Examples of GPMM in a sentence
Such approval of such Interim Replacement GP/MM is expressly limited to a period of only 90 days that commences the date of such removal, provided that HUD in its sole discretion may extend such 90-day period by an additional 30 days, or for so long as HUD deems reasonably necessary to provide for a permanent replacement of the general partner or managing member.
HUD may at any time by written notice to Equity Investor or any successor revoke the approvals given herein if HUD becomes aware of any conditions or circumstances that would disqualify or compromise the ability of Interim Replacement GP/MM from acting as an interim general partner/managing member pursuant to this HAP Contract.
If granted, HUD shall send a letter to Interim Replacement GP/MM giving effect to and providing evidence of such pre-approval.
Interim Replacement GP/MM may remove Owner’s general partner or managing member in accordance with the Owner’s organizational documents without further written consent from HUD and HUD shall continue assistance to the project in accordance with the HAP Contract, provided that Interim Replacement GP/MM provide HUD with prior written notice of such replacement and HUD receives executed copies of any and all documents necessary to effect such replacement.
Housing shall approve the SLP as a temporary replacement GP/MM unless Housing, with the advice of the HUD closing attorney, reasonably determines that the SLP would not be an appropriate temporary replacement general partner/managing member, or that such pre-approval is otherwise not in HUD’s interests.
Such approval of such Interim Replacement GP/MM is expressly limited to a period of only 90 days that commences the date of such removal, provided that HUD in its sole discretion may extend such 90-day period by an additional 30 days.
Investor shall provide a written request to pre-approve the SLP as a temporary replacement GP/MM.
This request shall give an overview of the transaction and contain an organizational chart that includes the relationship between the proposed interim GP/MM and the parent organization requesting approval.
A legal opinion acceptable to the HUD closing attorney shall be submitted stating that removal of the GP/MM and replacement with the SLP does not cause the dissolution of the Borrower under applicable state law.
Revise paragraph 2(c) of the LIHTC Rider to the Security Instrument to read: Borrower has requested that HUD and Lender pre-approve the replacement of the Borrower’s GP/MM in accordance with Program Obligations and pre-approve [SPECIAL LIMITED PARTNER ENTITY] (“Interim Replacement GP/MM”) to act as a temporary replacement general partner/managing member of Borrower, in the event Equity Investor removes Borrower’s GP/MM for cause in accordance with Borrower’s organizational documents.