HomeMy WebLinkAbout0750 Section 8. Payment, Assessments
At least thirty (30) days 3n advance of the date or time
when any Additional Contributions.of capital are required
to be paid in by the rlembers as set forth in Section 5(B),
the General Partner~shall mail reminder notices to the !•Ienbers.
Section 9. Loans by General Partner -
The General Partner may, if necessary or desirable in -
the ~udgment of the General Partner, make advances for ex-
penditures. Such advances shall not be deemed capital
Cont"ributions to the Limited Partnership but a debt due
from the Limited Partnersh3p to the General Partner, who shall
be repaid. Any such loans made by the General Partner shall
receive a repayment priority over other distributions to
t~embers . ~
Section lfl. ~unds Available for Distribution -
A. T::e term "Funds Available for Distribution", as
used 'nere'_r, shall mean all~funds ar~sing or realized from
211 sourc~s including the following sources, after deducting
. any pa~::~r :nade to reduce the liabiTities of the Limited
Par~ners~=p, including the-principal of any mortgage on the
Real Property:
1. ~'unds arising from profits earned by the Limited
Partnership on the Real Property, as computed in accordance
with generally accepted accountin~ principles but without
taking deduction for depreciation, depletion or amortization,
if any.
2. Funds resulting from the proceeds of the sale or con-
der.u~ation of any part or aIl of the assets of the Limited
- Partnership. .
~ 3• Funds resulting from the placenent or refinancing
of any mortgage loan on the Real Property br the encumbrar.cin~
of the assets of the Limited Partnership in any manner.
4. An;~ additional funds deemed availa~~e ior d~strib-
ution by the GeneraZ Par:r.e» t^e extent permitted b;~
applicable la~~. -
B. Fu*.^.ds ~va~la~' ~_'or ~r'_bu~ion sh213 be ;°~ac?~
800K~V5 PbGE ~