D.C. Mun. Regs. r. 27-843

Current through Register Vol. 71, No. 24, June 14, 2024
Rule 27-843 - CLOSING REQUIREMENTS REGARDING EQUITY PARTICIPATION
843.1

The closing documents executed in connection with any Covered Project shall contain provisions indicating there can be no change of the Equity and no dilution of a participant's Equity Participation without the Director's express written consent.

843.2

The closing documents shall expressly covenant and agree that the Department shall have third-party beneficiary rights to enforce the provisions, for and in its own right.

843.3

The agreements and covenants in the closing documents shall expressly run in favor of the Department for the entire period during which the agreements and covenants shall be in force and effect, without regard to whether the District was or is an owner of any land or interest therein or in favor of which the agreements and covenants relate.

843.4

The closing documents shall expressly covenant and agree that the Department shall have the right, in the event of a breach of the agreement or covenant in the closing documents, to exercise all the rights and remedies - and to maintain any actions or suits, at law or in equity, or other proceedings to enforce the curing of the breach of agreement or covenant - to which it may be entitled.

D.C. Mun. Regs. r. 27-843

Final Rulemaking published at 39 DCR 9052 (December 4, 1992); as amended by Final Rulemaking published at 56 DCR 8439 (October 23, 2009), incorporating by reference text of Proposed Rulemaking published at 56 DCR 5622, 5651 (July 10, 2009); amended by Final Rulemaking published at 70 DCR 10970 (8/11/2023)
Authority: Section 2372 of the Small, Local, and Disadvantaged Business Enterprise Development and Assistance Act of 2005 (Act), effective October 20, 2005 (D.C. Law 16-33; D.C. Official Code § 2-218.72 )(2009 Supp.) and Mayor's Order 2009-58, dated April 15, 2009.