Common use of Required Transfer Clause in Contracts

Required Transfer. By a date that is not later than 30 days after the date of this Loan Agreement, (i) 100% of the membership interests in Borrower must be transferred to Preferred Apartment Communities Operating Partnership, L.P., and (ii) Borrower must provide to Lender (A) the Transfer Review Fee, (B) evidence of such transfer, which may be completed by the liquidation and dissolution of Ashford Park REIT, Inc., and (C) a copy of the amended or new operating agreement for Borrower showing the OP as the sole member and the manager or Borrower. The requirement in Section 6.13(a)(xxiv)(B) that 100% of the stock of the corporate springing member of Borrower be owned by the sole member of Borrower will not be deemed violated so long as the Transfer required by this Section 7.06 occurs as provided herein.

Required Transfer. By a date that is not later than 30 days after the date of this Loan Agreement, (i) 100% of the membership interests in Borrower must be transferred to Preferred Apartment Communities Operating Partnership, L.P., and (ii) Borrower must provide to Lender (A) the Transfer Review Fee, (B) evidence of such transfer, which may be completed by the liquidation and dissolution of Ashford Park Lake Cameron REIT, Inc., and (C) a copy of the amended or new operating agreement for Borrower showing the OP as the sole member and the manager or Borrower. The requirement in Section 6.13(a)(xxiv)(B) that 100% of the stock of the corporate springing member of Borrower be owned by the sole member of Borrower will not be deemed violated so long as the Transfer required by this Section 7.06 occurs as provided herein.

Required Transfer. By a date that is not later than 30 days after the date of this Loan Agreement, (i) 100% of the membership interests in Borrower must be transferred to Preferred Apartment Communities Operating Partnership, L.P., and (ii) Borrower must provide to Lender (A) the Transfer Review Fee, (B) evidence of such transfer, which may be completed by the liquidation and dissolution of Ashford Park ▇▇▇▇▇▇ Ranch REIT, Inc., and (C) a copy of the amended or new operating agreement for Borrower showing the OP as the sole member and the manager or Borrower. The requirement in Section 6.13(a)(xxiv)(B) that 100% of the stock of the corporate springing member of Borrower be owned by the sole member of Borrower will not be deemed violated so long as the Transfer required by this Section 7.06 occurs as provided herein.