HomeMy WebLinkAbout1480 established by the General Partners, of any property contributed to
the partnership increased by said Partner~s share of partner~hip
profits and decreased, but not belotir zero (0), by distr3butions from
the partnership and said Partner~s share of partnership losses. The
partnership capital account of eaeh Partner shall be sub~ect to further
ad~ustment as provided for in this Agreement, or as reasonably deter-
mined by the General Partners. The capital account of each Limited
Partner shall b e allocated equally amon, the partnership units owned
by such Limited Partner. ~
ARTICLE VIII
DISTRIBU'rIONS AND ALLOCATION OF PROFIT AND LOSSES
A: Profits and Lossesi '
1. Partnershi~ Percenta~e: The partnership percentage.of
each Partner in the Partnership shall b e as follo~vs:
GENF.RAL PARTIJ~RS ~ PARTNERSHIP PEFtCENTAGE _
GERALD I: FRANKLIN ~ l0~
EDSJARD A-. SCHRANK 1~
NORidAN H: GdLDSTEII~ 1~ '
GENERAL PARTI~ERS t TOTAL 3~
LIMIZ`ED PARTN~RS
The partnership percentage of each Limited Partner shall be
deterriined by multiplying 70~ by a fraction, the rnunerator of
which shall be the number of partnership unlts owned by such .
Limited Partner and the denominator of which shall b e the numb er
of partnership units owned by all o£ the Limited Partners.
LIMITED PARTNERS~ TOTAL 70~
TOTAL 1
I 2. Allocation of Profits and Losses:
a. 5ub~ect to ad~ustment as provided herein,~for pur-
poses of this Agreement and for Federal, State and local
income tax purposes, income, deduetions, credits, profits,
gains and losses of the partnership shall be divided among,
alloca~ed to, and charged against the Partners proportionately
in accordance with the3r respective partnership percentages
as set forth in sub-paragraph (1) above.
b. During any year in which~the partnPrshlp net losses
for such year exceed the accumulated net profits of the
partnership for prior years, all such excess net losses
shall b e allocated among the Partners proporticnately, based
upon the ratio between the amount of each Partners capital
account as of the close of such year compared to the total
amount of the combined capital accoun~s of all of the Partners.
F;: B-. Dist;ributions: Any cash or other assets of the partnership
which the General Partners may from time to time determine, in their
~ absolute discretion, are not reasonaUly necded to carry on the operation
~ of the par~nership, and v~hich ~he G~neral Partners decide to distribute,
shall be distribu'~ed in annual or more frequent installments, but not
more frequently than 3n quaxter-annual installments, as the General
Par~ners shall determine. All such di~tributions shall be sub~ect to
the establishment oi' resert~es deemed by the General Partners to be rea-
sonably required for the proper operation of the partnership. It is
- 80~1c ~tJV PAGi
LAY~ OFFICES OF GOLDSTEIN. FRANKLiN. G1i0~lIN G SGHRANK. P. A.. 2020 ~~ORTilEAST IG'iro ~7REET, t~ORTH MIAMI DEAGFI. FLORIDA 3~IG2 -
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