HomeMy WebLinkAbout1856 ~ . ~ ~ •
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~ (C) Capital Distributions. •
~ The term "capital distributions" as ~
used herein shall mean and include al], the net proceeds of
the Paztnershi~ iror~ the followinq sources: ~
' (i) Mortgage refinancing; ~ .
. (ii) A sale, condemnation award or
~oth~r disposition of part or alI of the Project ~
which does-not resu?t in a dissolution of the -
Partnership in accordance with Article "5"
hereof ; ; :
(iii)~ The o.ccurrence of a casualty a:~d
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- the receipt o~ insurance proceeds b3~ the Part- ;
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~ ' nersni~ as a'result thereof which are not re-
quired in the reasonable opinion of the General -
- Partner to be expended by the Partnership. ~
_ - • A separate Capital Account shall b~
established for ~each Par.tner and shall be credited or.ly
with the a^~ounts of such Partner's capital contributions to
the Pa~tners:zip from time to time and debited only with
! cavital distri~u~ions and desigaated repa~•ments thereof.
Any Partner, including any additional~or substitute part~zer
i . 3
~ who shall ~eceive an interest in the Partnership o= wnose
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~ partnsrshi~ interest has increased by means of a trans~er
- to him of all or part of th~ aartnership~interest of _
another Pa:tner, shall have a separate Capital Account
which has beea ao~ro~riately adjusted to reflect such .
I
~ transFer. . - '
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BOOK ~`t4 PACE~~57 ~
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