HomeMy WebLinkAbout0773 i
(c) Neither party shall be entitled to any interest i
upon its capital coritributions; nnd except for returns of capital ,
resulting from disCributions exprNSSly provided for hereia, no
party shall be entitled to the return of any capital co~if'iibution
during the operation of the joint venture. ~
5. Interests in the Profits and-Losses of the Joint Venture.
~
(a) Mr. Hardin and Harrison Land shall each have a 50$
interest in the proiits of the joint venture, incl~ding gains resulting
Pror.i the sale or exchange of any property of the joint venture. ,
{b) Al1 ~perating losses of the joint venture, if any,
shall be allocated to Mr. Hardin. Losses, i£ any, from the sale ~
or exchange of.aa:~ property of the joint venture shall be shared
equally. -
6. Distribu}able Income of Joint Venture. ,
(a) The distributable income of ti~e joint venture shall be
distributed to the parties heret~ in the followiny order:
- tij F~rst, to Mr. ~-:ardin to the extent that Mr.
Hardin's cor.tributions o;,funds to the joint -
- venture in ~ccordance with Section 4(b), less ~
any amounts contributed by Harrison Land.
(ii) Thereafter, equally between Mr. Nardin and
Harrison Land. -
7. Distributive Shares of Tax Items:
Mr. Hardin and Harrison Land shall be entitled to each and
every iteM of income, gain, loss, deduction, or credit~for Federal
and Stace incone~tax purposes in the same ratio as profits and losses
~re to be apportioned anong them pursuant to Section 5 hereof.
-3-
n~
- f~:~ 251 ?72