute, acknowledge and deliver any and all instruments to effectuate any of the foregoing; and (i) the General Partner shall operate the Project and shall cause the Management Agent to manage the Project in such a manner that the Project will be eligible to receive a Tax Credit with respect to 100% of the apartment units in the Project. To that end, the General Partner agrees, without limitation, to make all elections requested by the Special Limited Partner under Section 42 of the Code to allow the Partnership or its Partners to claim the Tax Credits, to file Form 8609 with respect to the Project as required, for at least the duration of the Compliance Period to operate the Project and cause the Management Agent to manage the Project so as to comply with the requirements of Section 42 of the Code, as amended, or any successor thereto, including, but not limited to , Section 42(g) and Section 42(i)(3) of the Code, as amended, or any successors thereto, to make all certifications required by Section 42(l) of the Code, as amended or any successor thereto, and to operate the Project and cause the Management Agent to manage the Project so as to comply with all other Tax credit Conditions.

Specific Powers of the General Partner. Subject to the other provisions of this Agreement, the General Partner, in the Partnership's name and on its behalf, may: (a) hold, sell, transfer, lease or otherwise deal with any real, personal or mixed property, interest therein or appurtenance thereto in accordance with the purpose of this Agreement as indicated in Article IV hereto; (b) employ, contract and otherwise deal with, from time to time, Persons whose services are necessary or appropriate in connection with management and operation of the Partnership business, including, without limitation, contractors, agents, brokers, Accountants and Management Agents (provided that the selection of any Accountant or Management Agent has received the Consent of the Special Limited Partner) and attorneys, on such terms as the General Partner shall determine; (c) bring or defend, pay, collect, compromise, arbitrate, resort to legal action or otherwise adjust claims or demands of or against the Partnership; (d) pay as a Partnership expense any and all costs and expenses associated with the formation, development, organization and operation of the Partnership, including the expense of annual audits, tax returns and LIHTC compliance; (e) deposit, withdraw, invest, pay, retain and distribute the Partnership's funds in a manner consistent with the provisions of this Agreement; (f) execute the Construction Loan and the Mortgage;; and (g) require in any or all Partnership contracts that the General Partner shall not have any personal liability thereunder but that the Person contracting with the Partnership shall look solely to the Partnership and its assets for satisfaction; (h) raise or lower rents in the General Partner's discretion; provided, however that any such changes in rents shall not cause the Project to violate the Minimum Set-Aside Test, any applicable regulations of the State Tax Credit Agency, or otherwise cause the Partnership to lose any of the Projected Tax Credits. (i) execute, acknowledge and deliver any and all instruments to effectuate any of the foregoing; and (i) the General Partner shall operate the Project and shall cause the Management Agent to manage the Project in such a manner that the Project will be eligible to receive a Tax Credit with respect to 100% of the apartment units in the Project. To that end, the General Partner agrees, without limitation, to make all elections requested by the Special Limited Partner under Section 42 of the Code to allow the Partnership or its Partners to claim the Tax Credits, to file Form 8609 with respect to the Project as required, for at least the duration of the Compliance Period to operate the Project and cause the Management Agent to manage the Project so as to comply with the requirements of Section 42 of the Code, as amended, or any successor thereto, including, but not limited to , Section 42(g) and Section 42(i)(3) of the Code, as amended, or any successors thereto, to make all certifications required by Section 42(l) of the Code, as amended or any successor thereto, and to operate the Project and cause the Management Agent to manage the Project so as to comply with all other Tax credit Conditions.

Specific Powers of the General Partner. Subject to the other provisions of this Agreement, the General Partner, in the Partnership's name and on its behalf, may: (a) hold, sell, transfer, lease or otherwise deal with any real, personal or mixed property, interest therein or appurtenance thereto in accordance with the purpose of this Agreement as indicated in Article IV hereto; (b) employ, contract and otherwise deal with, from time to time, Persons whose services are necessary or appropriate in connection with management and operation of the Partnership business, including, without limitation, contractors, agents, brokers, Accountants and Management Agents (provided that the selection of any Accountant or Management Agent has received the Consent of the Special Limited Partner) and attorneys, on such terms as the General Partner shall determine; (c) bring or defend, pay, collect, compromise, arbitrate, resort to legal action or otherwise adjust claims or demands of or against the Partnership; (d) pay as a Partnership expense any and all costs and expenses associated with the formation, development, organization and operation of the Partnership, including the expense of annual audits, tax returns and LIHTC compliance; (e) deposit, withdraw, invest, pay, retain and distribute the Partnership's funds in a manner consistent with the provisions of this Agreement; (f) execute the Construction Loan and the Mortgage;; and (g) The General Partner may require in any or all Partnership contracts that the General Partner shall not have any personal liability thereunder but that the Person person contracting with the Partnership shall look solely to the Partnership and its assets for satisfaction; (h) execute, acknowledge and deliver any and all instruments to effectuate any of the foregoing; and. (i) the The General Partner shall operate the Project and shall cause the Management Agent to manage the Project in such a manner that the Project will be eligible to receive a Tax Credit with respect to 100% of the apartment units in the Project. To that end, the General Partner agrees, without limitation, to make all elections requested by the Special Limited Partner under Section 42 of the Code to allow the Partnership or its Partners to claim the Tax CreditsCredit, to file Form 8609 with respect to the Project as required, for at least the duration of the Compliance Period to operate the Project and cause the Management Agent to manage the Project so as to comply with the requirements of Section 42 of the Code, as amended, or any successor thereto, including, but not limited to to, Section 42(g) and Section 42(i)(3) of the Code, as amended, or any successors thereto, to make all certifications required by Section 42(l) of the Code, as amended amended, or any successor thereto, and to operate the Project and cause the Management Agent to manage the Project so as to comply with all other Tax credit Credit Conditions.

Specific Powers of the General Partner. Subject to the other provisions of this Agreement, the General Partner, in Partner shall have the following powers: (a) In the Partnership's name and on its behalf, may: (a) the General Partner may hold, sell, transfer, lease or otherwise deal with any real, personal or mixed property, interest therein or appurtenance thereto in accordance with the purpose of this Agreement as indicated in Article IV hereto; (b) In the Partnership's name and on its behalf, the General Partner may employ, contract and otherwise deal with, from time to time, Persons whose services are necessary or appropriate in connection with management and operation of the Partnership business, including, without limitation, contractors, agents, brokers, Accountants and Management Agents (provided that the selection of any Accountant or Management Agent has received the Consent of the Special Limited Partner) and attorneys, on such terms as the General Partner shall determine; (c) In the Partnership's name and on its behalf, the General Partner may bring or defend, pay, collect, compromise, arbitrate, resort to legal action or otherwise adjust claims or demands of or against the Partnership; (d) In the Partnership's name and on its behalf, the General Partner may pay as a Partnership expense any and all costs and expenses associated with the formation, development, organization and operation of the Partnership, including the expense of annual audits, tax returns and LIHTC compliance; (e) In the Partnership's name and on its behalf, the General Partner may deposit, withdraw, invest, pay, retain and distribute the Partnership's funds in a manner consistent with the provisions of this Agreement; (f) In the Partnership's name and on its behalf, the General Partner is authorized to execute the Construction Loan and the Mortgage; (g) The General Partner may require in any or all Partnership contracts that the General Partner shall not have any personal liability thereunder but that the Person contracting with the Partnership shall look solely to the Partnership and its assets for satisfaction; (h) In the Partnership's name and on its behalf, the General Partner may execute, acknowledge and deliver any and all instruments to effectuate any of the foregoing; and (i) the The General Partner shall operate the Project and shall cause the Management Agent to manage the Project in such a manner that the Project will be eligible to receive a Tax Credit with respect to 100% of the apartment units in the Project. To that end, the General Partner agrees, without limitation, to make all elections requested by the Special Limited Partner under Section 42 of the Code to allow the Partnership or its Partners to claim the Tax CreditsCredit, to file Form 8609 with respect to the Project as required, for at least the duration of the Compliance Period to operate the Project and cause the Management Agent to manage the Project so as to comply with the requirements of Section 42 of the Code, as amended, or any successor thereto, including, but not limited to to, Section 42(g) and Section 42(i)(342(i) (3) of the Code, as amended, or any successors thereto, to make all certifications required by Section 42(l42(1) of the Code, as amended amended, or any successor thereto, and to operate the Project and cause the Management Agent to manage the Project so as to comply with all other Tax credit Credit Conditions.

Specific Powers of the General Partner. Subject to the other provisions of this Agreement, the General Partner, in Partner shall have the following powers: (a) In the Partnership's name and on its behalf, may: (a) the General Partner may hold, sell, transfer, lease or otherwise deal with any real, personal or mixed property, interest therein or appurtenance thereto in accordance with the purpose of this Agreement as indicated in Article IV hereto; (b) In the Partnership's name and on its behalf, the General Partner may employ, contract and otherwise deal with, from time to time, Persons whose services are necessary or appropriate in connection with management and operation of the Partnership business, including, without limitation, contractors, agents, brokers, Accountants and Management Agents (provided that the selection of any Accountant or Management Agent has received the Consent of the Special Limited Partner) and attorneys, on such terms as the General Partner shall determine; (c) In the Partnership's name and on its behalf, the General Partner may bring or defend, pay, collect, compromise, arbitrate, resort to legal action or otherwise adjust claims or demands of or against the Partnership; (d) In the Partnership's name and on its behalf, the General Partner may pay as a Partnership expense any and all costs and expenses associated with the formation, development, organization and operation of the Partnership, including the expense of annual audits, tax returns and LIHTC compliance; (e) In the Partnership's name and on its behalf, the General Partner may deposit, withdraw, invest, pay, retain and distribute the Partnership's funds in a manner consistent with the provisions of this Agreement; (f) In the Partnership's name and on its behalf, the General Partner is authorized to execute the Construction Loan and the Mortgage; (g) The General Partner may require in any or all Partnership contracts that the General Partner shall not have any personal liability thereunder but that the Person contracting with the Partnership shall look solely to the Partnership and its assets for satisfaction; (h) In the Partnership's name and on its behalf, the General Partner may execute, acknowledge and deliver any and all instruments to effectuate any of the foregoing; and (i) the The General Partner shall operate the Project and shall cause the Management Agent to manage the Project in such a manner that the Project will be eligible to receive a Tax Credit with respect to 100% of the apartment units in the Project. To that end, the General Partner agrees, without limitation, to make all elections requested by the Special Limited Partner under Section 42 of the Code to allow the Partnership or its Partners to claim the Tax Credits, to file Form 8609 with respect to the Project as required, for at least the duration of the Compliance Period to operate the Project and cause the Management Agent to manage the Project so as to comply with the requirements of Section 42 of the Code, as amended, or any successor thereto, including, but not limited to to, Section 42(g) and Section 42(i)(3) of the Code, as amended, or any successors thereto, to make all certifications required by Section 42(l42(1) of the Code, as amended amended, or any successor thereto, and to operate the Project and cause the Management Agent to manage the Project so as to comply with all other Tax credit Credit Conditions.

Specific Powers of the General Partner. Subject to the other provisions of this Agreement, the General Partner, in the Partnership's name and on its behalf, may: (a) hold, sell, transfer, lease or otherwise deal with any real, personal or mixed property, interest therein or appurtenance thereto in accordance with the purpose of this Agreement as indicated in Article IV hereto; (b) employ, contract and otherwise deal with, from time to time, Persons whose services are necessary or appropriate in connection with management and operation of the Partnership business, including, without limitation, contractors, agents, brokers, Accountants and Management Agents (provided that the selection of any Accountant or Management Agent has received the Consent of the Special Limited Partner) and attorneys, on such terms as the General Partner shall determine; (c) bring or defend, pay, collect, compromise, arbitrate, resort to legal action or otherwise adjust claims or demands of or against the Partnership; (d) pay as a Partnership expense any and all costs and expenses associated with the formation, development, organization and operation of the Partnership, including the expense of annual audits, tax returns and LIHTC compliance; (e) deposit, withdraw, invest, pay, retain and distribute the Partnership's funds in a manner consistent with the provisions of this Agreement; (f) execute the Construction Loan and the Mortgage; (g) require in any or all Partnership contracts that the General Partner shall not have any personal liability thereunder but that the Person person contracting with the Partnership shall look solely to the Partnership and its assets for satisfaction; (h) execute, acknowledge and deliver any and all instruments to effectuate any of the foregoing; and (i) the General Partner shall operate the Project and shall cause the Management Agent to manage the Project in such a manner that the Project will be eligible to receive a Tax Credit with respect to 100% of the apartment units in the Project. To that end, the General Partner agrees, without limitation, to make all elections requested by the Special Limited Partner under Section 42 of the Code to allow the Partnership or its Partners to claim the Tax CreditsCredit, to file Form 8609 with respect to the Project as required, for at least the duration of the Compliance Period to operate the Project and cause the Management Agent to manage the Project so as to comply with the requirements of Section 42 of the Code, as amended, or any successor thereto, including, but not limited to to, Section 42(g) and Section 42(i)(3) of the Code, as amended, or any successors thereto, to make all certifications required by Section 42(l) of the Code, as amended amended, or any successor thereto, and to operate the Project and cause the Management Agent to manage the Project so as to comply with all other Tax credit Credit Conditions.