Common use of Withholding of Capital Contribution Upon Default Clause in Contracts

Withholding of Capital Contribution Upon Default. In the event that: (a) the General Partner, or any successor General Partner shall not have substantially complied with any material provisions under this Agreement, after Notice from the Investment Partnership of such noncompliance and failure to cure such noncompliance within a period of thirty (30) days from and after the date of such Notice, or (b) Lender shall have declared the Partnership to be in default under the Mortgage Loan, or (c) foreclosure proceedings shall have been commenced against the Apartment Complex, or (d) the Partnership shall not have satisfied the post-closing conditions described on Exhibit A attached hereto within the timeframes designated therein, then the Partnership and the Investment Partnership, at its sole election, may cause the withholding of payment of any Installment otherwise payable to the Partnership. Notwithstanding the provisions herein, in the event that an Installment payment becomes due during the cure period stated in this Section 5.03(a), the Investment Partnership, at its sole election, may cause the withholding of any payment of any such Installment otherwise payable to the Partnership until the termination of such cure period, and then, according to the provisions herein. All amounts so withheld by the Investment Partnership under this Section 5.03 shall be promptly released to the Partnership only after the General Partner or the Partnership has cured the default justifying the withholding, as demonstrated by evidence reasonably acceptable to the Investment Partnership.

Withholding of Capital Contribution Upon Default. In the event that: (a) the General Partner, or any successor General Partner shall not have substantially complied with any material provisions under this Agreement, after Notice from the Investment Partnership of such noncompliance and failure to cure such noncompliance within a period of thirty (30) days from and after the date of such Notice, or (b) Lender shall have declared the Partnership to be in default under the Mortgage Loan, or (c) foreclosure proceedings shall have been commenced against the Apartment Complex, or (d) the Partnership shall not have satisfied the post-closing conditions described on Exhibit A attached hereto within the timeframes designated therein, then the Partnership and the Investment Partnership, at its sole election, may cause the withholding of payment of any Installment otherwise payable to the Partnership. Notwithstanding the provisions herein, in the event that an Installment payment becomes due during the cure period stated in this Section 5.03(a), the Investment Partnership, at its sole election, may cause the withholding of any payment of any such Installment otherwise payable to the Partnership until the termination of such cure period, and then, according to the provisions herein. All amounts so withheld by the Investment Partnership under this Section 5.03 shall be promptly released to the Partnership only after the General Partner or the Partnership has cured the default justifying the withholding, as demonstrated by evidence reasonably acceptable to the Investment Partnership. 5.04.

Withholding of Capital Contribution Upon Default. In the event that: (a) the either General Partner, or any successor General Partner shall not have substantially complied with any material provisions under this Agreement, after Notice from the Investment Partnership of such noncompliance and failure to cure such noncompliance within a period of thirty sixty (3060) days from and after the date of such Notice, or (b) Lender shall have declared the Partnership to be in default under the Mortgage LoanLoans and all applicable grace and cure periods have expired, and such default occurs outside of the period during which the City is restricted from foreclosing on the Apartment Complex pursuant to the City Loan Documents, or (c) foreclosure proceedings shall have been commenced against the Apartment Complex, or (d) the Partnership shall not have satisfied the post-closing conditions described on Exhibit A attached hereto within the timeframes designated therein, then the Partnership and the Investment Partnership, at its sole election, may cause the withholding of payment of any Installment otherwise payable to the Partnership. Notwithstanding the provisions herein, in the event that an Installment payment becomes due during the cure period stated in this Section 5.03(a), the Investment Partnership, at its sole election, may cause the withholding of any payment of any such Installment otherwise payable to the Partnership until the termination of such cure period, and then, according to the provisions herein. All amounts so withheld by the Investment Partnership under this Section 5.03 shall be promptly released to the Partnership only after the General Partner or the Partnership has cured the default justifying the withholding, as demonstrated by evidence reasonably acceptable to the Investment Partnership. 5.04.

Withholding of Capital Contribution Upon Default. In the event that: (a) the either General Partner, or any successor General Partner shall not have substantially complied with any material provisions under this Agreement, after Notice from the Investment Partnership of such noncompliance and failure to cure such noncompliance within a period of thirty sixty (3060) days from and after the date of such Notice, or (b) Lender shall have declared the Partnership to be in default under the Mortgage Loan, Loans or (c) foreclosure proceedings shall have been commenced against the Apartment Complex, or (d) the Partnership shall not have satisfied the post-closing conditions described on Exhibit A attached hereto within the timeframes designated therein, then the Partnership and the Investment Partnership, at its sole election, may cause the withholding of payment of any Installment otherwise payable to the Partnership. Notwithstanding the provisions herein, in the event that an Installment payment becomes due during the cure period stated in this Section 5.03(a), the Investment Partnership, at its sole election, may cause the withholding of any payment of any such Installment otherwise payable to the Partnership until the termination of such cure period, and then, according to the provisions herein. All amounts so withheld by the Investment Partnership under this Section 5.03 shall be promptly released to the Partnership only after the General Partner or the Partnership has cured the default justifying the withholding, as demonstrated by evidence reasonably acceptable to the Investment Partnership.

Withholding of Capital Contribution Upon Default. In the event that: (athat:(a) the General Partner, or any successor General Partner shall not have substantially complied with any material provisions under this Agreement, after Notice afterNotice from the Investment Partnership of such noncompliance and failure to cure such noncompliance within a period of thirty (30) days from and after the date of such Notice, or (b) Lender shall have declared the Partnership to be in default under the Mortgage Loan, or (c) foreclosure proceedings shall have been commenced against the Apartment Complex, or (d) the Partnership shall not have satisfied the post-closing conditions described on Exhibit A attached hereto within the timeframes designated therein, ,then the Partnership and the Investment Partnership, at its sole election, may cause the withholding of payment of any Installment otherwise payable to the Partnership. Notwithstanding the provisions herein, in the event that an Installment payment becomes due during the cure period stated in this Section 5.03(a), the Investment Partnership, at its sole election, may cause the withholding of any payment of any such Installment otherwise payable to the Partnership until the termination of such cure period, and then, according to the provisions herein. All amounts so withheld by the Investment Partnership under this Section 5.03 shall be promptly released to the Partnership only after the General Partner or the Partnership has cured the default justifying the withholding, as demonstrated by evidence reasonably acceptable to the Investment Partnership. 5.04.