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Agenda Packets - 2018/12/10
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Agenda Packets - 2018/12/10
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Last modified
1/28/2025 4:51:39 PM
Creation date
4/2/2019 10:26:17 AM
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MV Commission Documents
Commission Name
City Council
Commission Doc Type
Agenda Packets
MEETINGDATE
12/10/2018
Supplemental fields
City Council Document Type
City Council Packets
Date
12/10/2018
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<br /> <br />the Note, and Mortgagee shall accept performance by Investor Limited Partner of any obligation <br />of Mortgagor thereunder as though tendered by Mortgagor itself, provided such performance by <br />Investor Limited Partner has occurred during the applicable cure period, if any, provided to <br />Mortgagor thereunder with respect to such default or Event of Default. <br />SECTION 3.3. PURCHASE OF MORTGAGED PROPERTY. In case of any sale of the <br />Mortgaged Property pursuant to any judgment or decree of any court or otherwise in connection <br />with the enforcement of any of the terms of this Mortgage, Mortgagee, its successors and <br />assigns, may become the purchaser, and for the purpose of making settlement for or payment of <br />the purchase price, shall be entitled to turn in and use the Note and any claims for interest, late <br />charges and prepayment premiums matured and unpaid thereon, together with any other <br />Indebtedness Secured Hereby, if any, in order that there may be credited as paid on the purchase <br />price the sum, or any part thereof, then due under the Note, including principal, late charges and <br />prepayment premiums, if any, thereon, and any other Indebtedness Secured Hereby. <br />ARTICLE IV. <br />MISCELLANEOUS <br />SECTION 4.1. SUCCESSORS AND ASSIGNS. The covenants and agreements herein <br />contained shall bind, and the rights hereunder shall inure to, the respective successors and <br />assigns of Mortgagor and Mortgagee, including among Mortgagor’s assigns any purchasers or <br />transferees of the Mortgaged Property. <br />SECTION 4.2. NON-RECOURSE. Neither the Mortgagor, nor any partner, officer, <br />director, employee or agent of Mortgagor, shall have any personal liability for the Mortgagor's <br />obligations hereunder, it being recognized by Mortgagee that the obligations of the Mortgagor <br />hereunder are non-recourse obligations and that the remedies of Mortgagee are limited to the <br />security provided in connection with this Mortgage. <br />SECTION 4.3. TAX CREDIT REQUIREMENTS. Notwithstanding any provision in the <br />Mortgage or other documents evidencing the Loan, the Mortgagee acknowledges that the Loan <br />and the Mortgage is subordinate to the requirements of Section 42(h)(6)(E) of the Internal <br />Revenue Code pertaining to limitations on eviction of tenants and increases in rent for the three- <br />year period following foreclosure. <br />SECTION 4.4. HEADINGS. The headings of the sections contained herein are for <br />convenience only and are not to be construed to be a part of or limit or affect the terms hereof. <br />SECTION 4.5. TRANSFER; REMOVAL; AMENDMENT. Notwithstanding anything to <br />the contrary contained in this Mortgage or the Note, it shall not constitute an Event of Default <br />under this Mortgage or a default under the Note and the consent of Mortgagee is not required, <br />for: (a) the transfer of the limited partner interests in Mortgagor owned by the Investor Limited <br />Partner to an affiliate of Investor Limited Partner in accordance with the terms of Mortgagor’s <br />partnership agreement, as such partnership agreement may be amended from time to time (the <br />“Partnership Agreement”), (b) the transfer of the ownership interests in Investor Limited Partner, <br />so long as the managing member or general partner of Investor Limited Partner is an affiliate of <br />Investor Limited Partner, (c) the removal of the general partner of Mortgagor for cause in
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