HomeMy WebLinkAbout0947 Units owned bears to the aggregate total of Units then owned.
E. The net income and net losses of the Limi~ed
Partnership shall be credited or debited as provided above
as of the end of each fiscal year; provided, however, that
tlie General Partner may, cvhenever hz deems it desirable or
necessary, credit or debit net income and net losses at the
end of any calendar month.
Section 13. Limitation of Losses
;
Ne~ Iosses shall be allocated as set forth herein; ~
provided, however, that no Lim~~ed Partner shall in any
event be liable for any losses in excess of his total
capital contributions.
Sect3on I4. Bank Accounts
A. T'r.e General Partner agrees that he will open and
maintain a bank account or accounts in the name of the Limited
Partners^i~ in which shall be deposited all cash of the
Limi~Qd =`»,r.ership (except for re2sonable amounts of petty
cash) and ~z?~ he will use such funds solely for purposes
_ ~
of tnz ~_.:~2 ~~d Partnership. ~
. ;
B. r:_~~drawls from any Limited Partnership bank account
and i;1St3''il,:.c='1tS evidencing obligations of the Limited
Partnersh'_g shall be made only upon the signature of the
;
General ParLner.
I
(
' Section 15. Assignability of General Partner's Interests
~
€ The Units owned by the General Partner may not be
~
£ assigned except in the same manner as that provfded for
` Li~ited Partners. ;
{
1
; Section 16. Assignabilit.y of Limited Partn~r's Interests;
~ Conditicns Under 'ahich an Assignee May Become A Substituted
Limi~ed Partner r
i
T
; A. Subject to the provisions of Sectior. 17 hereoF, a =
Limited Partner r~ay assign thz whole or ar_y portion (but not
° less than one whole Unit) oi ~is ir.terest in the Li:~i~ec ~
~ -
K
. P2rtnership by a ti~rritten ~::s ~»,:~~n~ delivered to the G~::e?^~~
~
Partner. To "assigr." Un'_.~, V@Y'D is used herA~n,
,
1
-8 BoOx~?lU Q1lGf ~
;
, „
~
~
. . _ - ~
_ . . . < v