HomeMy WebLinkAbout0747 The foregoing contributions in cash or prop°rty
shall be credited to each Member's capital account.
Section 6. Units ~
A. Tha capital interests in the Limited Partnership
shall be divided into Units (herein referred to as "Units");
no fractional Units shall be permitted. The number of Units
which may be owned by the rlembers is not limited but the
total number of Units owned at any time represents, at such
time, the entire interests in the capital of the Limited
Partnership. Units "owned" means Units paid for, in cash ~
or property, as distinguished from Units for which the Member
is obligated to or has agreed to contribute but has not ~
yet paid ~or.
Section 7. Management and Control
A. The General Partner shall have general authority '
and discretion in the manager~.ent and control of the business
of the L~:~ited Partnership for the purposes herein stated
in Sect~Q~ The General Partner shall not employ either
tr.e c~edi~ or the capital of the Limited Partnership for
anyth{r:~ oLrer than Limited Partnership purposes. The
General P2rLner sha11 devote such of his time as he in his
j solz discretion deerr.s necessary to the affairs of the Limited
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~ Partr.ership business.
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~ B. In connection therewith, the powers of the General
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~ Partner include, but are not limited to, the power to:
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1. Acquire the Real Property, and acquire any contiguous
parcels desirable or necessary to the holding of the Real
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Property primarily for investnent p~srposes;
~ 2. Expend the capital and revenues of the Limited ~
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~ Partnership in furtherance of the Limited Partnership's bus- ~
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~ iness;
~ 3. Manage the Real Property by using his own skill and
~ ability or by entering into agreements with others containina
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~ such terms, provisions and con~itions as the General Partner
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shall approve;
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