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940 S. MINNIE, LP - 2014
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940 S. MINNIE, LP - 2014
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7/7/2014 3:04:49 PM
Creation date
7/7/2014 3:02:07 PM
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Contracts
Company Name
940 S. MINNIE, LP
Contract #
A-2014-077
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
3/18/2014
Insurance Exp Date
9/1/2014
Destruction Year
0
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Exhibit F <br />by the holder of the Senior Loan Deed of Trust), City shall have the absolute right at its option, <br />without prior demand or notice, to declare all sines secured hereby immediately due and payable. <br />Consent to one such transaction shall not be deemed to be a waiver of the right to require consent <br />to future or successive transactions. City may grant or deny such consent in its sole discretion <br />and, if consent should be given, any such transfer shall be subject to this Section 12, and any <br />such transferee shall assume all obligations hereunder and agree to be bound by all provisions <br />contained herein. Such assumption shall not, however, release Borrower from any liability <br />thereunder without the prior written consent of City. <br />b. As used herein, "transfer" includes the Sale, agreement to sell, transfer or <br />conveyance of the Property, or any portion thereof or interest therein, whether voluntary, <br />involuntary, by operation of law or otherwise, the execution of any installment land sale contract <br />or similar instrument affecting all or a portion of the Property, or the lease of all or substantially <br />all of the Property. 'Transfer' shall not include the leasing of individual residential units on the <br />Property, so long as Borrower complies with the provisions of the Loan Agreement and the <br />Affordable Housing Restrictions relating to such leasing activity, nor shall it include a <br />conveyance of the Property to a limited partnership in which Borrower is a general partner, or to <br />a corporation that is wholly owned by the Borrower and that is formed for the sole purpose of <br />owning and operating the Property, or the sale back to the Borrower. In the event of any <br />Refinancing or partial Refinancing in an amount in excess of the balance of the Senior Loan, <br />without the prior written consent of City (which consent City may grant or deny in its sole <br />discretion), then the entire outstanding balance of the City Loan together with all accrued and <br />unpaid interest, shall be repaid to the City at the time of each Refinancing or partial Refinancing. <br />c. Notwithstanding anything to the contrary contained herein, a "transfer" shall <br />not include (i) a transfer of a general partner's interest in Borrower when made in connection <br />with the exercise by the Borrower's limited partner (the "Limited Partner ") of its rights upon a <br />default by a general partner under the Borrower's partnership agreement (the "Partnership <br />Agreement ") or upon a general partner's withdrawal in violation of the Partnership Agreement, <br />so long as the removal and substitution of the defaulting general partner is made within thirty <br />(30) days of such default or, if such removal and substitution cannot reasonably be completed <br />within thirty (30) days, so long as the Limited Partner commences to take action to remove and <br />substitute the general partner with a reasonable period and thereafter diligently proceeds to <br />complete such substitution; (ii) any transfer of the Property to the managing general partner of <br />Borrower pursuant to the right of first refusal or to the general partners of Borrower pursuant to <br />the purchase option, as provided for in the Partnership Agreement; (iii) any transfer of the <br />Limited Partner's interest in connection with a default by the Limited Partner under and in <br />accordance with the Partnership Agreement; and (iv) any sale, transfer or other disposition of an <br />interest in a limited partner of the Borrower. <br />16. Event of Default. <br />Subject to the provisions of Sections 23 and 25 hereof, the occurrence of any of the <br />following shall be deemed to be an event of default ( "Event of Default ") hereunder: (a) failure by <br />
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