HomeMy WebLinkAbout0772 3. Term.
The joint venture shall beqin on the date hereof.and shall
continue until terminated or disso?.ved by reason of one of the
followinq events: .
(a) the expiration of one (1) year after any disposition
by the joint venture of its entfre interest in the
~ tracts and alI improvements thereont
• ~(b) the expiration of fifteen (i5) years after the date
of this Joint Venture Aqreement;
(c~ the purchase of the entire ~joint venture interest of
one party hereto by the other, whether under Section 8
~ hereof or otherwise; or -
(d) the occurrence of a"dissolving evenc" as set forth
in Section 14 hereinafter. ~
4. Ca~ital Contributions.
(a) Upon the execution of this Joint Venture Agreement,
Mr. Aardin and Harrison Land shall transfer and assign all their -
fnterest in the tracts of land as described on Exnzbits "A",- "B"
and "C" hereto subject to the existing mortgages and advances by
Mr. ~iardin to purchase said tracts. In connection with such transfers,
Mr. Hardin's capital account sha21 be~credited with the amount of the
payments made hy him to purchase said tracts, and such amounts, if +
any, as shall have been expended by Mr. Hardin in closing any of
such purchases. ~ -
- (b) Following the execution of this Joint Venture Agr~e- ~
ment, and promptly from time to time as required, Mr. Hardin shall
contribute to zhe joint venture all such amounts as shall be required '
to pay obligations incurred by the joint venture in connection with
such acquisitions; and all such a~counts as shall be required from
time to time for the paym~nt of interest, taxes, insurance, planning
and designi.ng costs, and all other operating expenses of the joint
venture .
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