Acquisition and Sale of Leases. (a) To the extent the Partnership does not acquire a full interest in a Lease from the Managing General Partner or its Affiliate, the remainder of the interest in such Lease may be held by the Managing General Partner or such Affiliate, as applicable, which may retain and exploit it for its own account or sell or otherwise dispose of all or a part of such remaining interest. Profits from such exploitation and/or disposition shall be for the benefit of the Managing General Partner or its Affiliate to the exclusion of the Partnership. Any Leases acquired by the Partnership from the Managing General Partner or its Affiliate shall be acquired at the fair market value of such property.
Appears in 13 contracts
Samples: Limited Partnership Agreement (Bayou City Exploration, Inc.), Limited Partnership Agreement (Bayou City Exploration, Inc.), Limited Partnership Agreement (Bayou City Exploration, Inc.)
