USDA RURAL DEVELOPMENT REGULATIONS Sample Clauses

USDA RURAL DEVELOPMENT REGULATIONS. For as long as the Apartment Housing continues to be a "Rural Rental Housing Project" all terms of this Agreement and all operations of the Partnership are subject to the regulations of RD, and all Partners admitted to the Partnership shall be approved by RD. The Partnership is authorized to execute any documents required by RD in connection with the RD Loan Agreement. The General Partner hereby covenants to act in accordance with the Project Documents. Any incoming General Partner shall, as a condition of receiving a Partnership interest, agree to be bound by the Project Documents, and all of the other documents executed in connection with the RD Loan Agreement to the same extent and on the same terms as any other General Partner. Upon any dissolution, no title or right to possession and control of the Apartment Housing, and no right to collect the rents therefrom, shall pass to any Person who is not bound in a manner consistent with Section 515 of the Housing Act and the rules and regulations thereunder. For so long as any of the RD commitments are in effect, (a) each of the provisions of this Agreement shall be subject to the General Partner's covenant to act in accordance with the Project Documents; (b) the Project Documents shall govern the rights and obligations of the Partners, their heirs, executors, administrators, successors and assigns to the extent expressly provided therein; (c) upon any dissolution of the Partnership or any transfer of the Apartment Housing, no title or right to the possession and control for the Apartment Housing and no right to collect rent therefrom shall pass to any Person who is not, or does not become, bound by the Project Documents and other RD documents in a manner satisfactory to RD; and (d) the affairs of the Partnership shall be subject to RD regulation and no action shall be taken which would require the Consent or approval of RD unless the same is first obtained. No new Partner shall be admitted to the Partnership and no Partner may withdraw from the partnership or be substituted for a Partner without the consent of RD (if such Consent is then required). The General Partner shall at all times hold and maintain the required RD Financial Interest. No amendment to this Agreement relating to matters governed by RD shall remain effective unless Consent of RD to such amendment is obtained. Any conveyance or transfer of title to all or any portion of the Apartment Housing or Partnership assets required or permitted unde...
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