Common use of Syndication of the Project Clause in Contracts

Syndication of the Project. As provided in Section 52080(e) of the Housing Law, the City hereby approves the syndication of tax credits with respect to the Project, pursuant to Section 42 of the Code, to the Investor Limited Partner, or any affiliate thereof or successor thereto, pursuant to the terms of the Partnership Agreement. Any subsequent syndication of tax credits with respect to the Project to an affiliate of the Investor Limited Partner shall not require the prior written approval of the City so long as the Partnership Agreement will not be amended, modified or supplemented other than in connection with such syndication, except to reflect such transfer or limited partnership interests and other non-material corrections or adjustments; provided, however, that the Owner shall provide to the City, at least five (5) business days prior to the effective date of any such subsequent syndication except to reflect such transfer of limited partnership interests, written notice of such syndication certifying that no amendment, modification or supplement to the Partnership Agreement will be effected in connection with such syndication except to the extent necessary to reflect such syndication, together with copies of any assignments of limited partnership interests and any other syndication documents. Any other syndication of the Project shall be subject to the prior written approval of the Director of the Mayor’s Office of Housing and Community Development of the City, which approval shall be granted only after the City determines that the terms and conditions of such syndication (1) shall not reduce or limit any of the requirements of the Act or regulations adopted or documents executed pursuant to the Act, (2) shall not cause any of the requirements of the City set forth in this Section 6 hereof to be subordinated to the syndication agreement, and (3) shall not result in the provision of fewer Restricted Units, or the reduction of any benefits or services, than were in existence prior to the syndication agreement.

Syndication of the Project. As provided in Section 52080(e) of the Housing Law, the City hereby approves the syndication of tax credits with respect to the Project, pursuant to Section 42 of the Code, to the Investor Limited Partner, or any affiliate thereof or successor thereto, pursuant to the terms of the Partnership Agreement. Any subsequent syndication of tax credits with respect to the Project to an affiliate of the Investor Limited Partner shall not require the prior written approval of the City so long as if the Partnership Agreement will not be amended, modified or supplemented other than in connection with such syndication, syndication except to reflect such transfer or of limited partnership interests and other non-material corrections or adjustmentsadjustments related to such transfer; provided, however, that the Owner shall provide to the City, at least five (5) business days prior to the effective date of any such subsequent syndication except to reflect such transfer of limited partnership interestssyndication, written notice of such subsequent syndication certifying that no other amendment, modification or supplement to the Partnership Agreement will be effected in connection with such syndication except to the extent necessary to reflect such syndication, together with copies of any assignments of limited partnership interests and any other syndication documents; provided, further, that any such subsequent syndication of tax credits with respect to the Project must comply with said Section 52080(e). Any other syndication of the Project shall be subject to the prior written approval of the Director of the Mayor’s Office of Housing and Community Development of the CityMOHCD, which approval shall be granted only after the City determines that the terms and conditions of such syndication (1i) shall not reduce or limit any of the requirements of the Act or regulations adopted or documents executed pursuant to the Act, (2ii) shall not cause any of the requirements of the City set forth in this Section 6 hereof to be subordinated to the syndication agreement, and (3iii) shall not result in the provision of fewer Restricted Units, or the reduction of any benefits or services, than were in existence prior to the syndication agreement. Notwithstanding the forgoing, the transfer of any non-managing member or limited partner interest in the Investor Limited Partner shall not require the City’s prior written consent or notice.

Syndication of the Project. As provided in Section 52080(e) of the Housing Law, the City hereby approves the syndication of tax credits with respect to the Project, pursuant to Section 42 of the Code, to the Investor Limited Partner, or any affiliate thereof or successor thereto, pursuant to the terms of the Partnership Agreement. Any subsequent syndication of tax credits with respect to the Project to an affiliate of the Investor Limited Partner shall not require the prior written approval of the City so long as if the Partnership Agreement will not be amended, modified or supplemented other than in connection with such syndication, syndication except to reflect such transfer or of limited partnership interests and other non-material corrections or adjustmentsinterests; provided, however, that the Owner shall provide to the City, at least five (5) business days prior to the effective date of any such subsequent syndication except to reflect such transfer of limited partnership interestssyndication, written notice of such syndication certifying that no other amendment, modification or supplement to the Partnership Agreement will be effected in connection with such syndication except to the extent necessary to reflect such syndication, together with copies of any assignments of limited partnership interests and any other syndication documents. Any other syndication of the Project shall be subject to the prior written approval of the Director of the Mayor’s Office of Housing and Community Development of the CityMOHCD, which approval shall be granted only after the City determines that the terms and conditions of such syndication (1i) shall not reduce or limit any of the requirements of the Act or regulations adopted or documents executed pursuant to the Act, (2ii) shall not cause any of the requirements of the City set forth in this Section 6 hereof to be subordinated to the syndication agreement, and (3iii) shall not result in the provision of fewer Restricted Units, or the reduction of any benefits or services, than were in existence prior to the syndication agreement.

Syndication of the Project. As provided in Section 52080(e) of the Housing Law, the City hereby approves the syndication of tax credits with respect to the Project, pursuant to Section 42 of the Code, to the Investor Limited Partner, or any affiliate thereof or successor thereto, pursuant to the terms of the Partnership Agreement. Any subsequent syndication of tax credits with respect to the Project to an affiliate of the Investor Limited Partner shall not require the prior written approval of the City so long as the Partnership Agreement will not be amended, modified or supplemented other than in connection with such syndication, except to reflect such transfer or limited partnership interests and other non-material corrections or adjustments; provided, however, that the Owner shall provide to the City, at least five (5) business days prior to the effective date of any such subsequent syndication except to reflect such transfer of limited partnership interests, written notice of such syndication certifying that no amendment, modification or supplement to the Partnership Agreement will be effected in connection with such syndication except to the extent necessary to reflect such syndication, together with copies of any assignments of limited partnership interests and any other syndication documents. Any other syndication of the Project shall be subject to the prior written approval of the Director of the Mayor’s Office of Housing and Community Development of the City, which approval shall be granted only after the City determines that the terms and conditions of such syndication (1) shall not reduce or limit any of the requirements of the Act or regulations adopted or documents executed pursuant to the Act, (2) shall not cause any of the requirements of the City set forth in this Section 6 hereof to be subordinated to the syndication agreement, and (3) shall not result in the provision of fewer Restricted Units, or the reduction of any benefits or services, than were in existence prior to the syndication agreement.and

Syndication of the Project. As provided in Section 52080(e) of the Housing Law, the City hereby approves the initial syndication of tax credits with respect to the Project, pursuant to Section 42 of the Code, to the Investor Limited Partner, or any affiliate thereof or successor thereto, pursuant to the terms of the Partnership Agreement. Any subsequent syndication of tax credits with respect to the Project to an affiliate of the Investor Limited Partner Partner, including any entity which has Bank of America, N.A. as its general partner or managing member, shall not require the prior written approval of the City so long as if the Partnership Agreement will not be amended, modified or supplemented other than in connection with such syndication, except to reflect such transfer or of limited partnership interests and other non-non- material corrections or adjustments; provided, however, that the Owner Investor Limited Partner shall provide to the City, at least five (5) business days Business Days prior to the effective date of any such subsequent syndication except to reflect such transfer of limited partnership interestssyndication, written notice of such syndication certifying that no amendment, modification or supplement to the Partnership Agreement will be effected in connection with such syndication (except to the extent necessary to reflect such syndicationeffect a transfer of limited partnership interests and other non- material corrections or adjustments), together with copies of any assignments of limited partnership interests and any other syndication documents. Any other or subsequent syndication of the Project shall be subject to the prior written approval of the Director of the Mayor’s Office of Housing and Community Development of the City, which approval shall be granted only after the City determines that the terms and conditions of such syndication (1) shall not reduce or limit any of the requirements of the Act or regulations adopted or documents executed pursuant to the Act, (2) shall not cause any of the requirements of the City set forth in this Section 6 hereof to be subordinated to the syndication agreement, and (3) shall not result in the provision of fewer Restricted Units, or the reduction of any benefits or services, than were in existence prior to the syndication agreement.

Syndication of the Project. As provided in Section 52080(e) of the Housing Law, the City hereby approves the syndication of tax credits with respect to the Project, pursuant to Section 42 of the Code, to the Investor Limited Partner, or any affiliate thereof or successor thereto, pursuant to the terms of the Owner’s Partnership Agreement. Any subsequent syndication of tax credits with respect to the Project to an affiliate of the Investor Limited Partner or the Administrative Limited Partner shall not require the prior written approval of the City so long as if the Owner’s Partnership Agreement will not be amended, modified or supplemented other than in connection with such syndication, syndication except to reflect such transfer or of limited partnership interests and other non-material corrections or adjustmentsinterests; provided, however, that the Owner Investor Limited Partner shall provide to the City, at least five (5) business days prior to the effective date of any such subsequent syndication except to reflect such transfer of limited partnership interestssyndication, written notice of such syndication certifying that no other amendment, modification or supplement to the Owner’s Partnership Agreement will be effected in connection with such syndication except to the extent necessary to reflect such syndication, together with copies of any assignments of limited partnership interests and any other syndication documents. Any other syndication of the Project shall be subject to the prior written approval of the Director of the Mayor’s Office of Housing and Community Development of the City, which approval shall be granted only after the City reasonably determines that the terms and conditions of such syndication (1) shall not reduce or limit any of the requirements of the Act or regulations adopted or documents executed pursuant to the Act, (2) shall not cause any of the requirements of the City set forth in this Section 6 7 hereof to be subordinated to the syndication agreement, and (3) shall not result in the provision of fewer Restricted Unitsassisted units, or the reduction of any benefits or services, than were in existence prior to the syndication agreement.