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the ratio which each Member'8 number of Units owned bears to the aggregate 't
total of UnYta then 'owned.
E. The net income and net losses of the Limited Partnersbip
shall be credited or debited as provided above as of the end of each fiscal
year; provided,•however, that the General Partner may, whenever he deems
it desirable or necessary, credit or debit net income and net losses at the
end of any calendar month.
SECTION ELEVEN: LIMITATION OF LOSSBS
Net losses shall be-allocated as set forth herein; provided,
however, that no Limited Partner shall in any event be liable for any losses
.in excess of hie total capital contributions.
SECTION TWELVE: BANK ACCOUNTS
A. The General Partner agrees that he will open and
maintain a bank account or accounts in the name of the Limited Partnership
in which shall be deposited all cash of the Limited Par.tnerehip (except for
reasoaable amounts of petty cash) and that he will use such funds solely for
_ the purposes of the Limited Partnership.
• B. Withdrawals -from any Limited Partnership bank account ;
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and instruments evidencing obligations of the Limited Partnership shall be
made only upon the signature of the General Partner..
- SECTION THIRTEEN: ASSIGNABILITY OF GENERAL PARTNER'S
INTEREST ~ -
The Units owned by the General Partner may~not be
assigned except in the same manner as that provided for Limited Partners.
~ SECTION FOURTEEN: ASSIGNABILITY .OF LIMITED PARTNER'S
INTERESTS: CONDITIONS UNDER WHICH AN ASSIGNEE MAY BECOME
t A SUBSTITUTED LIMITED PARTNER -
~
p. A Limited Partner may assign the whole or any portion
• ~ (but not less than one whole Unit) of his interest in the Limited Partnership
by a t„tritten instrument delivered to the General Partner. To "Assign"
Units, a s the verb is used herein, shall mean, for convenience, and unless
the context demands otherwise, to sell, transfer, assign, pledge, encumber,
mortgage or otherwise hypothecate such Units; related nouns and pronouns
e shall have similar meanings.
_ B. No assignment of a Limited Partner's interest, or any
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~Troansr'aT'v?w part thereof, though otherwise permitted hereunder, shall be valid and
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r`'m'~ Ao.~ effective, and the Limited Partnership shall not recognize the same for the
purposes of making payment of profits, incoore, return of contribution, or
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