Common use of Withholding of Fee Payments Clause in Contracts

Withholding of Fee Payments. In the event that (a) a General Partner or any successor General Partner or the general partner of any Affiliated Limited Partnership shall not have substantially complied with any material provisions under this Agreement or the applicable limited partnership agreement, or (b) any financing commitment of any lender, or any agreement entered into by the Partnership for financing related to the Apartment Complex or the property of any Affiliated Limited Partnership shall have terminated prior to their respective termination date(s), or (c) foreclosure proceedings shall have been commenced against the Apartment Complex or the property of such Affiliated Limited Partnership, then (i) such General Partner shall be in default of this Agreement, and the Partnership shall withhold payment of any installment of fees payable pursuant to Sections 8.10 and 8.11, and (ii) the General Partner shall be liable for the Partnership's payment of any and all installments of the Development Fee payable pursuant to Section 8.10, to the extent that the Investment Partnership has withheld any Installment(s) pursuant to Section 5.03 as a result of the above-described default. All amounts so withheld by the Partnership under this Section 8.12 shall be promptly released only after the General Partner has cured the default justifying the withholding, as demonstrated by evidence reasonably acceptable to the Investment Partnership.

Withholding of Fee Payments. In the event that (a) a the General Partner or Partner, any successor General Partner or the general partner of any Affiliated Limited Partnership shall not have substantially complied with any material provisions under this Agreement or the applicable limited partnership agreement, or (b) any financing commitment of any lender, or any agreement entered into by the Partnership for financing related to the Apartment Complex or the property of any Affiliated Limited Partnership shall have terminated prior to their respective termination date(s), or (c) foreclosure proceedings shall have been commenced against the Apartment Complex or the property of such Affiliated Limited Partnership, then (i) such the General Partner shall be in default of this Agreement, and the Partnership shall withhold payment of any installment of fees payable pursuant to Sections 8.10 and 8.11, and (ii) the General Partner shall be liable for the Partnership's payment of any and all installments of the Development Fee payable pursuant to Section 8.10, to the extent that the Investment Partnership has withheld any Installment(s) pursuant to Section 5.03 as a result of the above-described default. All amounts so withheld by the Partnership under this Section 8.12 shall be promptly released only after the General Partner has cured the default justifying the withholding, as demonstrated by evidence reasonably acceptable to the Investment Partnership.

Withholding of Fee Payments. In the event that (a) a the General Partner or any successor General Partner or the general partner of any Affiliated Limited Partnership shall not have substantially complied with any material provisions under this Agreement or the applicable limited partnership agreementPartnership Agreement, or (b) any financing commitment of any lenderlender of the Partnership, or any agreement entered into by the Partnership for financing related to the Apartment Complex or the property of any Affiliated Limited Partnership Complex, shall have terminated prior to their respective termination date(s), or (c) foreclosure proceedings shall have been commenced against the Apartment Complex or the property of such Affiliated Limited PartnershipComplex, then (i) such the Developer shall be in default under this Agreement and the General Partner shall be in default of this under the Partnership Agreement, and the Partnership shall withhold payment of any installment of fees the Development Fee payable pursuant to Sections Section 4 of this Agreement and Section 8.10 and 8.11of the Partnership Agreement, and (ii) the General Partner shall be liable for the Partnership's payment of any and all installments of the Development Fee payable pursuant to Section 8.104 of this Agreement and Section 8.10 of the Partnership Agreement, to the extent that the Investment Partnership Fund has withheld any Installment(s) pursuant to Section 5.03 of the Partnership Agreement as a result of the any default as described above-described default. All amounts so withheld by the Partnership under this Section 5 or Section 8.12 of the Partnership Agreement shall be promptly released only after the Developer and/or the General Partner has cured the default justifying the withholding, as demonstrated by evidence reasonably acceptable to the Investment PartnershipSpecial Limited Partner.

Withholding of Fee Payments. In the event that (a) a the General Partner or Partner, any successor General Partner or the general partner of any Affiliated Limited Partnership shall not have substantially complied with any material provisions under this Agreement or the applicable limited partnership agreement, within fifteen (15) days after written notice from the Investment Partnership or (b) any financing commitment of any lender, or any agreement entered into by the Partnership for financing related to the Apartment Complex or the property of any Affiliated Limited Partnership shall have terminated prior to their respective termination date(s), or (c) foreclosure proceedings shall have been commenced against the Apartment Complex or the property of such Affiliated Limited Partnership, then (i) such the General Partner shall be in default of this Agreement, and the Partnership shall withhold payment of any installment of fees payable pursuant to Sections 8.10 and 8.11, and (ii) the General Partner shall be liable for the Partnership's payment of any and all installments of the Development Fee payable pursuant to Section 8.10, to the extent that the Investment Partnership has withheld any Installment(s) pursuant to Section 5.03 as a result of the above-described default. All amounts so withheld by the Partnership under this Section 8.12 shall be promptly released only after the General Partner has cured the default justifying the withholding, as demonstrated by evidence reasonably acceptable to the Investment Partnership.