Common use of Lender Disapproval Clause in Contracts

Lender Disapproval. If the Construction Lender and/or the Permanent Lender shall disapprove, or fail to give any required approval of, the Investment Limited Partner and/or the Special Limited Partner as a Limited Partner hereunder within one hundred eighty (180) days of the Admission Date, then the Partner being disapproved or not approved shall, effective as of such time or such later time as may be selected by the Partner being disapproved or not approved shall, effective as of such time or such later time as may be selected by the Partner being disapproved or not approved (or such other time as may be specified by the Construction Lender and/or the Permanent Lender in its disapproval),at the option of the Partner being disapproved or not approved (if not directed by the Construction Lender and/or the Permanent Lender in to withdraw), cease to be a Limited Partner. The General Partners shall, within ten (10) days of the effective date of such cessation, pay to the Partner being disapproved or not approved an amount equal to its Invested Amount plus the amount of any third party costs, incurred by or on behalf of such Partner in implementing this Section 5.2(b).