HomeMy WebLinkAbout2743 16. ALLOCATIOV OF PROFITS AND LOSSES. In accordanca
with recognized certified public accounting practice, the
net profits and losses of the Partnership shall be allocated
among the Partners on the following basis:
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(a) Al1 profits azd losses of th~ Partnership ~
shall be allocated to the Limited Partners.
(b) All profits allocated to the Limited Partners ;
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shall be specifically allocated to each Li.mited Partner ~
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on a prorata basis in the same proportion which the
number of units of interest owne3 by such Li.mited
Partner bears to the total number of units of interest
owned by all Limited Partners.
17. DISTRIBUTION OF CASH FUNDS. The distribution of
any cash funds (which term stiall include all cash received
in the form of rents, sales proceeds, mortgage loan preceeds,
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or any other type of cash received during any calendar year
other than funds received by way of initial or subseguent .
capital contribu~ions by the Partners) available after
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I paying all operating expenses and other indebtedness due at :
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i the time, and still available after providing far sufficieqt -
reserve funds for all liabilities of the Partnership, except
liabilities to General and Limited Partners on account of
their capital contributions to the Partnership, and the safe
and proper operation of the Partnership, all as determined
by the General Partner, shall be made in the following
priority and succession: '
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A. First, thAre shall be distributed to th~ Li~ited ~
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Partners an amount equal to the prorata capital contributions ;
made by all Limited Partners as of the date of such distribu-
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~ tion, which shall be distributed to the Limited Par~ners iii .
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3 proportion to their prorata capital contribu~ions as of such _
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date. _
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gooK 229 PAG[ 2743 ~
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