HomeMy WebLinkAbout2744 ' B. Second, any other cash funds shall be distributed,
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if available, to the Partners in the sane proportion as thzy '
^ ' are entitled to receive allocation of profits and losses as
provided for in Paragraph 16 of this Certificate. Any such .
funds avaiiable for distribution shall be distributed to the
Partners at reasonable intervals as determined by the General
Partners in their discretion but at least within three (3)
months after the close of the cale~dar year in which said
cash was received. -
18 . TERi~lINATION OF PARTI~iERSHIP . The Partnership shall
termin3te and be dissolved upon the happening of any of the
following events:
A. Th~-expiration of the term of the Partnership;
B. One (1) year after the disposition by the
Partnership of all or substantially all o~ its assets;
C. The written demand of Limited Partners o:,~ning
at least seventy-five per cent (75$) of the units of interest
~ in the Partnership;
D. The decision of the General Partner to terminate
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and dissolve the Partnership. ,
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I E. Incapacity of the General Partner and failure
( of the remaining General Partners to elec~ to continue the
Partnership.
19. DISTRIBUTION UPON TERNiIIvATION. In the event of the
termination of the Partnership, there shall be~a liquidation
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of the Partnership assets, and, in accordance with generally
accepted accounting principles,-the pro~eeds of liquidation ~
shall be distributed in payment of liabilities of the Partner- f
ship in the following order:
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A. To creditors, in the order of priority as prov~ded -
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by law, er.cept those to Limited Partners on account of their ~
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contributions, and to Gen~ral Partners; `
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