Common use of Offer Acceptable Clause in Contracts

Offer Acceptable. If the Non-Initiating Partner consents to the Property Partnerships selling the Projects on the terms of the Offer, then the Initiating Partner shall have authority, on behalf of the Partnership, to cause the Projects to be sold for cash on the terms of the Offer (or better terms) for a period of up to 90 days following the expiration of the Response Period. If the Initiating Partner obtains a bona fide third party contract to sell the Project on the terms of the Offer (or better terms) within such 90-day period, the Initiating Partner shall have an additional period of 120 days after the date of such contract (that is, within 210 days after the Sale Notice) in which to cause the Projects to be sold. If after having received the consent of the Non-Initiating Partner to the sale of the Project on the terms of the Offer, the Initiating Partner is unable to cause the Property Partnerships to obtain a bona fide contract within such 90-day period, or if after having obtained such bona fide contract, Initiating Partner is unable to consummate such sale within 210 days after the Sale Notice, then Initiating Partner must again submit an

Offer Acceptable. If the Non-Initiating Partner consents to the Property Partnerships LLC selling the Projects Project on the terms of the Offer, then the Initiating Partner shall have authority, on behalf of the Partnership, to cause the Projects Project to be sold for cash on the terms of the Offer (or better terms) for a period of up to 90 days following the expiration of the Response Period. If the Initiating Partner obtains a bona fide third party contract to sell the Project on the terms of the Offer (or better terms) within such 90-day period, the Initiating Partner shall have an additional period of 120 days after the date of such contract (that is, within 210 days after the Sale Notice) in which to cause the Projects Project to be sold. If after having received the consent of the Non-Initiating Partner to the sale of the Project on the terms of the Offer, the Initiating Partner is unable to cause the Property Partnerships Partnership to obtain a bona fide contract within such 90-day period, or if after having obtained such bona fide contract, Initiating Partner is unable to consummate such sale within 210 days after the Sale Notice, then Initiating Partner must again submit anan Offer to Non-Initiating Partner pursuant to Section 13.1 before it may sell the Project.