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Partner shall determine. In determing the amount of available
funds, the Managing Partner shall have the right to establish,
in the exercise of reasonable discretion, a reasonable reserve
for payment of Partnership obligations.
IX
MANAGEMENT DUTIES AND RESTRICTIONS
The Managing Partner shall manage the Partnership business.
He shall devote such tiime to the Partnership as shall be reasonably
required for its welfare and success. The initial Managing Partner
shall be TOMECEK who hereby accepts said appointment.
The Controlling Partner shall retain the right to appoint
a new Managing Partner a t any time, provided he first give written
notice to the Partners of his election to appoint a new Managing
Partner and the appointment be effective as follows:
A. If the appointment of a new managing Partner is for
cause, it shall be effective upon mailing of notice to
Partners.
B. If the appointment of a new Managing Partner is without
cause, it shall be effective 60 days after maiZing of
notice to Partners.
X
CONSTRUCTION AND PERMANENT FINANCING
It is contemplated that from time to time the Partnership
will require construction and permanent financing to improve and
develop the real property heretofore described. In the event that
such financing is authorized by the Controlling Partner, and consented
to by TOMECEK which consent will not be unreasonabZy withheld, then
the Partnership and the Partners, individually, shall be liable
for the repayment of the debt. However, anything contained elsewhere
in this Partnership Agreement to the contrary notwithstanding, TOMECEK
shall not be required to incur liability beyond the extent of twenty-
five per cent (25$) of the amount financed without his specific
consent. In the event the lender required the unconditional endorsement
of the Partners, the other Partners may, at their option, deliver
srxix~47 PaGF~1~'~
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