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' about the affairs of the Partnership, and the General Partner shall use
diligent efforts to respond to such inquiries and generally to keep the
Limited Partners inforoed. Financial information shall be available as
provided for in Section Ten. This provision shall not be construed, however,
to prevent the Limited Partners from exercising any and all of the rights,
privileges or duties as set forth in this Limited Partnership Agreement.
E. The Limited Partners do hereby acknou/ledge that both
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of the General Partners have been involved in the Real Estate~bueiness p
- to the execution of this Agreement. In this connection, the Limited Partners
'do hereby agree that the General Partners shall have the right to sell, asgign
transfer and deliver unto the Partnership any or all of such real estate
reviously owned, managed or controlled by .the General Partners, or which
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might hereafter be acquired, managed or controlled by them to the Partnership
and to receive frog the Partnership a consideration equal to the fair market
value thereof at the time of said transfer to the Partnership.
SECTION SEVEN: LOANS BY GENERAL PARTNER
The General Partner may, if necessary or desirable in the
judgment of the General Partner, make advances for expenditures. Such
advances shall not be deemed capital Contributions to the Limited Partnership
but a debt due from the Limited Partnership 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 llembera.
SECTION EIGHT: FUNDS AVAILABLE FOR DISTRIBUTION
_ A. The term "Funds Available for Distribution", as used ~
herein, shall mean all funds arising or realized from all sources including
.the following sources, after deducting any payments made to reduce the
liabilities of the Limited Partnership, including the principal of any
mortgage on the Real Property:
1. Funds arising from profits earned by the Limited
artnership on the Real or Personal Property, ae computed in accordance with.
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generally accepted accounting principles but without taking deduction for
depreciation, depletion or amortization, if any.
2. Funds resulting from the proceeds of the sale or
Horrid H. Goldman
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a~afaer+~Mmr• condemnation of any part or all of the assets of the Limited Partnership. }
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3. Funds resulting from the placement or refinancing
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