Common use of Purpose of Restrictions on Transfer Clause in Contracts

Purpose of Restrictions on Transfer. This Agreement is entered into for the purpose of providing the Borrower with the AHIF Loan to help facilitate the renovation, and operation of the Property by the Borrower or its successors or assigns in accordance with the terms of this Agreement and the other AHIF Loan Documents. The qualifications and identity of WHDC and the Borrower or its successors or assigns, as approved by the County Staff, is of particular concern to the County Board, in view of: (1) the importance of the development and continued use of the Property as an affordable housing project to the general welfare of the community; (2) the AHIF program funds that have been made available by the County Board for the purpose of making such development and continued use possible; (3) the reliance by the County Board upon the unique qualifications and ability of WHDC to serve as the catalyst for the development and the continued use of the Property and upon the continuing interest which the Borrower will have in the Property to assure the quality of the use, operation, and maintenance deemed critical by the County Board in the development and continued use of the Property as an affordable housing development; (4) the fact that a change in ownership or control of the owner of the Property, or of a substantial part thereof, or any other act or transaction involving or resulting in a significant change in ownership or with respect to the identity of the parties in control of the Borrower or the degree thereof, is for practical purposes a transfer or disposition of the Property; and (5) the importance to the County Board of the standards of use, operation, and maintenance of the Property. It is because of the qualifications and identity of WHDC and the Borrower that the County Board is entering into this Agreement and that Transfers are permitted only as provided in this Agreement.

Purpose of Restrictions on Transfer. This Agreement is entered into for the purpose of providing the Borrower with the AHIF Loan to help facilitate the acquisition, construction, renovation, and operation of the Property by the Borrower or its successors or assigns in accordance with the terms of this Agreement and the other AHIF Loan Documents. The qualifications and identity of WHDC AHC and the Borrower or its successors or assigns, as approved by the County StaffBoard, is of particular concern to the County Board, in view of: (1) the importance of the development and continued use of the Property as an affordable housing project to the general welfare of the community; (2) the AHIF program funds that have been made available by the County Board for the purpose of making such development and continued use possible; (3) the reliance by the County Board upon the unique qualifications and ability of WHDC AHC to serve as the catalyst for the development and the continued use of the Property and upon the continuing interest which the Borrower will have in the Property to assure the quality of the use, operation, and maintenance deemed critical by the County Board in the development and continued use of the Property as an affordable housing development; (4) the fact that a change in ownership or control of the owner of the Property, or of a substantial part thereof, or any other act or transaction involving or resulting in a significant change in ownership or with respect to the identity of the parties in control of the Borrower or the degree thereof, is for practical purposes a transfer or disposition of the Property; and (5) the importance to the County Board of the standards of use, operation, and maintenance of the Property. It is because of the qualifications and identity of WHDC AHC and the Borrower that the County Board is entering into this Agreement and that Transfers are permitted only as provided in this Agreement.

Purpose of Restrictions on Transfer. This Agreement is entered into for the purpose of providing the Borrower with the AHIF Loan to help facilitate the acquisition, construction, renovation, and operation of the Property by the Borrower or its successors or assigns in accordance with the terms of this Agreement and the other AHIF Loan Documents. The qualifications and identity of WHDC APAH and the Borrower or its successors or assigns, as approved by the County StaffBoard, is of particular concern to the County Board, in view of: (1) the importance of the development and continued use of the Property as an affordable housing project to the general welfare of the community; (2) the AHIF program funds that have been made available by the County Board for the purpose of making such development and continued use possible; (3) the reliance by the County Board upon the unique qualifications and ability of WHDC APAH to serve as the catalyst for the development and the continued use of the Property and upon the continuing interest which the Borrower will have in the Property to assure the quality of the use, operation, and maintenance deemed critical by the County Board in the development and continued use of the Property as an affordable housing development; (4) the fact that a change in ownership or control of the owner of the Property, or of a substantial part thereof, or any other act or transaction involving or resulting in a significant change in ownership or with respect to the identity of the parties in control of the Borrower or the degree thereof, is for practical purposes a transfer or disposition of the Property; and (5) the importance to the County Board of the standards of use, operation, and maintenance of the Property. It is because of the qualifications and identity of WHDC APAH and the Borrower that the County Board is entering into this Agreement and that Transfers are permitted only as provided in this Agreement.