Ownership of Rental Phases Sample Clauses

Ownership of Rental Phases. The Developer will form a single-purpose North Carolina limited partnership or limited liability company to own each Rental Phase (each, an “Owner Partnership”). The Developer or its affiliate will be the sole or principal general partner (or managing member) of each Owner Partnership and, after Closing, the sole or principal limited partner (or non-managing member) will be the Investor. The Developer may maintain an ownership interest for itself, its general partner or an affiliate in an Owner Partnership -- together with a corresponding share of low-income housing tax credits -- which shall be limited to a five percent (5.0%) partnership (or membership) interest in the Owner Partnership. With respect to each Rental Phase, the City will convey fee title to the Development Site to the Owner Partnership.
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Ownership of Rental Phases. Developer will cause each Rental Owner Entity to be formed as a limited partnership or limited liability company in which an Affiliate of Developer will be the sole general partner. Developer will support a structure involving the Authority or an Affiliate of the Authority as a partner in Rental Owner Entities for purposes of securing exemption from sales and/or real estate taxes, provided that Developer shall not be obligated to give the Authority or its Affiliate greater rights through such role than otherwise established under the terms of this Agreement or Authority Closing Documents. Each Rental Owner Entity shall grant to the Authority an option to purchase the Rental Phase, and a right of first refusal with respect to any bona fide offer from an unrelated third party to purchase the Rental Phase, upon terms and conditions to be set forth in an appropriate agreement between the Rental Owner Entity and the Authority to be executed in connection with the Closing and approved by the Developer as well as the Investor and its tax counsel. Developer will include a form of purchase option and right of first refusal reasonably acceptable to the Authority in its equity solicitations.

Related to Ownership of Rental Phases

  • Ownership of Improvements All modifications, alterations and improvements made or added to the Leased Premises by Tenant (other than Tenant’s inventory, equipment, movable furniture, wall decorations and trade fixtures) shall be deemed real property and a part of the Leased Premises, but shall remain the property of Tenant during the Lease, and Tenant hereby covenants and agrees not to grant a security interest in any such items to any party other than Landlord. Any such modifications, alterations or improvements, once completed, shall not be altered or removed from the Leased Premises during the Lease Term without Landlord’s written approval first obtained in accordance with the provisions of Paragraph 6.1 above. At the expiration or sooner termination of this Lease, all such modifications, alterations and improvements other than Tenant’s inventory, equipment, movable furniture, wall decorations and trade fixtures, shall automatically become the property of Landlord and shall be surrendered to Landlord as part of the Leased Premises as required pursuant to Article 2, unless Landlord shall require Tenant to remove any of such modifications, alterations or improvements in accordance with the provisions of Article 2, in which case Tenant shall so remove same. Landlord shall have no obligations to reimburse Tenant for all or any portion of the cost or value of any such modifications, alterations or improvements so surrendered to Landlord. All modifications, alterations or improvements which are installed or constructed on or attached to the Leased Premises by Landlord and/or at Landlord’s expense shall be deemed real property and a part of the Leased Premises and shall be property of Landlord. All lighting, plumbing, electrical, heating, ventilating and air conditioning fixtures, partitioning, window coverings, wall coverings and floor coverings installed by Tenant shall be deemed improvements to the Leased Premises and not trade fixtures of Tenant.

  • Ownership of Equipment Any equipment purchased by or furnished to the Grantee by the State under this grant agreement is provided on a loan basis only and remains the property of the State.

  • Ownership of Work All reports, work product, all other documents completed or partially completed by Contractor or its approved subcontractors, in performance of this Agreement, and if applicable, drawings, designs, and plan review comments shall become the property of the City. Any and all copyrightable subject matter in all materials is hereby assigned to the City and the Contractor and its approved subcontractors agree to execute any additional documents that may be necessary to evidence such assignment. All materials shall be delivered to the City upon completion or termination of the work under this Agreement. If any materials are lost, damaged or destroyed before final delivery to the City, the Contractor shall replace them at its own expense. Contractor and its approved subcontractors shall keep materials confidential. Materials shall not be used for purposes other than performance of services under this Agreement and shall not be disclosed to anyone not connected with these services, unless the City provides prior written consent.

  • Ownership of Website The content, information and offers on our website are copyrighted by Bank and/or Vendor and the unauthorized use, reproduction, linking or distribution of any portions is strictly prohibited. You agree not to copy, display, distribute, download, license, sub-license, modify, publish, repost, reproduce, reuse, sell, transmit, create a derivative work from or otherwise use for public or commercial purposes, the information and materials on the Sites, except as provided in this Agreement, without our express written permission. Unless otherwise noted, all other trademarks, service marks, and logos used on the Bank’s sites are the trademarks, service marks or logos of Bank, or others as indicated.

  • OWNERSHIP OF THE EQUIPMENT 9.1 Except as detailed in clause 9.4, You acknowledge that We own the Equipment and in all circumstances We retain title to the Equipment (even if You go into liquidation or become bankrupt during the Hire Period). Your rights to use the Equipment are as a bailee only.

  • OWNERSHIP OF ACCESS DEVICES Your Card and/or any other Account access device will remain Our property and any such Card or other Account access device We may issue may be cancelled or its use restricted by Us at any time without notice, except as may be required by applicable law. You agree to surrender any such Card and/or access device and to discontinue its use immediately upon Our request. You will be required to return any Account access device(s) to Us immediately upon the closing of Your Account.

  • Ownership of Rights 6. 1. Licensed Material remains the property of either Licensor or the relevant third party and any rights not explicitly granted herein are expressly reserved.

  • Ownership of Facilities a) The Member shall own and be solely responsible for all expense, installation, maintenance, and operation of all facilities, including all power generating facilities, at and beyond the point of delivery as defined in the Cooperative’s tariffs.

  • Ownership of Alterations and Improvements In all cases of alterations, improvements, changes, accessories and the like that cannot be removed from the Property without destroying or otherwise deteriorating the Property or any surface thereof shall, upon creation, become the Landlord’s property without need for any further transfer, delivery or assignment thereof.

  • Ownership of Owner No 1.25: By a Deed of Conveyance dated 10th May, 2013 and registered in the Office of the Additional District Sub-Registrar, Chandannagore, Hooghly in Book No. I, CD Volume No.5, Pages from 3796 to 3813, being Deed No.01479 for the year 2013, Jubilant First Trust Healthcare Limited sold to Gajrup Commodeal Private Limited, the Owner No. 1.25 herein, undivided 1/47th (one-forty seventh) share in the Said Property.

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