HomeMy WebLinkAbout0527 3.8 Commencement of O eration: The date on which this
Certificate is proper y recorde with the Secretary of State
of the State of Florida and a certified copy is recorded in
the public records of ,Orange County, Florida. -
3.9 General Partners: LAKE W. COLEMAN and WARREN E.
CULBERTSON, and any person or entity subsequently becoming a
General Partner pursuant to the terms of this Agreement.
3.10 Limited Partners: All such persons, partnerships,
corporations, trusts or other entities who shall make a
Capital Contribution, and who agree to be bound by the provis-
ions of this Agreement, by executing a counterpart of the _
Agreement or such other instruments, including a subscription
agreement and a power of attorney, as the Managing General
Partner may require, as well as any parties admitted as
substituted Limited Partners pursuant to Article XI.
3.11 Managing General Partner: LAKE W. COLEMAN or his
successor. -
3.12 Ne ative Cash Flow: The-excess of all cash expen-
ditures (inclu ing t e payments of principal and interest on
~ any indebtedness, operating expenses and costs of the
E project, and any reserve deemed reasonably necessary by the
Managing General Partner) over the Partnership cash receipts
from operations.
3.13 Net Cash Flow: Net Cash Flow shall mean and
s refer to:
(A) The taxable income of the Partnership for
Federal income tax purposes, as shown-on the books of the
Partnership, increased ~ (1) the amount of depreciation
deductions or amorti2ation or similar deductions in lieu
thereof taken in computing such taxable income and (2) any
non-taxable income or receipts of the Partnership except (i)
Capital Contributions and (ii) the proceeds of any mortgages
or any Partnership obligations or loans to the extent used _
to finance capital improvements and/or replacements, and
reduced ~ (3) payments upon the principal of any mortgages
upon Partnership Property or of any other Partnership obli-
~ gations or loans, including any advances to the Partnership
from Partners, (4) expenditures for the acquisition of
property or for capital improvements and/or replacements not
financed through Capital Contributions, mortgages on Partnership
~ Property,~or any other Partnership obligations or loans, or
-
-3- BnoK3z2 PeGE 5~7