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Home My WebLink About1477 . ; ~ . j _ ~ 1 _ ~ ~ assessMent notice. Each Limited Partner, o~her ~han Lim~!ted Par~ners ~ not required to pay capit;al assessments as provided in Para~raph (D) ' belo~~r, shall pay such part of such assessment a.s his parLnership units ~ as o~ the date of the mailin~ of such assessmeni: notice Uears to the ~ total of all such partnership units issued and outstandin~ as of such ~ date to which capital assessments ~re properly allocable. Sa3.d asscss- • ment notice mailed to each Limited Partner shall state both the amount ~ of the total assessment and the porl:ion thereoP to be p~~id by said Limited Partner. ~ i Said power to assess additional capital con'~ribut~!ons granted ~ herein to the General Partners shall b e sub~ect to the following limi- ~ tations: it 1. No assessrnent shall be made prior to the expiration i of six (6) months Prori the formation of the partnership. i . ~ 2. The amount of any such assessment to be paid by any ~ L~.mited Parl:ner shall in no event exceed in any ninety (90) 4 day perioct ttrenty-fi~?e (25G~) percent of the amounL of the i initial contribution paid by szid Limited Paa.~tner. _ ~ 3. l~o assessment shall be payable after the expiration ' of five ( 5) years from the forrnatior_ of the partnership. ~ Said addition~l capital contributed to iche partnership shall b e ; treated as Ne~~r Investrnent Capital Contributions in accordance with . Article XII, and each con~ribut3ng Limited P~rtner shall receive addi- ~ tional partnership units in coruiection therewith as set forth in said ~ i Article XII: t 1}; Additional Contributions and Pa?^tners: The General Partners r.:y permit adciitional cagital contributions to be made to ~he p~rtner- - sl-?ip by any person <«hether or not curren~ly admitted to the partner- sh~p) at such times and in such ainounts as the General Paxtners, in their absoluLe discretion, shall determine, ~o b e paid in cash or in property. Such capital contr3butions shall be treated as Ne~.* Snvest- ~ ment Capital Contribu~ions in accor•dance vri~;h Ar~icle XII, and each such person shall receive partnership un3.ts in connection 1;herewith as I set forth in sa.id Ar~icle XII~ The partnersh3.p shall receive ~ contributed pr~per~y at such value therefor as the General Partners, in their absolute discretlon, shall determine to be fair and reasonable. ~ Such determination of the value by the General Pa~~tners shall be final and bindin~; on the Partners and the partnershl.p. The General Partners may, in their ab solute discretion, require as a condition to the accept- ~ ance by the partnership of any such contributed property that the con- tributing Partner b ear, upon sale or disposition of said contributed property, any tax imnosed upon the apprzciaiion ~hereon accruin~ pr3.or to the contrlbution of such property to the partner.ship and such other allocations and ad~ustments provided for in Section 704 (C) of ~he In- ternal Revenue Code. The General Partners may, in tiheir absolute discretl.on, deter~ne vlhether the partnership units issue@ pursuant to the provisions of th3s Para~raph shall b e sub3ect to capital assess- ments as provided in Para~raph (C) above. ~ E: De£ault b.~r_Limited Partner: In the event that any Limited Partner sl~all fail to contribute the full amount required herein to be conl:ributed to the oartnership by such Limi.ted Partner a,s a canital 5~ assessment on or berore the date set forth for such payment in the ~ assessment notice, then and in such event, the General Paxtr~ers sha11 ~ cause Ymitten notice of default L-o be given to such deiaultin~; Li.mited ~ Partner. If such de~ault shall contirnte for a per3od of three (3) ~ busines~ days after the ~;ivin~ of such notice, the entire inf;erest of ~ the defaultin~~ Lir~i~ed Partner as a Limited Partner oi' the par~n~rship, includln~ the defaulting Limited Partnerts partnership units sha?1 there- ~ upon ter;ninate and said Lir~~ited Partnerts interest in the partnership ~ includin~ his partnership units an3 other ri~;h~s shall forth~•rith b ecome ~ the property of the purch~.s~~r thereof as set fort;h in suU-para~raph (3) ~ below, st~b,~ect to the dei'au'!t:Cn~ Partner~u ri~~hts ~s a creditor to receivc nayment oP the pu?~cl~a~e price set forth in sub-p :ra`raph below. ~ °R206 i474 BOOK ~'AGf 1 AY' C~rrrrrc nc r'n~ •~-.rr•R~ r~sANY.II~! flli+~)1~1 R cr~~qrN!'. P.. :n?(~ ^n^T~t' :~T 1•^.-~• ~'-.TRF'FT ~7nRTH 611'J~! !:L^''~• r.^if~n '~:1rt~ - k.. ~ - _ _ _ _ _ ~ 5. _ ,~y~ -Y. AS_3 . . : LiR~ ~~~i~~~sn-~,-Y