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repayment of the borrowed soma; no bank, other lending institution or other
lender to which application is made for a loan by the General Partner on
• behalf of the Limited Partnership shall be required to inquire as to the
purposes for which such loan is sought; and, as between this Limited
Partnership and such bank, other lending institution or other leader, it
shall conclusively be presua?ed that the proceeds of such loan are to be sad
will De used for. the purposes authorized under this Agreement;
6. Maintain, at the expense of the Limited Partnership,
adequate records and accounts of all operations and expenditures as set forth
_ in Section Ten hereof;
7. Purchase, considering custom in the local area and
at the expense of the Limited Partnership, title, liability, casualty,
property damage, fire, and other insurance to protect the Limited Partnership'
properties;
8. Make any or all elections under the tax laws of~the
• United States, the State of Florida and St. Lucie County as to the treatment
of items of Limited Partnership income, gain, loss, deduction and credit,
and as to all other relevant matters, as he believes necessary or desirable;
9. -Enter into agreements and contracts with parties,
including, but not limited to, managers, supervisors, executives, accountants,
lawyers, and real estate brokers, and give receipts, releases and discharges,
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` with respect to all the foregoing and any matters incident thereto as t e
~ General Partner may deem advisable or appropriate; and
~10. Perform any and all other acts or activities customary
ement im rovement, leasing
§ or incident to the acquisition, ownership, manag , P
and disposition of the Real and Personal Property consistent with the
purposes set forth in Section Four.
C. The General Partner shall- be reimbursed for out-of-
pocket expenses incurred on behalf of the Limited Partnership.
D. The Limited Partners shall not participate in the
management or control of the Limited Partnership's business, nor shall they-
transact any business for the Limited Partnership, nor shall they have
the power to sign for_or bind the Limited Partnership, said powers being ,
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~,nt.uw vested solely and exclusively in the General Partner. 'this provision shall
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not be construed, however, to prevent the Limited Partners from inquiring
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