Phase I ROFR Term – Tax Compliance Period Sample Clauses

Phase I ROFR Term – Tax Compliance Period. Borrower covenants and agrees that, subject to Section 5.03 above, if the Borrower receives a bona fide offer to purchase the Property from a prospective purchaser other than APAH or an affiliate of APAH (“Bona Fide Offer”) during the period of time commencing from the Effective Date and ending upon the close of the fifteenth (15th) full year of the compliance period for the federal low-income housing tax credits for the Property (the “Phase I ROFR Term”), which Bona Fide Offer the Borrower desires to accept, then the County Board shall have a right of first refusal to purchase the Property (the “Phase I Refusal Right”), pursuant to the terms and conditions set forth in this Section 5.04, at the lesser of the fair market value price, as determined in Section 5.04(d) below, or the Bona Fide Offer proposed purchase price (the “Phase I ROFR Term Purchase Price”).
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Phase I ROFR Term – Tax Compliance Period. Borrower covenants and agrees that, subject to Section 5.03 above, if the Borrower receives a bona fide offer from a purchaser that is not affiliated with WHDC to purchase the Borrower’s interest in the Property (“Bona Fide Offer”) during the period of time commencing from the Effective Date and ending upon the close of the fifteenth (15th) full year of the compliance period for the federal low-income housing tax credits for the Property (the “Phase I ROFR Term”), which Bona Fide Offer the Borrower desires to accept, then the County Board shall have a right of first refusal to purchase the Borrower’s interest in the Property (the “Phase I Refusal Right”), pursuant to the terms and conditions set forth in this Section 5.04, at the fair market value price (the “Phase I ROFR Term Purchase Price”), as determined in Section 5.04(d).
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Phase I ROFR Term – Tax Compliance Period. Borrower covenants and agrees that, subject to Section 5.03 above, if the Borrower receives a Bona Fide Offer to purchase the Property from a prospective purchaser other than an Affiliate of the General Partner during the period of time commencing from the Effective Date and ending upon the close of the fifteenth (15th) full year of the compliance period for the federal low-income housing tax credits for the Property (the “Phase I ROFR Term”), which Bona Fide Offer the Borrower desires to accept, then the County Board shall have a right of first refusal to purchase the Property (the “Phase I Refusal Right”), pursuant to the terms and conditions set forth in this Section 5.04, at the lesser of the fair market value price, as determined in Section 5.04(d) below, or the Bona Fide Offer proposed purchase price (the “Phase I ROFR Term Purchase Price”).
Sample 1
Phase I ROFR Term – Tax Compliance Period. Borrower covenants and agrees that, subject to Section 5.03 above and the RHFFI ROFR Agreement, if the Borrower receives a Bona Fide Offer to purchase the property from a third party prospective purchaser during the period of time commencing from the Effective Date and ending upon the close of the fifteenth (15th) full year of the compliance period for the federal low-income housing tax credits for the Property (the “Phase I ROFR Term”), which Bona Fide Offer the Borrower desires to accept (with the consent of the Borrower’s Investor Limited Partner), then the County Board shall have a right of first refusal to purchase the Property (the “Phase I Refusal Right”), pursuant to the terms and conditions set forth in this Section 5.04, at the lesser of the fair market value price, as determined in Section 5.04(d) below, or the Bona Fide Offer proposed purchase price which the Borrower desires to accept (the “Phase I ROFR Term Purchase Price”). The Phase I ROFR Term Purchase Price shall be subject to the requirements of Section 42(i)(7)(B) of the Code, if applicable. As a condition to closing on the Phase I Refusal Right, the Borrower or the Borrower’s general partner must pay to the Investor Limited Partner all amounts owed to the Investor Limited Partner under Borrower’s Amended and Restated Agreement of Limited Partnership, including any amounts owed under Article III or IV or any other provision of said agreement.
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