HomeMy WebLinkAbout0069 12. ACTIVITIES OF LIMITED PARTNER. The Limited Partner,
as such, shall take no part in, or interfere in any manner with
the conduct or control of the Partnership business or the development,
purchase, sale, leasing, financing, or refinancing of its assets, and .
shall have no right or authority to act for, or bind or pledge
the credit of the Partnership.
13. BONDS AND INSURANCE. At all ti.mes during the term of ~
the Partners~ip, the Partnership shall maintain in effect a
fidelity bond in the amount of One Million ($1,000,000.00)
Dollars, with a$25,400 deductible, on each individual appointed
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' by the General Partner to sign checks on the Partnership account.
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~ The General Partner shall forthwith undertake to secure .
insurance with such carriers, in such amounts and to cover
such risks as in its discretion shall adequately protect
the partners against loss and injury claims by third parties
related to the Partnership business.
All premiums and expenses incurred in connection with such
bonds or insurance shall be borne by the Partnership.
14. BANKING. All funds of the Partnership shall be deposited
in its name in such bank account or accounts as the General Partner
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r shall designate. All withdrawals therefrom are to be made upon
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checks signed by the General Partner or its designee(s).
~ 15. BOOKS OF ACCOUNTS. The Partnership shall maintain
full and accurate books in i~s principal office or other office
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