Approved Transfers Prior to Issuance of Certificate of Completion Clause Samples
Approved Transfers Prior to Issuance of Certificate of Completion. Notwithstanding Section 9.1 above, and provided, that Developer provides PHB with copies of all agreements and any other information reasonably necessary for PHB to determine whether such transfer complies with the requirements of this Agreement at least ten (10) Business Days prior to the effective date of the proposed transfer, PHB hereby consents to:
9.2.1. An assignment of ▇▇▇▇▇▇▇▇▇’s rights in this Agreement and/or a transfer of the Developer’s fee interest in the Property to the Partnership pursuant to the Lease (which interest will remain subject to the terms and conditions of this Agreement) . In furtherance and not in limitation of the foregoing, the lease by the Developer of the Property to the Partnership pursuant to the Lease will not be subject to the ten
Approved Transfers Prior to Issuance of Certificate of Completion. Notwithstanding Section 7.1 above, and provided that Developer provides City with copies of all agreements related to the transfer at least fifteen (15) days prior to the effective date of the proposed transfer, and any other information reasonably necessary for City to determine whether such transfer complies with the requirements of this Agreement, City will consent to:
7.2.1 An assignment of Developer’s rights under this Agreement and interest in the Property (which interest will remain subject to the terms and conditions of this Agreement) to a partnership, limited liability company, or limited partnership provided Northwest Housing Alternatives, Inc. or its affiliate is the managing member or general partner of such assignee, and as such retains operational control of the assignee.
7.2.2 Any Mortgage that is subordinate to the Ground Lease. 7.2.3 Any assignments permitted by the Ground Lease.
Approved Transfers Prior to Issuance of Certificate of Completion. Notwithstanding Section 9.1 above, and provided that Developer provides PHB with copies of all agreements related to the transfer at least ten (10) Business Days prior to the effective date of the proposed transfer, and any other information reasonably necessary for PHB to determine whether such transfer complies with the requirements of this Agreement, PHB hereby consents to:
9.2.1. An assignment of Developer’s rights under this Agreement and interest in the Property (which interest will remain subject to the terms and conditions of this Agreement) to a partnership, limited liability company or limited partnership provided that Developer’s Principals hold a controlling ownership interest in the assignee, are the managing members or general partners of such assignee and retain control of the operations of the assignee. Notwithstanding an assignment under this Section 9.2.1, Developer shall remain fully responsible to PHB for performance of this Agreement.
9.2.2. Any Mortgage, including any assignment of rights under this Agreement to any Mortgagee, as reasonably approved by PHB.
9.2.3. The right of the limited partner(s) of Developer to remove and replace the Developer’s Principal in the event of specified defaults, if provided under the terms of the Limited Partnership Agreement.