HomeMy WebLinkAbout1244 in the Following manner:
1. First, to make rn3sc~nrtble t~rovi sion for the ravment
of the liabilities of the i~~imited Partnership.
2. Second to < }
pay any and all liabilities Lo ,dtrrber~ .
t;~thing contained herein shall, however, be deemed to sub-
ordinate such 113bilities tc-, tferrb~•rs to athe•r currt~nt 1~~1-
bilities of the Limited Partnership. }
section 11. Distributions
The Funds Available for Distribution shall b~ distributc:ci
to each Member, or his assignee, at times and to the extent
determined in the discretion of the General Partner, in the
following proportions: General Partner 5~, Limited Partner
t
95x. '
Section 12. Financial Records
A. The fiscal year of t}ie Li~:ited Partnership shall end
on December 31st. The books of account shall be kept on t}ie
basis of an accounting period consisting of a calendar year.
B. At all tir.:es until the corr:pler,lon of liquidation
of the assets of the Li?aited Pa^tners}~~p, the General Fartne•:
shall keep er cause to be kept rue and full books of acccunt
c:: ',he accrual metr.od, in which shall to entered fully ar.d
• ;iC'i'.11i "t t.C'IV ~::E' Li'3I2S•:iCtiO.+i `;l:t,' T~:tliS.t_'/1 }'i;rY,t1E2':ir31'N's
:~li of s:?id b;~o.:s si~aii <;t {.1? t :.c .:.aintait;F~:i ti_e
~~ri cip? c~ i'i'i cue of the Limited i artnershi~ and shall Lc:
cpen to the irspecti~n avid exal~ina,tion of any t^.er~ber or his
rep resentatice at reasonable times. The General F%~rtner
~.E;rc'es Lo deliver to the Litnitc,~ci 1'artt,er, ~><nd ris assigr:~~es,
a copy cf the United States Partnership Return of Incor:,e as
filed ±'cr the LiTcited Partnership, ali~i any other tax reporting
i:,<formatior,.
C. ;}ie net income shall be credited to each i~`e,~,ber's
capital account ir. the ratio that each M,ember's number of
Units owned 'Dears to the aggreKate total of Units then o.rne~i.
D. idet losses shall be debited first to an~~ ?nco.T,e
attributable to each ifembPr, and then to the capital acc~~ur:!; ~
of each A°ernber in the ratio which each t•aember's r.c3r..ber ~f
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