Common use of TPA Approval Clause in Contracts

TPA Approval. This Agreement is subject to the following HUD Required Language: This Agreement is expressly conditioned upon preliminary approval by HUD of the transactions as set forth in form HUD 92266, Application for Transfer of Physical Assets, and supporting documents submitted to HUD. None of the terms and conditions of this Agreement shall be effective prior to such HUD approval. The BRI Partnership will not take possession of the Transferor Partnership or the Property nor assume the burdens and benefits of project ownership prior to such approval by HUD.