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limited partners shall be restricted by this provision <br />6.3 Permitted Transfers. Notwithstanding any contrary provision hereof, the <br />prohibitions set forth in this Article shall not be deemed to prevent: (i) the granting of easements <br />or permits to facilitate development ofthe Property; (ii) the dedication of any property required <br />pursuant to this Agreement; (iii) the lease of individual residences to tenants for occupancy as <br />their principal residence in accordance with the Regulatory Agreement or the lease of any <br />commercial space to individual tenants; (iv) assignments creating security interests for the <br />purpose of financing the acquisition, construction or permanent financing of the Project or the <br />Property in accordance with the approved Financing Plan as it may be updated with Agency <br />approval, and subject to the requirements of Article VIl, or Transfers directly resulting from the <br />foreclosure of, or granting of a deed in lieu of foreclosure of. such a security interest; (v) a <br />Transfer to an entity which is under the direct control of BRIDGE Housing Corporation, a <br />California nonprofit public benefit corporation ("Controlled Affiliate"); (vi) the admission of <br />limited partners and any transfer of limited partnership interests in accordance with Developer's <br />agreement of limited partnership (the "Partnership Agreement"), provided that the Partnership <br />Agreement and/or the instrument of Transfer provides for development and operation of the <br />Property and Project in a manner consistent with this Agreement; (vii) the removal of the general <br />partner by the investor limited partner for a default under the Partnership Agreement, provided <br />the replacement general partner is reasonably satisfactory to Agency; or (viii) the transfer of the <br />General Partner's interest to a nonprofit entity that istax-exempt under Section SOl (c)(3) of the <br />Internal Revenue Code of 1986 as amended, provided such replacement general partner is <br />reasonably satisfactory to Agency_ <br />6.4 Requirements for Proposed Transfers. The Agency may, in the exercise of its <br />sole discretion, consent to a proposed Transfer of this Agreement, the improvements, the <br />Property or portion thereof if all of the following requirements are met (provided however, the <br />requirements of this Section 6.4 shall not apply to Transfers described in clauses (i) through (viii) <br />of Section 6.3): <br />(i) The proposed transferee demonstrates to the Agency's satisfaction that it <br />has the qualifications, experience and financial resources necessary and adequate as may be <br />reasonably determined by the Agency to competently complete construction of the Project~and to <br />otherwise fulfill the obligations undertaken by the Developer under this Agreement. <br />(ii) The Developer and the proposed transferee shall submit for Agency <br />review and approval all instruments and other legal documents proposed to effect any Transfer of <br />this Agreement, the Improvements, the Property or interest therein together with such <br />documentation of the proposed transferee's qualifications and development capacity as the <br />Agency may reasonably request. <br />(iii) The proposed transferee shall expressly assume all of the rights and <br />obligations of the Developer under this Agreement and the Agency Documents arising after the <br />effective date of the Transfer and all obligations of Developer arising prior to the effective date <br />of the Transfer (unless Developer expressly remains responsible for such obligations) and shall <br />agree to be subject to and assume all of Developer's obligations pursuant to the Conditions of <br />> > ~s9a~-s 24 <br />