Representations Warranties and Covenants Duties and Obligations. 14 4.01. Representations, Warranties and Covenants Relating to the Property and the Company. 14 4.02. Duties and Obligations Relating to the Property and the Company. 15 Article V. MEMBERS, Company INTERESTS AND OBLIGATIONS OF THE Company 17 5.01. Members, Capital Contributions and Company Interests 17 5.02. Return of Capital Contribution. 17 5.03. Withholding of Capital Contribution Upon Default 18 5.04. Return of Capital Obligation. 18 5.05. Subordinated Loans 18 Article VI. CHANGES IN MEMBERS 19 6.01. Withdrawal of a Managing Member. 19 6.02. Admission of a Successor or Additional Managing Member. 19 6.03. Effect of Bankruptcy, Death, Withdrawal, Dissolution or Incompetence of a Managing Member. 19 Article VII. ASSIGNMENT TO THE Company 21 Article VIII. RIGHTS, OBLIGATIONS AND POWERS OF THE MANAGING MEMBER 21 8.01. Management of the Company. 21 8.02. Limitations Upon the Authority of the Managing Member. 21 8.03. Management Purposes 23 8.04. Delegation of Authority. 23 8.05. Other Activities 23 8.06. Liability for Acts and Omissions 23 8.07. Company Taxable as Partnership. 24 8.08. Excess Development Costs, Operating Deficits 24 8.09. Net Interim Income 24 8.10. [Reserved]. 25 8.12. Removal of the Managing Member. 25 8.13. Loans to the Company. 26 8.14. Reserves 27 Article IX. TRANSFERS OF, AND RESTRICTIONS ON TRANSFERS OF INTERESTS OF INVESTOR MEMBER 27 9.01. Purchase for Investment 27 9.02. Restrictions on Transfer of Investor Member’s Interest 27 9.03. Admission of Substitute Investor Member. 28 9.04. Rights of Assignee of Company Interest 28 Article X. RIGHTS AND OBLIGATIONS OF INVESTOR MEMBER 29 10.01. Management of the Company. 29 10.02. Limitation on Liability of Investor Member. 29 10.03. Other Activities 29 Article XI. PROFITS, LOSSES AND DISTRIBUTIONS 29 11.01. Allocation of Profits, Losses, Credits and Cash Distributions 29 11.02. Determination of Profits or Losses 30 11.03. Allocation of Profits or Losses from a Capital Transaction. 30 11.04. Distribution of Proceeds from a Capital Transaction. 31 11.05. Capital Accounts 31 11.06. Authority of Managing Member to Vary Allocations to Preserve and Protect Members’ Intent 32 11.07. Designation of Tax Matters Partner. 32 11.08. Authority of Tax Matters Partner. 32 11.09. Expenses of Tax Matters Partner. 33 11.10. Special Allocations 33 Article XII. SALE, DISSOLUTION AND LIQUIDATION 35 12.01. Dissolution of the Company. 35 12.02. Winding Up and Distribution. 35 Article XIII. BOOKS AND RECORDS, ACC...
Representations Warranties and Covenants Duties and Obligations. 16 4.01. Representations, Warranties and Covenants Relating to the Apartment Complex and the Partnership 16 4.02. Duties and Obligations Relating to the Apartment Complex and the Partnership 21 ARTICLE V. 24 PARTNERS, PARTNERSHIP INTERESTS AND OBLIGATIONS OF THE PARTNERSHIP 24 5.01. Partners, Capital Contributions and Partnership Interests 22 5.02. Return of Capital Contribution 22 5.03. Withholding of Capital Contributions Upon Default 23 5.04. Legal Opinions 30 5.05. Repurchase Obligation 32 5.06. Asset Management Fee 33 5.07. BCTC IV Loan 33 5.08. Default by Investment Partnership in Making Capital Contributions. 33
Representations Warranties and Covenants Duties and Obligations. 5.01 Representations, Warranties and Covenants Relating to the Apartment Complex and the Company 5.02 Duties and Obligations Relating to the Apartment Complex and the Company
Representations Warranties and Covenants Duties and Obligations. 4.01. Representations, Warranties & Covenants Relating to the Apartment Complex and the Partnership 16 4.02. Duties and Obligations Relating to the Apartment Complex and the Partnership 19 ARTICLE V PARTNERS, PARTNERSHIP INTERESTS AND OBLIGATIONS OF THE PARTNERSHIP 5.01. Partners, Capital Contributions and Partnership Interests 22 5.02. Return of Capital Contribution 25 5.03. Withholding of Capital Contributions Upon Default 25 5.04. Legal Opinions 26 5.05. Repurchase Obligation 27 5.06. Asset Management Fee 28 ARTICLE VI CHANGES IN PARTNERS 6.01. Withdrawal of a General Partner 29 6.02. Admission of a Successor or Additional General Partners 29 6.03. Effect of Bankruptcy, Death, Withdrawal, Dissolution or Incompetence of a General Partner 30 ARTICLE VII ASSIGNMENT TO THE PARTNERSHIP 32
Representations Warranties and Covenants Duties and Obligations. 4.01. Representations, Warranties & Covenants Relating to the Apartment Complex and the Partnership 4.02. Duties and Obligations Relating to the Apartment Complex and the Partnership ARTICLE V PARTNERS, PARTNERSHIP INTERESTS AND OBLIGATIONS OF THE PARTNERSHIP
Representations Warranties and Covenants Duties and Obligations. 20 4.1 Representations, Warranties and Covenants Relating to the Property and the Company 20 4.2 Duties and Obligations Relating to the Property and the Company 25 ARTICLE 5 MEMBERS, COMPANY INTERESTS AND OBLIGATIONS OF THE COMPANY 29 5.1 Members, Managing Member, Capital Contributions and Company Interests 29 5.2 Managing Member Capital Contributions 29 5.3 Investor Member Capital Contributions, Capital Contribution Adjustments and Recapture Event 30 5.4 Matters Related to Capital Contributions 31 5.5 Intentionally Omitted 32 ARTICLE 6 CHANGES IN MANAGING MEMBER 32
Representations Warranties and Covenants Duties and Obligations
