HomeMy WebLinkAbout1183~
an indemnification to TOMECEK for any liability TOMECEK may be subject
to, which exceeds said twenty-five per cent (258) of the amount
financed without his specific consent. In-the event the lender
requires the unconditional endorsement of the Partners, the other
Partners may, at their option, deliver an indemnification to TOMECEK
for any liability TOMECEK may be subject to, which exceeds said
twenty-five per cent (25$), whereupon TOMECEK shall be deemed to
have given said consent. In any event, TOMECEK or any other Partner
shall be entitled to the remedies of Article XV.
Construction or permanent financing shall only be upon such
terms as are determine by ZANKL with the consent of TOMECEK, which
consent shall not be unreasonably withheld, and provided said terms
shall not differ materially from terms then offered by institutional
lenders in similar loans.
The Partners shall lend their financial statements and efforts
to the Partnership so as to provide the Partnership with an ability
to borrow the funds necessary to construct the warehousing units
contemplated by the Partnership.
XI
WAREHOUSE CONSTRUCTION
Consent of ZANKL and TOMECEK shall be required and sufficient
for ~he construction of warehouse units or for the construction
of any improvements~to be located on real property purchased by
the Partnership.
XII
ASSIGNMFNT OF PARTNERSHIP INTERESTS
No partner shall have the right to sell, assign, transfer,
convey, mortgage, alienate, hypothecate or in any other way transfer,
dispose of or encumber his interest in the partnership, or any portion
thereof, unless all partners shall first give their consent thereto
in writing. Notwithstanding the foregoing, any partner shall have
the right to will, give, transfer or assign his partnership interest,
a~'~ 347 P~cf 1180
-5-
a
~~
~ ~-~~:.r~.:~ ~ .