HomeMy WebLinkAbout0057 7. CONSTRUCTI~N AND LAND DEVELOPMENT. GOREDCO as the General
Partner intends to develop a Master Plan for the development of
improvements on the property described in Schedule I. Such Plan
shall indicate the contemplated uses of the property to include
garden apartments, high rise and garden units, beach and tennis
club, golf course, shopping center, marina, entrance, roads,
utilities and landscaping. In accordance with the Agreement dated ~
.
August 31, 1972, GOREDCO has caused the Limited Partnership to under-
take master planning, architectural arrangements, preliminary develop-
meht engineering and marketing studies for the development. It is the
intention of the parties to proceed with the development of the
Partnership property as rapidly as possible after closing. However,
all decisions as to the timing of development shall be s~lely that
of the General Partner. The parties contemplate that the develop-
ment will be completed by December 31, 1979. -
8. PROFITS AND LOSSES. All profits and losses from the Partner-
ship shall be shared in the percentages set out in Paragraph 5 above.
In the event, however, that at the end of any taxable year, the losses
of the Partnership shall be such that the amount of loss allocable -
to the Limited Partner pursuant to the percentages set forth in
Paragraph 5 above shall be in excess of the adjusted basis of the
Limited Partner in the Partnership at:the end of any such taxab2e year
for Federal income tax purposes, then all losses in excess of said
adjusted basis of the Limited Partner shall be allocated to and borne
by the General Partner, provided, that the capital contribution of the
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Limited Partner shall have been exhausted. '
BOOK PACE
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