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of $50,000 to the capital of the Partnership. The General Partner
may, in accordance with prudent management, reduce the amount of
its capital contribution at such time as the net cash-flow of the
Partnership permits such reduction.
B. Financing and Loans by General Partner. GOREDCO, as
General Partner and on behalf of the Partnership, will undertake
to secure all necessary external financing required by the Project.
To the extent that funds required for purposes of the Partnership
~are not otherwise available, and except as hereinafter limited, ~
GOREDCO shall lend such funds to the Partnership. ,GOREDCO shall
have the sole discretion as to the purposes for which such loans
are made, except as s~ecifically limited below. GOREDCO'S obligation
to lend shall cease and expire at such time as the total of such
loans to the Partnership is $2,000,000, or the Partnership terminated
and dissolved in accordance with the provisions of Paragraph 16
hereof . . ~
Each such loan from GOREDCO to the Partnership shall bear
interest at the best rate available to GOREDC~, as evidenced by
certificate of the Treasurer of GOREDCO, but not more than twd percent
(2$) above the prime rate as prevailing at First National Bank of
Miami, Miami, Florida, as of the date of the loan. The amount of
such loan(s) shall not be an increase of GOREDCO'S capital contri-
bution or profit of the Partnership, but the amount of any such
loans shall be a debt of the Partnership to GOREDCO and shall be ~
evidenced by a note or notes.
' BOOK ~O6 PAGf ~
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