HomeMy WebLinkAbout0752 Units owned bears to the aggregate total of Units then o:rr.ec.
E. The net income and net losses of the Li~ited
Partnership shall be credited or debited as provided above `
as of the end of each fiscal year; provided, however, that
the General Partner iaa~, whenever he deems it desirable or
necessary, credit or debit net income and net losses at the
end of any calendar month.
Section 13. Limitation of Losses ~
Net losses shall be allocated as set forth herein; ,
provided, however, that no Limited Partner shall in any :
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event be liable for any losses in excess of his total }
capital contributions.
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- Section 14. Bank Accounts .
A. The General Partner agrees that he will open and
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maintair: a ~ank account or accounts in-the name of the Limited
Partr_ers~ip in which shall be deposited all cash of.the
Limite3 =a^:nership (except £or reasonable amounts of petty
cash) anc ~hzt he will use such funds solely for pur.poses
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of tY:~ ~ed Partnership. -
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r;~~hdrawls from any Limited Partnership bank account
; a,d instru^znts evidencing obligations of the Limited
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~ Partnership shall be made only upon the signature of the
~ General Partner.
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~ Section 15. Assignability of General Partner's Interests
The Units owned by the General Partner may not be
assigned except in the same manner as that provfded for
Limited Partners: - ~
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Y Section 16. Assignability of Limited Partner's Interests;
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~ Conditions Under trfhich an Assignee rday Becore A Substituted
~ Limited Partner
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A. Sub~ect to the provisions of Section 17 hereof, a
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~ Lir~ited Partner may assign the whole or any portion (but no~ :
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~ ~ less than one tahole Unit) o.° ::is interest in the Lir~i~ec
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~ Partnership by a cvritten ~.^.s ~ru^~nt delivered tc the Ger.~ra? 3
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~ Partner. To "assign" L'r:i~s, ~s verio is used herein, ~
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