HomeMy WebLinkAbout0945 Section 8. Payment, Assess~~ants_
At least thirty (30) days in advance of the date or ti~~ ;
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when any Additional Contributions of capital are required }
to be paid in by the Me~r.bers as set forth in Section 5(B),
the General Partner shall mail reminder notices ~o the t~lenbers. ~
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Section 9. Loans by General Partner ~ ~
The General Partner may, if necessary or desirable in
the ~udgment of the General Partner, make advances for ex-
penditures. Such advances shall not be deemed capital
Contributions to the Limited Partnership but a debt due
from the i,irr.ited Partnership to the General Partner, who shall
be repaid. Any such loans made by the General Partner shall
receive a repayment priority over other distributions to
Nembers.
Section 10. Funds Available for Distribution ,
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A. Tne term "Funds Available for Distribution", as !
used her~in, shall mean all funds ar~sing or realized from
a11 sources ?ncluding the following sources, after deducting
any pay~ents u,ade to reduce the liabilities of the Limited '
Partnersnip, including the principal of any mortgage on the
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Real Prop~rt;~ :
1. F'u.r.ds arising from profits earned by the Limited
Partnership on the Real Property, as computed in accordance ;
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t~?ith ~enerzlly accepted accounting principles.but without ~
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' taking deduction for depreciation, depletion or amortization,
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~ if any.
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~ 2. Funds resulting from the proceeds of the sale or con- :
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~ demnation of any p2rt or all of the assets of the Limited
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Partnership.
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f 3. Funds resulting from the placement or refinancir.g ;
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a ~ of any mortgage loan on the Real Property or the encumbrancin~
i of the assets of the Limited Partnership in any manner.
' Any addit~onal funds deemed av2ilable for distrib-
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= ution by the General Partr.°r to the extznt permitted b;~
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aFplicable law.
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s B. Funds ~va~la~le ~'cr ~`s:ribation shall be reduced t
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