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• by the svm of $50,000.00 over the amount which appears as~
his~capital contribution in Article "6(A)" hereof with the
s.ame force and effect as though he had actually contributed
an additional $54,000.00. Accordingly, the distributions
called for in "(xl" through "(v)" of this Article "i" shall
be in the -ratio of 6/7ths to EDWARD A. KIMbiEL and 1/7th
to JULIUS D. SMOLEN. -
JULIUS D. SMOLEN shal.l have no participation
in cash flow for any period prior to the date on which he
made his capital contribution.
8. Renresentations and taarranties.
The General Partner represents and warrants
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as follows : .
(A) That the Partnership is the beneficial
owner of the fee title to the Property, legal title to -
which i~ u~I3 hy RIt?C~ FORT ~IERCE, INC., as nominee; that
the Property is owned free and clear of all liens and encum-
ti ~
brances other than those set forth on Exhibit "A" annexed
hereto and *_^~a~ a part hereof .
(B) That simultan~ously with the execution of
~ this agreement that it will cause RIt~CO FORT PIERCE, INC.
~ to convey the Project to the Partnership,•subject only to
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~ the liens and encu.-nbrances set forth on Exhibit "A", and
will obtain ~a title insurance policy at its osvn cost and
~ A'+ ~~~s ~
e~cpense for the Partnership in the sw~ of $ ,
so insuring title.
. (C} That Schedule "B" hereto annexed and
made a part hereof contains a full and co:nplete list of
~ all outstanding leases k•ith res~ect to the Property to-
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~ gether with rentals being actually and currently collected
in connection the~ewith and that no tenant has been granted '
any allowa-nce or concession in connection with such rentals
12. _ 8001t~~~ PACE~BV~ .
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