Common use of Limitations Upon the Authority of Wichita GP Clause in Contracts

Limitations Upon the Authority of Wichita GP. (a) Wichita GP shall not have any authority to: (i) perform any act in violation of any applicable law or regulation thereunder; (ii) perform any act in violation of the provisions of the Regulatory Agreements, or any other Project Documents; (iii) do any act required to be approved in writing by AHF under the Act unless the right to do so is expressly otherwise given in this Agreement or unless AHF has provided such approval; (iv) borrow from, or otherwise misappropriate funds of, the Partnership, commingle Partnership funds with funds of any other Person or use Partnership funds other than for the particular purpose for which such funds were advanced or contributed; (v) conduct the business of the Partnership in violation of the Partnership's purposes set forth in Article 3; (vi) amend, modify or terminate the HAP Contract; or (vii) do any act that could jeopardize or cause the loss of the property tax exemption. (b) Wichita GP shall not, without the Consent of AHF, which Consent may be withheld in AHF's sole and absolute discretion, have any authority to: (i) sell or otherwise dispose of, at any time, any interest in the Apartment Complex or any other material portion of the assets of the Partnership; (ii) execute or deliver any general assignment for the benefit of the creditors of the Partnership or file a petition or acquiesce in the filing of a petition for Bankruptcy; (iii) except as provided in Section 6.9(d), borrow in excess of $10,000.00 in the aggregate at any one time outstanding on the general credit of the Partnership, except LP Loans, GP Loans, Development Deficit Loans and Operating Deficit Loans, and except as and to the extent provided for in an approved budget pursuant to Section 12.5(a) of this Agreement (in considering whether to Consent to any increase in a Project Loan, AHF shall consider the impact on AHF's share of Capital Transaction proceeds and other items in its sole and absolute discretion); (iv) following Stabilization, construct any new or replacement capital improvements on the Apartment Complex which substantially alter the Apartment Complex or its use or which are at a cost in excess of $10,000.00 in a single Fiscal Year, except (a) replacements and remodeling in the ordinary course of business or under emergency conditions, or (b) reconstruction paid with insurance proceeds, or (c) as and to the extent provided for in an approved budget pursuant to Section 12.5(a) of this Agreement; (v) acquire or lease any real property in addition to the Apartment Complex other than easements reasonable and necessary for the operation of the Apartment Complex; (vi) institute or settle a claim, demand, litigation, proceedings or governmental investigation with the Partnership or related to the payment and performance bonds; (vii) amend or terminate the HAP Contract; (viii) take any action requiring the Consent of AHF hereunder without first having obtained such Consent.