HomeMy WebLinkAbout0062 interest and principal of such indebtedness to GOREDCO.
~ C. After all indebtedness due to GOREDCO is paid in full,
and so long as any purchase money indebtedness be due to Harrison
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Land, all net available cash shall be paid to Harrison Land to ;
be applied to the principal of the note evidencing such indebted- ~
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ness. i
D. Following payment in full of both Harrison Land and GOREDCO,
as provided above, all distributions shall be made to the partners
in equal amounts.
E. Notwithstanding the above, in the event that cash distri-
butions from net available cash to the Limited Partner during any
taxable year are less than 50$ of the distributive share of income
taxable to the Limited Partner for Federal Income Tax purposes, .
GOREDCO agree~s to loan funds to the Partnership equal to the
deficiency within 75 days after the end of such year for distri-
bution to the Limited Partner. GOREDCO shall receive interest
I~ on such loans, if-any, at the rate provided in paragraph 6(B) above.
10. PARTNERS' LIABILITIES.
A. The liability of the Limited Pa~tner to creditors
shall be restricted to its capital contribution.
B. The General Partner shall not be individually liabZe
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on any deferred purchase money note given by the Partnership to . ~
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the Limited Partner; provided, however, this limitation shall not ~
constitute any limitation of right to satisfaction of any judgment ~
recovered in such action from the assets of the Partnership. The
absence of liability of the General Partner shall not operate as
a release nor diminution of any obligation of the General Partner
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