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3. If the owner is a corporation, partnership, trust or joint venture, the owner is not <br />required to obtain advance consent of the PHA pursuant to paragraph a for <br />transfer of a passive and non-controlling interest in the ownership entity (such as <br />a stock transfer or transfer of the interest of a limited partner), if any interests so <br />transferred cumulatively represent less than half the beneficial interest in the HAP <br />contract or the property. The owner must obtain advance consent pursuant to <br />paragraph a for transfer of any interest of a general partner. <br />No transferee (including the holder of a security interest, the security holder’s <br />transferee or successor in interest, or the transferee upon exercise of a security <br />interest) shall have any right to receive any payment of housing assistance <br />payments pursuant to the HAP contract, or to exercise any rights or remedies <br />under the HAP contract, unless the PHA has consented in advance, in writing to <br />such transfer, and the transferee has agreed in writing, in a form acceptable to the <br />PHA in accordance with HUD requirements, to assume the obligations of the <br />owner under the HAP contract, and to comply with all the terms of the HAP <br />contract. <br />1. The creation or transfer of any security interest in the HAP contract is <br />limited to amounts payable under the HAP contract in accordance with the <br />terms of the HAP contract. <br />2. The PHA’s consent to transfer of the HAP contract or the property does <br />not to change the terms of the HAP contract in any way, and does not <br />change the rights or obligations of the PHA or the owner under the HAP <br />contract. <br />3. The PHA’s consent to transfer of the HAP contract or the property to any <br />transferee does not constitute consent to any further transfers of the HAP <br />contract or the property, including further transfers to any successors or <br />assigns of an approved transferee. <br /> The PHA will not consent to the transfer if any transferee, or any principal or <br /> interested party is debarred, suspended subject to a limited denial of <br /> participation, or otherwise excluded under 2 CFR part 2424, or is listed on the <br />ÛÈØ×Þ×Ì î <br /> <br />