HomeMy WebLinkAbout1561 of any mortgage loan on the Real Property or the encuabrancing of the assets
of theLimited Partnership in any manner.
additional funds deemed available for
4. Any
_ rmitted by applicable law.
distribution by the General Partner to the extent pe /
. B. Funds Available for Distribution shall be reduced in
the following manner: ~ .
1. First, to make reasonable provision for the payment
` of the liabilities of the Limited Partnership.
, 2. Second, to pay any and all liabilities to Members.
Nothing contained herein shall, however, be deemed to subordinate such
liabilities to Members to other current liabilities of the Limited Partnership
SECTION~NINE: DISTRIBUTIONS
?he Funds Available for Distribution shall be distributed
to each Member, or.his assignee, at times and to the extent determined in
the discretion of the General Partner, in the ratio that each M,esber's or
Assignee's.nunber of Units owned bears to the aggregate total number of
Qpits owned.
SECTION TEN: FINANCIAL RECORDS
A. .The fiscal year of the Limited Partnership shall end
on December 31st.- The books of account shall be kept on the basis of
an accounting period consisting of a calendar year..
B. At all times until the completion of liquidation of
the assets of the Limited Partnership, the General Partner shall keep or
cause to be kept true and full books of account on the accural method, in
which shall be entered fully and accurately the transactions of the Limited
shi all of said books shall at all times be maintained at the
Partner p, .
principal office of the Limited Partnership and shall be open to the
inspeFtion and examination of any Member or his representative at reasonable
times. The General Partner agrees to deliver to the Limited Partners, and
~ their assignees, a copy~of the United States Partnership Return of Income
and an other tax re ortin information.
y p 6
as filed for the Limited Partnership,
. C• The net income shall be credited to each Member's
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capital account in the ratio that each Member's number of Units owned bears
Fbraid H. Gokfrnon
ari?T.u?w to the aggregate total of Units then owned.
~s'~°~~' D. Net losses shall be debited first to any income attri- ~
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~ butable to each Member, and then to the capital account of each Member in
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