HomeMy WebLinkAbout0748 ~ 4. Dispose of all or any portion oP the Real Prooert;
and any after-acquired contiguous parcel referred to above
upon such terms and conditions and for such consideration as
the Gen~ral Partner may deem appropriate, and this power of
disposition shall include the power to sell, lease, trade,
exchange, and handle and negotiate condemnation, consistent
with ~he purposes set forth ;n Section 4 herzof; provided,
however, that the General Partner may not sell, lease,trade
or exchange all or substantially all of the Real Property,
or sell-, lease, trade or exchange any of the Real Property
as may be improved by building or similar structure, without
the ~~ritt~n consent of LImited Partners owning a ma~ority of
the total Units then owned. Said written consent shall ~
specify the terms, conditions, time and consideration of any
such sale, lease, trade or exchange.
5. Borrow money from banks, other lending institutions
and otn~r lenders for any purpose of the Limited Partnersh~p,
and in conr.ection therewith to issue notes, debentures and
other debt s~curities and to hypothecate the assets of the
Limi~z~ Par~nersrip to secure repay~ent o~ the borrowed sums,
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except tr~az the General Partner may not acquire any contiguous
~ parce3s, refinance nor place a mortgage on such of the
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~ Real Property which may be then encumbered, without the con-
` sent of Limited Partners owning a majority of the Units
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~ owned (as hereinabove defined); no bank, other lendi g
institution or other lender to which application is made for
a loan by the General Partner on behalf of the Limited
Par~nership shall be required to inquire as to the purposes
for which such loan is sought; and, as between ~his L~mited
Partnership and such bank, other lending institution or
~ other lender, it shall conclusively be oresumed that the ~ro- .
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~4 ceeds of such loan are to be and ~iill be used for the ourposes
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~ authorized under this Agreei:.ent; ~
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~ _ 6. Maintain, at the e~_per.se of ~he Limited Partr:~rshi~,
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~ adequate records and acco:::=~s of all op~rations and exper.di-
tures as set forth ~r. ~ec ~j o:: ~2 hereof; ` ;
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