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80A - JOINT - LOAN AGMT AMCAL
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80A - JOINT - LOAN AGMT AMCAL
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Last modified
2/2/2017 4:09:44 PM
Creation date
2/2/2017 3:55:17 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
80A
Date
2/7/2017
Destruction Year
2022
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by the assignment by any Limited Partner of his interest or by the admission of new Limited <br />Partners. <br />9.6. Death or Incompetency of Limited Partner. Upon the death or legal <br />incompetency of a Limited Partner his personal representative shall have all the rights of a limited <br />partner for the purpose of settling or managing his estate. <br />9.7. Other Limited Partners. Upon the bankruptcy, insolvency, dissolution or <br />other cessation of a corporate limited partner, the authorized representative of such entity shall have <br />the rights of a limited partner to effect the orderly disposition of said Limited Partner's interest. <br />10. Financial Information. <br />10.1. Books of Account. The Administrative General Partner shall keep accurate <br />books of account in which all matters relating to the Partnership, including all income, expenses, <br />assets, and liabilities shall be entered. Said books shall be kept on a cash basis and shall be opened <br />to examination by any partner at any time. <br />10.2. Accounting. A financial statement describing the condition of the <br />partnership, as of the close of business on the last day of the calendar year and such additional <br />information as may be needed by the partners to file their tax returns, shall be rendered to each <br />partner within 90 days thereafter. Except for substantial errors brought to the attention of the <br />Administrative General Partner within 30 days of its rendition, such accounting shall be final and <br />conclusive as to all partners. <br />10.3. 'Tax Matters Partner, AMCAL Multi - Housing Two, LLC, shall be the <br />"Tax Matters Partner" pursuant to IRC Section 6231 (a) (7). The Tax Matters Partner shall keep the <br />other partners apprised of all proceedings regarding Partnership tax items. The Tax Matters Partner <br />shall not enter into a settlement agreement with the Internal Revenue Service on behalf of any <br />partner without that partner's consent. <br />10.4. Accounting Decisions. All decisions as to accounting matters, except as <br />specifically provided to the contrary in this Agreement, will be made by the Partnership's <br />accountants subject to the approval of the Administrative General Partner, <br />10.5. Federal Income `Tax Elections. The Administrative General Partner shall <br />cause the Partnership to make an election (or consent) to any such election by a Partner) pursuant to <br />any of IRC Sections 732(d) and /or 754 (or corresponding provisions of succeeding law or state <br />law), as may be determined by the Administrative General Partner in the Administrative General <br />Partner's reasonable discretion, except to the extent otherwise determined by this Agreement. <br />11, Dissolution. <br />initial T& 11greemeat'. • Sunla Ann 9,1,159.1.15 <br />.6 <br />80A -115 <br />
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