HomeMy WebLinkAbout0533 r
s
the contributions which he has agreed to make in respect of
his Partnership Interest but has not made, except to the
extent such contributions are made by a Substituted Limited
Partner, if any, admitted to the Partnership under the terms
hereof.
6.5 withdrawal of Capital: On or after the expiration
of the Term, any Limited Partner, upon ninety (90) days'
written notice by such Limited Partner to all other Partners,
shall be entitled to the return of his Capital Account as of
the date of such Notice, provided that Partnership Assets
are then sufficient to cover all of the Partnership's liabil-
ities, both fixed and contingent, including liabilities to
Partners in respect to their Capital Accounts. Upon any
such return to a Limited Partner of his Capital Account,
other than in dissolution of the Partnership, the Partnership
Interest of such Limited Partner shall be allocated pro rata
among all other Partners in proportion to their respective
Units of Partnership Interest. Under na circumstances shall
the General Partners have any personal liability whatsoever
with respect to the return to any Limited Partner of his
Capital Account.
6.6 Interest Earned on Partnership Capital: Interest
earned on Partnership funds shall inure to the benefit of
the Partnership, and no Partner shall be entitled to receive
~ interest, as such, on funds contributed by him.
~ 6.? Loans•
(A) In the event that at any time (or from time
to time) additional funds (in excess of the Capital Contri-
bution of the Partners and proceeds from the permanent first
mortgage financing of the Partnership Property) are required
by the Partnership for or in respect of its business or any
of its obligations, expenses, costs, liabilities, or expen-
ditures (including without limitation of the generality of
the foregoing, any operating deficits), then the General
Partners, acting for and on behalf of, and in the name of,
a
the Partnership, shall use their best efforts to cause the
Partnership to borrow such required additional funds, with
interest payable at then-prevailing rates, from commercial
banks, savings and loan associations, and/or other lending
a institutions or persons (including Partners).
F
a
g (B) In the event that the General Partners are
~ unable to~cause the Partnership to borrow said required
- 9 - ano~ 3Z2 DACE