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 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 shall have terminated prior to their respective termination date(s), or (c) foreclosure proceedings shall have been commenced against the Apartment Complex 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 Partners or any successor General Partner shall not have substantially complied with any material provisions under this Agreement or the applicable limited partnership agreementAgreement, or (b) any financing commitment of any lender, or any agreement entered into by the Partnership for financing related to the Apartment Complex shall have terminated prior to their respective termination date(s), or (c) foreclosure proceedings shall have been commenced against the Apartment Complex Complex, then (i) such the General Partner Partners shall be in default of this Agreement, and the Partnership shall withhold payment of any installment of fees payable pursuant to Sections 8.10 6.12(a) and 8.11(b), and (ii) the General Partner Partners shall be liable for the Partnership's payment of any and all installments of the Construction and Development Fee payable pursuant to Section 8.106.12(b), to the extent that the Investment Partnership Limited Partner has withheld any Installment(s) pursuant to Section 5.03 5.3 as a result of the above-described default. All amounts so withheld by the Partnership under this Section 8.12 6.15 shall be promptly released only after the General Partner has Partners have cured the default justifying the withholding, as demonstrated by evidence reasonably acceptable to the Investment PartnershipLimited Partner.