HomeMy WebLinkAbout2740 incapaci~y, Limited Partners owninq a majority of thz units
of interest in the Partnership riay select a new General
Partner and elect to continue the Partnership in which event
the Partnershin shall r_~t be dissolved and terminated.
12. DE.4T4i OF A LI!~iITED PARTNER. The death of a Li~ited
Fartner shail not terminate the Partnership, but the interests ;
of the deceased Limited Partner shall pass to his personal
regr~sentative, heirs or legatees as an assignment of his
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interest in the Partnership in accordance with Paragraph 10
of this Certificate.
13 . RIGHTS tlND LIABILITIES OF GENEF2AI, PARTNERS .
13.1 In the.conduct of tHe Partnership business
and related matters, all deci~ions shall be by majority vote
of the General Partners, if there be more than one General
Partner.
13.2 The General Partner shaZl manage the Partner-
ship business and, in furtherance of the business of the
Partnership described herein, shall have the authoritv in
the name of the Partnership ~o execute leases and sub-leases,
to enter into contracts for the erection of ir.~provements _
f upon the property of the Partnership, to execu~e notes, mort-
I '
` gages, deeds to secure debt, deeds, and trust deeds, to
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` w or lend money, to make, deliver or accept any commercial
~ paper, to enter into any contract to purchase or sell any
~ pronert~~ far or of the Partnership, and to do all things
necessary and desirable in the furtherance of the Partnership
business. Any deed, mortgage, contract of sale, or other ~
,
docur.ient required to be executed on behalf of the Partnership =
shall be signed by one or more of ~he Genzral Partners on
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~ b.half of the Partnership and no other signatures shall be
required.
13.3 The General Partner shall not assign, mortgage,
or sell its interest as General Partner in the Partnership
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