HomeMy WebLinkAbout0778 (ii) the repayr.~ent pro rata of any liability, or
debts other than capital accountsj of the ~
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joint venture to any of the parties hereto; i
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(iv) any remaining funds shall be paid to the ~
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partias hereto in equal shares. ~
(c) By unanimoc:s agreement of the parties, assets may be . ;
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distributed i.n kind, whether in a complete liquidation of the joint ;
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venture assets or otherwise, as such values as the parties shall `
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agree upon; provided, however, that no distributian in kind other
than ~:ndivide3 interests in direct proportion to the interests of
the parties hereto shall be made without unanimous consent of the
parties.
15. Partition. -
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The parties agree that the Buy/Sell and other termination .
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and dissolution provisions contained herein exclude and constitute
a waiver of any right to have the tracts or any other real property
acquired by the joint venture partitioned, an~ each party hereto
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covenants and agrees tha~ it will not petition any court in any.
actien at lac~ or in equity for partitioning unless it first obtains
the cons~nt in writing of the other party hereto such remedy.
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~ 16. - Modificatior.s. ~
No change or modification of this agreement shall be valid or
bindir_g upon the parties hereto, nor shall any waiver of any term or
condition in *he future, unless su~ch change or modific~tion or wa~ver
snall be in w-rit~ng and signed by the parties hereto.
17. hature of Agreement. ?
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It is hereby acknowledged that the parties do not intend }
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by this agreem,ent to create a general partnership. It is the purpose :
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ar.3 intent ~f the parties to create a joint venture which shall exist ~
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only for those purposes specifica~ly set forth in this agreetaent. '
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