HomeMy WebLinkAbout1482 properties to nor purchase properties owr?ed by a General Part-
ner; provided further, however, that the partnership may sell
properties to or purchase properties from any partnership,
corporation, unincorporated association or other entity which
has b een organized by any General Partner or any of their affili-
a~es; provided, that in connection tiherewith the General Partners
must obtain a~~tritten evaluation report si~ned by an independent
appra3ser 3n connection with the purchase of any such real
property by the partnership and such real property may not be -
purchased by the partnership at a price tvhich exceeds its ap-
praised value.
2. To acc~uire, hold and dispose of any security, investment,
and personal property interest, tangibl~, intangible or mixed, in-.
cludin~ the purchase, lease, d~velopment, improvement, maintenance,
- exchan~e, trade or sale or such p~pertiies, at such prlce, rental
or amount for cash, securities or other property, and upon terms
as they decm, in their absolute d3scretion, to b e in the best
interest of the partnership; provided, however, that the partner-
ship shall neither sell such properties to nor purchase such pro-
perties from any General Partner or their affiliates or any partner-
ship, corporation, uni~icorporated association or other entity tahich
has been organized by any such General Partner.
3. To bor'ro~r money and, if security is required therefor,
to mort~a~e or sub~ect to any other security device any portion
o£ the property of the partnership, to obtain replacements of
any mort~age or other security device, and to prepay, in whole or
in part, refinance, increase, modify, consolidate, or extend any
mort~a~e or other security device, all of the foregoing at such
terms and in ~uch amounts as it deerns to be in the best interests
of the partnership; provided, however, that nothing contained
herein shall increase the liability of the Limited Partners as
herein stipulated. It bein~ understood tha.t the liability of each
Limited Part~er shall b e limitsd to the axnount of cavital contri-
butions ~•rhich said Partner is repuired to r,lake in accordance tiith
the prot?is~tons hPreof,, and none of the Limi ~ed Partners shall have
i ar_Y flxrther nersonal liabilitY to contribute moneY to or in respect
! of the liah3.lities or obli~*ations of the partnership nor sha11 the
; Li~nited Partners be ~ersonallv liable foi° the obli~ations of the
~ partnership.
I .
4. To place record title to, or the right to tise, part;ner-
~
~ ship assets in tr~e natne or names of a nominee or nominees for any
purpose convenient or b eneficial to the partnership.
S. To acquire and enter into any contract of insurance
which the General Partners deem necessary and proper for the
protec'~ion of the paxtner.ship, for the co»servation of its assets,
or for any purpose convenient or b eneficial to the partnership.
6. The General Partners may retain, employ, or enga,~e on
behalF of and at the expense of the partnership, such other per-
sons, firms or corporations as they in their sole 3ud~ement shall
deem advisable for the conduct and operation of' the business of
the partnership, includ3n~, but not limited to, mana~ement and
rental ~Cer?ts, attorneys and accountants, advertising, and public ,
~ relations personn~l, sub contractors, decora~ors, salesmen and
sales mar~ayrers, and ~teno~raphic and clerical personnel on such
~ terms and for such cempensation as they in their sole ~ud~ement
shall dete'r~ii.'~ne. In coni~ection here~•iith, the General Partners
y shall b e authorized to retain as attorneys to represet:t t~is
partnershl.l~ the law firm of GOLDST~.IN, FRAIdKLIN & SC~iRANK, F: A:,
whose m~mbers are the General Partners in the partnership.
7. To chan~;e or reor~anize the partnership into any other
_ le~al forrn, provided any such chanc~~ or reor~anization does not
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. B~OK~VU PACf~~~
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LJ1~~ OFFICFS OF GOLD6'iE1N. FRA~:KLIN. GHUHIN A LCH~tANK. P. A.. 20~0 NORTHEAST IG3an STREET, NORTH MIAf•11 tIEACFt FLORtRA 33IG:
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