Transfer Net Proceeds Sample Clauses

Transfer Net Proceeds. Immediately upon any Transfer in whole or in part of the Project (other than a Transfer pursuant to Section 1216.1 or Section 1216.2(b) of the Agreement or Section 6.3(a) or Section 6.3(b)(ii) of the Regulatory Agreement), the Transfer Net Proceeds, if any, shall be distributed as follows and in the following priority of payment: (A) first, one hundred percent (100%) of the Transfer Net Proceeds, up to the outstanding Note Amount, shall be paid to Agency as repayment of the Agency Loan, (B) second, one hundred percent (100%) of the remaining Transfer Net Proceeds, up to the amount of the HUD Grant plus the amount of Developer’s capital contribution to the Project (including the actual and reasonable cost of approved capital improvements, repairs, and replacements to the Project paid by Developer using funds other than rents or profits of the Project, which capital expenditures are pre-approved in advance by the Executive Director), and (C) third, any Transfer Net Proceeds remaining after the payments described in clauses (A) and (B) above are made shall be paid as follows: fifty-seven percent (57%) of the remaining Transfer Net Proceeds shall be paid to Agency and forty-three percent (43%) of the remaining Transfer Net Proceeds shall be paid to Developer.
Sample 1
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Related to Transfer Net Proceeds

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