Common use of Clause Third Clause in Contracts

Clause Third. (e) If, as of the Completion Date and based upon the Cost Certification, it is determined that the Apartment Complex will not be eligible to receive Tax Credits in an annual amount of at least $31,171; or it is at any time determined by the Auditors, the Tax Accountants or the Service that, for any reason, the Apartment Complex will not be eligible to receive Tax Credit in an annual amount of at least $31,171, then (a) the General Partners shall pay to the Investment Limited Partner an amount equal to the product of (A) difference between (i) $31,171 and (ii) the total amount of Tax Credit allocated to the Partnership and (B) 8.0 and (b) the Projected Credit for each year shall thereafter be redefined to mean 99% of the annual amount of Tax Credit actually so allocated to the Partnership (the "Revised Projected Credit"). Any amount payable by the General Partners to the Investment Limited Partner pursuant to this Section 5.1(e) shall be paid in its entirety by the General Partners directly to the Investment Limited Partner promptly after demand is made therefor, as a payment of damages for breach of warranty, regardless of the reason for the occurrence of such event.

Clause Third. (eg) If, as of the Completion Date and based upon the Cost Certification, it is determined that the Apartment Complex will not be eligible to receive Tax Credits in an annual amount of at least $31,17160,213; or it is is, at any time time, determined by the Auditors, the Tax Accountants or the Service that, for any other reason, the Apartment Complex will not be eligible to receive Tax Credit in an annual dollar amount of at least $31,17160,213, then (a) the General Partners shall pay to the Investment Limited Partner an amount equal to 99% of the product of of: (A) difference between (i) $31,171 60,213 and (ii) the total annual amount of Tax Credit allocated and available to the Partnership and (B) 8.0 5.6 and (b) the Projected Credit for each year shall thereafter be redefined to mean 99% of the annual total amount of Tax Credit actually so allocated and available to the Partnership for such year (the "Revised Projected Credit"). Any amount payable by the General Partners to the Investment Limited Partner pursuant to this Section 5.1(e5.1(g) shall shall, at the option of the Investment Limited Partner, either (i) be applied to any amounts, if any, remaining to be paid by the Investment Limited Partner pursuant to Section 5.1(a), or (ii) be paid in its entirety by the General Partners directly to the Investment Limited Partner promptly after demand is made therefor, as a payment of damages for breach of warranty, regardless of the reason for the occurrence of such event.

Clause Third. (e) If, as of the Completion Date and based upon the Cost Certification, it is determined that the Apartment Complex will not be eligible to receive Tax Credits in an annual amount of at least $31,17121,740; or it is at any time determined by the Auditors, the Tax Accountants or the Service that, for any reason, the Apartment Complex will not be eligible to receive Tax Credit in an annual amount of at least $31,17121,740, then (a) the General Partners shall pay to the Investment Limited Partner an amount equal to the product of (A) difference between (i) $31,171 21,740 and (ii) the total amount of Tax Credit allocated to the Partnership and (B) 8.0 7.9 and (b) the Projected Credit for each year shall thereafter be redefined to mean 99% of the annual amount of Tax Credit actually so allocated to the Partnership (the "Revised Projected Credit"). Any amount payable by the General Partners to the Investment Limited Partner pursuant to this Section 5.1(e) shall be paid in its entirety by the General Partners directly to the Investment Limited Partner promptly after demand is made therefor, as a payment of damages for breach of warranty, regardless of the reason for the occurrence of such event.