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(b) Time for Making Contributions. The initial contributions
~jfor purchase of the above described real property shall be '
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~'made on or before August 24, 1978. Additional contributions
~shall be made from time to time as reasonably necessary and i
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f~within fifteen days after notice by the senior members.
~4 (c) Effect of Failure Co Make Contributions. If any . {
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I~ art fails to make his or her contribution within the time ~
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11specified herein, the other parties may take any action
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~~whatsoever reasonably necessary to protect their investment
i~which may include excluding the defaulting party from the
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!!joint venture, adjusting his percentage interest in the '
;`profits or obtaining a replacement party. Any refund of the i
;~defaulting parties contribution shall not be made until the
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+~cash flow of the enterprise warrants such repayment. In the
~~event of the death or withdrawl of any one or more of the undersign d
;~prior to the completion of the work, the business of this joint '
~:,vcnture ma,T be completed by the remaining party or parties hereto ~
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:;This agreement shall be binding upon and enure to the benefit of
~ ,;the respective heirs and assigns of the parties hereto, and the ;
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:~parties hereto bind themselves and their respective heirs and assig s;
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' to the full performance of the covenants and stipulations herein
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~ ;~stated.
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~ i` II. RIGHTS, POWERS, AND DUTIES
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~ The business policies and affairs of the joint venture shall
~ ibe managed by the two senior members, Raymond E. Sapp and Walter
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~ i~l~rone. The mutual agreement of 2/3 the members shall be required
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~ liwith respect to any and all agreement or decisions affecting
~ ~lthe joint venture. In conducting the joint venture, each party
~ ~lshall assume the duties set forth following his name and shali
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, ~~have the authority and power reasonably necessary to carry out
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~~such duties: ,
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i! Raymond E. Sapp, Senior members, shall be a co-trustee of all
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E ,property, real and personal and shall hold said property for the
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s ibenefit of all members of the joint venture. In addition, he shall
3 RICHARD P. BOGOSIAN 1
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R ATTORNEYATIAYY be authorized to be a co-signatory on all bank accounts of the
~ ~atgTWENTY~fIRSTSTREET ^ I
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BOOK ~10 PACE 553 ~ccEF r-c,~T~ns
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