HomeMy WebLinkAbout0749 7. Purchase, considering custom in the local area
and at the expense of the Limited Partnership, title, • ;
,
;
liability, casualty, property damage, fire, and vther in- '
surance to protect the Limited Partnership's properties;
8. Make any or all elections under the tax laws of
f
the United States, the State of Florida and St. Lucie County `
as to the treatment of items of Limited Partnersrip income, '
t
gain, loss, deduction and credit, and as to all other relevant ;
i
' i
matters, as he believes necessary or desirable; ~
9. Enter into agreements and contracts with parties,
including, but not limited to, managers, supervisors, exec-
utives, accountants, lawyers, and real estate brokers, and
give receipts, releases and discharges, with respect to all
~ i
the foregoing and any matters incident thereto as the Ganeral~
R
Partner r~ay deem advisable or appropriate; and
10. Perform any and all other acts or activities cus- ~
~
tomary or inc~dent to the acquisition, oi,mership, management,
i*~prove~:~~~, leasing and disposition of the Real-Property
consistent :,~~~h the purposes set forth in Section 4. ~ t
s
C. ~ha ueneral Partner shall be reimbursed for out-of- ~
;
pocke~ e~pe*:ses incurred on behalf of the L~mited Partnership.
~ D. The Limited Partners shall not participate in the _
I ~
~ manz~ement or control of the Limited Partnership's business,
(
~ nor shall they transact any business for the Limited Partner- ~
~ - ship, nor shall they have the power to sign for or bind the .
~ .
Limitec Partnership, said powers being vested solely and
exclusive3y i:n the General Partner. This provision shaZl r_ot
be construed, however, to prevent the Limited Partners from -
inqu~ring about the affairs of the Partnership, and the
;
General Partner shall use diligent efforts to respond to such . ~
~ inquiries and generally to keep the Linited Partners informed.
~ ~ .
~
~ Financial infor:nation shaZl bz available as provided for in
~
~
Section 12. This provision srall not ~e ~onstrued, however,
~
~ a
~ to prevent the Limited Partners fron exercising ar,y~and a'_1 ;
~
~ of the rights, privileges o^ duti~s as set forth in this i
~ ~
~ Limited Partnersnip A~r°e*~en~. ~
_
~ _
~ 5D~( (~DJ fl1GE ~
~ .
~ ~
~ ~ ;
w~
- - - - . _ ~ .