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Inst 2016039305
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Inst 2016039305
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Last modified
3/10/2016 6:01:47 PM
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3/10/2016 6:01:46 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
2/1/2016
Recorded Document Type
Assignment
Loan Agreement
Retention
PERM
Document Relationships
Reso 2016-004
(Approved by)
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\City Clerk\City Council\Resolutions\2016
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made or tendered by Assignee. Copies of all notices which are sent to Assignee under the Loan <br /> Documents shall also be sent to Assignee's limited partner at: <br /> U.S. Bancorp Community Development <br /> Corporation <br /> 1307 Washington Avenue, Suite 300 <br /> Mail Code: SL MO RMCD <br /> St. Louis, MO 63103 <br /> Attn.: Director of Project Management <br /> Phone: (314) 335-2600 <br /> Fax: (314) 335-2601 <br /> with a copy to: Kutak Rock LLP <br /> 1650 Farnam Street <br /> Omaha, NE 68102 <br /> Attn: Jill H. Goldstein <br /> 11.2 Each of following transfers shall be permitted under the Loan Documents and <br /> shall not constitute a default thereunder: <br /> (a) transfers of the respective interests of Assignee's limited partner to any <br /> ' entity which is either(a) an affiliate of the limited partner or(b) which is controlled, directly or <br /> indirectly,by Assignee's limited partner or an affiliate thereof. <br /> (b) transfers of interests within Assignee's limited partner. <br /> (c) the removal or withdrawal in lieu of removal of a general partner of <br /> Assignee by its limited partner for cause in accordance with Assignee's partnership agreement <br /> and the replacement thereof by Assignee's limited partner or an affiliate thereof without the <br /> consent of the City or by another entity with the prior written consent of the City, which consent <br /> shall not be unreasonably withheld. <br /> (d) execution of a purchase option and/or right of first refusal agreement by <br /> the Assignee's general partner or an affiliate, to be exercised following expiration of the fifteen- <br /> year"compliance period" as defined in and determined in accordance with Section 42(i) of the <br /> Internal Revenue Code of 1986, as amended("Code"). <br /> 11.3 Assignee intends to enter into an extended use agreement, which constitutes the <br /> extended low-income housing commitment described in Code Section 42(h)(6)(B). As of the <br /> date hereof Code Section 42(h)(6)(E)(ii) does not permit the eviction or termination of tenancy <br /> (other than for good cause) of an existing tenant of any low-income unit or any increase in the <br /> gross rent with respect to such unit not otherwise permitted under Code Section 42 for a period <br /> of three (3) years after the date the building is acquired by foreclosure or by instrument in lieu of <br /> foreclosure. In the event the requisite extended use agreement is recorded against the Project, <br /> City agrees to comply with the provisions set forth in Code Section 42(h)(6)(E)(ii). <br /> 4 <br /> Assignment and Modification—750k HOME <br />
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