HomeMy WebLinkAbout0061 Partner for its inspection and comments £ifteen (15) days prior
to filing same. The Partnership may take whatever administrative
or legal action as may be necessary to resist any increases in
_ _ ,
assessed valuation of real or personal property owned by the
Partnership. For this purpose the General Partner may use what-
ever assistance it deems appropriate in accordance with paragraph
11 of this Agreement.
9. PAYMENT AND DISTRIBUTIONS. For the purposes of this
Agreement "net available cash" at any time shall mean cash on
hand at such time less a reasonable reserve as may be determined
by the General Partner for anticipated requirements of the business
of the Partnership. Net available cash may be paid or distributed
at any time by the General Partner, in its discretion, subject
to the following limitations:
A. Al1 net available cash at the end of each fiscal
year shalI. be paid or distributed within sixty (60) days after the
end of such year.
B. So long as any indebtedness be due to GOREDCO, provided
there is no default in the payment of principal, or interest on
any indebtedness of the Partnership for borrowed money, or default
on any indebtedness secured by a lien on any property of the
Partnership including the purchase money indebtedness of the
Partnership to Harrison Land, at GOREDCO's option all net ~
available cash shall be paid to GOREDCO to be applied to the ~
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