Phase III ROFR Term. Borrower covenants and agrees that, subject to Section 5.03 above, if Borrower receives a Bona Fide Offer after the Phase II ROFR Term has expired and before the conclusion of the Affordability Compliance Period (the “Phase III ROFR Term”), which offer the Borrower desires to accept, the County shall have a right of first refusal to purchase the Property (the “Phase III 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 III ROFR Term Purchase Price”).
Phase III ROFR Term. Borrower covenants and agrees that, subject to Section 5.03 above, if Borrower receives a Bona Fide Offer to purchase the Property from a prospective purchaser other than ARHC or an Affiliate of ARHC after the Phase II ROFR Term has expired and before the conclusion of the Affordability Compliance Period (the “Phase III ROFR Term”), which offer the Borrower desires to accept, the County shall have a right of first refusal to purchase the Property (the “Phase III 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 III ROFR Term Purchase Price”).
Phase III ROFR Term. Borrower covenants and agrees that, subject to Section 5.03 above and the RHFFI ROFR Agreement, if Borrower receives a Bona Fide Offer to purchase the Property from a third party prospective purchaser after the Phase II ROFR Term has expired and before the conclusion of the Affordability Compliance Period (the “Phase III ROFR Term”), which Bona Fide Offer the Borrower desires to accept (with the consent of the Borrower’s Investor Limited Partner to the extent required under the Borrower’s then-governing organizational documents), the County shall have a right of first refusal to purchase the Property (the “Phase III 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 III ROFR Term Purchase Price”).
Phase III ROFR Term. Borrower covenants and agrees that, subject to Section 5.03 above, if Xxxxxxxx receives a Bona Fide Offer from a purchaser that is not affiliated with WHDC after the Phase II ROFR Term has expired and before the conclusion of the Affordability Compliance Period (the “Phase III ROFR Term”), which offer the Borrower desires to accept, the County shall have a right of first refusal to purchase the Property (the “Phase III Refusal Right”) pursuant to the terms and conditions set forth in this Section 5.04 at the fair market value price (the “Phase III ROFR Term Purchase Price”) as determined in Section 5.04(d) below.
Phase III ROFR Term. Borrower covenants and agrees that, subject to Section 5.03 above, if Borrower receives a Bona Fide Offer after the Phase II ROFR Term has expired and before the conclusion of the Affordability Compliance Period (the “Phase III ROFR Term”), which offer the Borrower desires to accept, the County Board shall have a right of first refusal to purchase the Property (the “Phase III Refusal Right”), pursuant to the terms and conditions set forth in this Section 5.04, at the fair market value price (the “Phase III ROFR Term Purchase Price”) as determined in Section 5.04(d) below, provided, however, that in no event shall the Phase III ROFR Term Purchase Price of the Property be less than the Phase II ROFR Term Purchase Price to the extent required by law to maintain the tax benefits afforded to the Investor Limited Partners or any future investors under Section 42 of the Code.
