HomeMy WebLinkAbout1240 1. The Limited Partner has contril,uted initial capital
of S16,000.00. The General Partner shall make no contribution
to the capital of the Limited Partnership.
2. The Limited Partner shall not be obligated to make any
additional contributions to the capital of the Lirt~ited Partner-
ship at any time or in any event.
Section 6. Units
The capital interests in tine Limited Partnership shall bc~
divided into Units (herein referred to as "units"?; n^ fractional
Units stall be permitted. The numbeY of Units which rr?ay be owned
by the Members is not limited but the total number of Units
owned at any time represents, at such time, the entire interests
in the capital of the Limited Partnership. Units "owned"means
Units paid for, in cash or property, as distinguished from Units
for which the Member is obligated to or has agreed to contribute
but has not vet paid for.
Section 7. Management and Control
A. The General Partner shall have general authority and
discretion in the management and control of the business of the
Limited Partnership for the purposes herein stated in Section
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4. The General Partner shall not employ either the credit or
the capital of the Limited Partnership for anything other than
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~ Limited Partnership purposes. -The General Partner shall devote
j such of his time as he in his sole discretion deems necessary to
t:ie affairs of the Limited Fartnerslii~~ business.
i3. In connection therewith, the powers of the General
Partner induce, but are not lir.ited to, the power to:
1. Ac uire the heal Fro ert
q p y, and acc;uire any contiguous
~ parcels desirable or necessar}? to the holding of the Real
Property primarily for investment purposes;
E 2. Expend the capital and revenues of the Limited Part-
!
nership in furtherance of the Limited Partnership's business;
3. Manage the Real Property by using his own skill and
f
ability or by entering into agreements with others containing
such terms, provisions and conditions as the General Partner
shall approve;
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