Approved Pre-Completion Transfers Clause Samples

Approved Pre-Completion Transfers. Notwithstanding Section 5.1, and provided that DOSO provides Owner with copies of all agreements related to a proposed transfer at least thirty (30) days prior to the Effective Date of the proposed transfer, and provides to Owner any other information reasonably requested by Owner to determine that such proposed transfer complies with the requirements of this Agreement, Owner hereby consents to: 5.2.1 Any Mortgage(s) which DOSO may cause to attach to the Property for the purpose of securing loans of funds to be used for financing the acquisition of the Property, construction of the Project thereon, or any other expenditures necessary and appropriate to develop the Property under this Agreement; and 5.2.2 Any transfer to a partnership, limited liability company or joint venture in which (a) DOSO and Name maintain at least a ten percent (10%) membership interest, and/or (b) DOSO and Name enter into a construction management / development agreement property management contract and/or construction contract with the new entity agreeing to manage the construction of the Project and manage the operation of the Project. 5.2.3 DOSO shall not be relieved of its obligations under this Agreement by reason of any such permitted transfer unless expressly agreed to in writing by Owner. Commented [A24]: I think you nailed it here. TWNHMS should be exempt from this. This will come into play with the Sr. Housing, I will transfer property to the partnership made up of tax credit investor, state, and operator. I will serve as co- developer/construction manager. Commented [A23]: Is this period too long for DOSO? What about townhouses – they don’t need 120 day notice IMHO