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HomeMy WebLinkAbout0943 4. Dispose of all or any portion of the Real Prop~rt~ and any after-acquired contiguous parcel referred to above upon such terms and conditions and for such consideration as the General Partner nay deem appropriate, and this pow2r of ; disposition shall include the p~wer to sell, lease, trade, - ~ 1 exchange, and handle and negotiate condemnation, consistent with the purposes set forth in Section 4 hereof; provided, however, that the General Partner may not sell, lease,trade or exchange all or substantially all of the Real Property, ; , or sell, lease, trade or exchange any of the Real Property as may be improved by building or similar structure, without the ~ritten consent of LImited Partners owning a ma~ority of the total Units then owned. Said written consent shall specify the terms, conditions, time and consideration of any such s31e, lease, trade or exchange. ~ 5. Borrow money from banks, other lending institutions and othar i°nders for any purpose of the Limited Partnership, a,nd in cc~r~ction therewith to issue notes, debentures and ~ oth~r d~~~ securities 2nd to hypothecate the assets of the Li~.ited P?^Lzership to secure repayment of the borrowed sums, . i ~ exceFt ~:~:a~ ~he General Partner may not acquire any contiguous ~ ~ parcels, :°finance nor place a aortgage on such of the ~ ~ P.eal Progerty which may be then encumbered, without the con- ; , t sent of Limited Partners owning a ma~ority of the Units ~ owned (2s hereinabove defined); no bank, other lending institution or other lender to which application is made for : s i a loan by the General Partner on behalf of the Lic:ited ~ ~ ~ Partnership shall be required to inquire as to the purposes ~ ~ for ~~~hich such loan is sought; and, as between this Lirr.ited } ~ ~ tution or Partnership and such b ank, other ler_dino insti k other lender, it shall conclusively be pres~.zmed that the pro- ~ . ~ ceeds of such loan are to be znd caill be used for the gurpos~~ authorized under this Agree~^,~nt; - - . ~ E. I~2intain, at the e:t~~r.s° of the i~i~rite~ ParLners^- adequate records and acco~.:~~~ oZ a?1 op°r2t{ons ?r_d ~xo~~~:-- tures as set ~~rth ~ r. ~ i.°r°o°; ~ ~ _ u_ s~Gx 21s N~~ 943 ~ ~ ~ ~ ~ ~ ~ ~ ~~~_r_ - .