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harmless shall be from and limited to Partnership Assets and
no Limited Partner shall have any personal liability on
account thereof.
9.12 Removal of Managing General Partner: The General
Partners may remove the Managing General Partner, so long as
a successor Managing General Partner is appointed by the
remaining General Partner(s). Such successor must be a
General Partner immediately prior to his appointment as the
Managing General Partner.
9.13 Le al Title to Partnershi Pro ert Legal Title
to Partnership Property s all a he d in t e name of the -
Partnership, or in whatever other manner the General Partners
shall determine to be in the best interest of the Partnership.
Without limiting the foregoing grants of authority, the
General Partners may take and hold title as trustee for and
on behalf of the Partnership, or they may arrange to. have
title taken and held in the name of any of them or others as
trustee or nominee for and on behalf of the Partnership.
II Subject to the provision of this Article IX, the Managing
{ General Partner, in his capacity as a General Partner, shall
have the right, power and authority (without regard to the
Term), acting for and on behalf of the Partnership, to enter
into and execute any lease, contract, agreement, deed,
mortgage, operating agreement or other instrument or document
required or otherwise appropriate to lease, sell, mortgage,
convey, operate or refinance the Partnership Property (or
any part thereof), to borrow money and execute promissory
notes, to secure the same by mortgage (which term "mortgage"
~ is hereby defined for all purposes of this Agreement to
~ include deeds of trust, financing statements, chattel mortgages,
pledges, conditional sales contracts and similarly security
agreements) upon the Partnership Property to renew or extend
any and all such loans or notes, and to convey the Partnership
Property in fee simple by deed, mortgage or otherwise. In
~ no event shall any party dealing with the Managing General
Partner, with respect to any of the Partnership Assets, or
to whom the Partnership-Property (or any part thereof) shall
be conveyed, contracted to be sold, leased, mortgaged or
refinanced (which term "refinanced" is hereby defined for
~ all purposes of this Agreement to include recast, modify,
extended or increased) by such Managing General Partner, be
~ obligated to see to the application of any purchase money,
rent or money borrowed or advanced thereon, or be obligated
to see that the terms of this Agreement-have been complied
with, or~be obligated to inquire into the necessity or
i
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