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No construction loan or permanent loan
on the Pauctnership property shall i.npose personal
liability on any partner, general or limited. It
is the intent~.~n of tne parties that under Treas.
Reg. Sec. 1.752-1(e) , all partners, both general ~
and linited, shall b~ considered as sharing the
liability for any construction or perznanent loan
in the proportions~in which they share the
profits of the Partnership. .
It being expressly understood that the
. General Partner shall-have the "right to~loan ~
maney to the Partnership oa such reasonable ~ i
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- terms and receiving such security therefor as•it ~ k
in its reasonable discretion may deetn , f it.. ~
' .~(ii) Employ, on behalf of the Partner-
- ship, such gersons, firms or corporations .(in-
I cluding e.*nployees of the GAne=al Partner) as it
in its-jud~ent, shall deem advis~ble for_the .
operation, management or.controi of the business
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. of the Par~nership, including, without linitation,
such nanage~:.znt agents, su~ervisirig management
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~ agents, accountants, attorneys, architects, en-
gineers, contractors, aparais~rs and experts, on
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~ such t2rr:is and for such ~co:~~ensation, ~s the
General Partner in its judgment snall detenair.e.
~ (iii~ Execute, acknocaledge and deliver _
~ any and all instrur.t~nts to effectuate the fore-
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