HomeMy WebLinkAbout1476 ARTICLE VII
CA PITAL
A: Amount of Canital: The partnership shall have capital not
less than T~•ro Hundred I~'ifty Thousand ($250,OOc?.00) Dollars to be
subscribed and paid in by the Part:~ers plus such additional capital,
if any, as may be contributed pursuant to the provisions or Para~-;raph
(C) and (D) belotv.
B: Initial Contribut~ons:
1. General Partners: The General Partners by and through
their a.~ent, GERALD I~: FRANKLIN, Trustee, havin~ rece3.ved an
assl~;nment of a cert~.in contract to purchase real property in
Seminole County, Florida, hereinafter sometimes referred to as
the "initial property", more particularly described as:
The N 1/~2 of the Nt~i 1/4 and the S4i 1/~ of the NF~ 1/4 ~
plus the North 60 feet of the East~100 feet of the
SE 1/4 of the N~i 1/4, plus the North 60 feet of the
Sti~I 1/4 of the NE 1/4 of Section 20, Township 20 South,
Ran~e 30 East, lying and being in the Seminole County,
F1orlda.
do hereby transfcr, convey, set-over, and assign to the partner-
ship as a contribution to capital all of their right, title and
in~ei~est in and to the said property, Agreement of Sale and Pur-
chase providin~ for the purchase of said property, and Assi~n-
ment of A~eement providing for the purchase of said property.
The said contracLs entitle the owner and holder thereo~ to pur-
chase the said initial property consisting of approx3mately one
hundred tttenty (120) acres for the total consideration of Two ;
Nund-red Forty Ttiousand ($240,000-.00) Dollars including the stun ;
of Tiienty Thousand ($20,000-:00) Dollars, which the General Partners
have pa3d as a deposit and for v~hich the General Partnei°s shall
be reimbursed b y the partnership. The partnership shall in addi- ~
tion, a~sume the General Partners~ obli~ation to pa ~'tJGENE ~
COOPER, Trustee, the sum of Six Thousand ($6,OOU.00~ Dollars
at the t~? ra~ of closin~ in consideration for the l~ssi~nment oP f
A~;reement providin~ for the purchase of said property. It is
E uncierstood and a~reed by all Partners hereto, whether General
E Partners er L3.m i.ted Partners, that the fair market value pf the
~ ini~:ial property hereinabove referred to greatly exceeds the
above referrecl to purchase price and that such can be verified
~ by and ~hrau~;h contracts for the sale of ad~acent acrea~e t~rhich
not~~ e~cists in eheeuiced form.
2. L3m~.ted Partners : The Lirnited Partners collecti~~ely
shall initially contribute to the capital of the partnership,
the sum of Tc~ro ~:undred Fifty Thousand (fi250,OJ0-.00) Dollars.
Each Lir~ii;ed Partner shall contribute to the capital of the
par~;nership such a,xnount thereof as he shall state opposite his
si~nature on the signature pa~es attached hereto and made a part
hereof, S~hich amcntnt shall be pa:td in cash at the date o£ tihe
execu~~on of' thYS Aareement. Each Limi~ed Partner shall receive,
in addition to his receipt of a copy of this Agreement, a certi-
fical;e si,~ned by the General Par~ners evidenc~ng the nuriber of
partnership uni~s oi~:ned by s~3.d Limited Part;ner. A Limited Part- ~
ner shall receive one (1) partnership unit for each One Thousand
~ (~1,000:00) 1~_llars of capital contribu~ed to the partnership. E
~
~ C: Cavit~l l~ss~s:me7ts: Sub~ect~ to the limitations se'~ forYh
' beloi•t should the General ?artners determine in their absolute discre-
~ tion,~that the investm~snt of additional capital in the partn~rship is
~ advlsable 1;o more fully accomplish the partnershin p~arrose, the Limited ~
Partners shall contribute such amounts to thc p~rtnership on the date
set for~h for such C1D~~31 contriUutioi~ by the General Fartncrs in an
assessment; no~~ice to tl~at efi'ect sent to each I,lmited Partner; provided,
~ hot:ever, that the dat~ set; for the payment of such capital assessment
shall not ~e earl ier than t;hirty ( 30) ciays f'rom the mail~n~; of said i
!
- _ 3_ 80Gx ~:i!(! PACE
LA'n' OFFICES OF GOLDSTUtJ, FRA~~KLRI. CNOt11N t'i S(:HRAt1K, P. A.. 2020 NORTHCASiT 163eo STREET. NOk7H MIAMI OFACN. FLC1itIDA 331GZ '
' _ - - ~ - -:xxa~£~~
_ S~< , r,.""~'..~"'~