HomeMy WebLinkAbout1196~
(2) Cash funds of the Partnersliip available for
distribution will be distributed to FairEield and the Limited
Partner until they have received their capital investment. If
a portion of this has been borrawed, then the principal of such
borrowings shall be repaid in full prior to any distribution.
Thereafter, all cash flow will be distributed 50$ to the
Managing General Pa.rtner and 50$ to Fairfield and the Limited
Partner based upon their proportionate capital contributions.
Any Partner who is allocated taxa~le income (netted from the
inception of ttie project~ shall receive as a priority frum any
distribution an amount equal to 50$ of said taxable income.
Any said priority distribution snall be deducted From the next
regular distribution to thati Partner.
8. Banking.
The Managing General Partner shall open, in the name of the
Partnership, and will thereafter maintain, a separate-bank
account or bank accounts in the name of the Partnership, in
which shall be deposited all of tne monies of the Partnership
and no other monies. The funds of said account shall be used
solely for the business of the Partnership and al? withdrawals
therefrom are to be made upon checks signed by such person or
persons as the Managing General Partner may designate from time
to t ime .
9. Accounting, Kecords and P.eports.
(a) Fiscal Year. The Partnership shall adopt a
February year-end as its fiscal year for financial reporting
and for Federal income tax purposes.
(b1 Records ~nd Accounr ing . At a2Z tisr.es Cur ing the
conti~~uance of the Partnership, the Managing General Partner
shall keep, or cause to be kept, books of account, whieh shall
be adequate and ap~ropriate for the Partnership's business, in
which each transaction of the Partnership shall be entered
fully and accurately. Such books and records may 5e kept on an
accrual basis in accordance with the accounting methods
followed by the Partnership for Federal income tax purposes.
Books shall also be kept or appropriate adjusting entries
provided to permit the preparation of periodic financial
statements in accordance with generally accepted accounting
principles. Fairfield may assist in the making of necessary
decisions and elections that may be permitted in connection
with preparing such statements to comply with said generally
accepted accounting principles. Such books and records shall
include such separate and aaditional accounts for each Partner
as shall be necessary to refiect accurately the rights and
interests of the respective Partners and shall specifically
~
~
~
~.~_._..... _._ . _ ..
''~350 PbGE1195
$~~~
-6-