HomeMy WebLinkAbout1481 intended that durinp; the initial five (5) year period from the format3on
of the partnership, incoMe derived from the sale or other dispasition
of partnership properties shall b e primar3ly reinvested by the partner-
ship. All such distributions which do not impair the capital of the
partnership shall b e allocated among and pald to the Partners in ac-
cordance with their respective par~nership percentages.
- ARTSCLE IX
LSABILITY OF LIMIT~D PARTNER
The liability of any Limited Partner for ~he losses of the partner-
ship shall in no event exceed in the a~~regate the amount of his contri-
bution to the capital of the partnership.
. ,
ARTICLE ?C _
RIGHTS. AND PO1rlERS OF GENERAL PARTI~ERS ~
A~ The General Partners shall b e solely responsible for the manage-
ment of the partnership business taith all rl~hts and powers ~enerally
conferred b y lata or necessary, adv3sabl.e or consistent in connection
therewith. -
B-. All pot~ers ~antied to or conferred upon the General Partners
shall b e exercised only upon the mutual~consent and a~reement of all
of the General Par~ners unless otherwise expressly provided for herein
to the contrary. Each General Partner shall receive no consideration
for his services except as othert,tise provided for herein, but eacn such
Ger.eral Partner shall be entitled to receive reimbursement for all
necessary costs and expenses paid or incurred by him in connection with
the partnership business. In thc event that any disagraeraent arises
between the General Partners as to the operation, mana~ement and control
of the business and properties of the partnership, the Mana~ing General =
Partner shall have the authority to make all final decisions. The '
Mana~ing General Partner of the plrtnership shall 3nitially b e GERAL•D I-.
FRANKLIN, and 4hould he become deceased, resi~n, retire or cease or
f become unable so to serve or exercise his authority as Mana~3ng General
Partner for any reason, then ED1~jARD A: SCHRANK shal.l serve in such
capacity. -
C: The General Partners shall devote such of their time as they,
in their absolute discretion, deem necessary to the affairs of the
partnership. Any of the Paxtners may engage in or possess an interest
in any other business or investment venture of every nature and descri-
ption, independently and ~vith others, includin~, but not limited to
the ojinership, financing, le3sin~, operation, management, syndication,
brokera~e and development of real estate and neither the partnership
nor the Partners shall have any ri~hts by virtue of this Agreement in
and to said independer.f; ventures or the income or pro~'3ts derived there-
from.
D: In addition to any other rl~hts and powers ~•rhich they may
possess, the General Partners shall. have and may on behalf of the paxt-
nership ~:~ere~se all specific ri~rh~s and powers required or appropriate
to its mana~ement of the partnership business rrhich, by waS~ of illustra-
~ t3on but not b y way of li.mitation, shall include the following rights
and po:•~ers :
- 1. To acqttire, hold and dispose of any real property, i.n-
ter~t therein, or appurtenance thereto, a.s well as personal or
mixed property eonnected therei•j~th, including t;he purchase, lease,
developm~nt, improvement, maintenance, exchan~e, trade or sale
of such propert3.es, rental or amount, for cash, securities or
other property, and unon terms, as they deem, in their absolute
discret~on, to be in Lhe b est interests of the partners~~ip;
provided, however, tnat the partnership shall neither s~ll
E~DK~:IJU PACf~~~
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LAY/ OfFICES OF GOLDSTEIN. FRANKLIN. GHONtN tR SCHRAt1Y.. P. A.. 2020 NORTHEAST IG3no STREET, NORTH MIANI QEACN. FIORIDA 331c,2
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