Common use of Actions and Compensation of Partners Clause in Contracts

Actions and Compensation of Partners. (a) Except as set forth in this Section 10, no Partner shall receive or be entitled to any compensation or reimbursement for its services to or expenses incurred in connection with the Partnership. (b) The General Partner shall be entitled to receive reimbursement from the Partnership for all costs and expenses incurred by it in connection with the conduct of the business of the Partnership, or paid by it for the account of the Partnership, including, without limitation, reasonable charges for the management of the Partnership and for maintaining the books and records of the Partnership and all costs and expenses of maintaining the Partnership’s existence and good standing as well as all legal and accounting fees allocable to the Partnership. (c) To compensate the General Partner for its services in connection with the leasing and management of the Property, the Partnership may, subject to Section 24, enter into management, leasing, agency or similar agreements in form acceptable to the General Partner, in its sole discretion, with the General Partner or an Affiliate and pay to the General Partner or an Affiliate all management and leasing fees and commissions payable thereunder. (d) Nothing in this Agreement shall be deemed to restrict in any way the freedom of any Partner (including, without limitation, the General Partner) or any person, firm or corporation affiliated with any Partner to conduct or engage in any business or activity whatsoever, for its own account and without regard to the business of the Partnership, including, without limitation, acquiring, developing, promoting, leasing, selling or exploiting real property and functioning as a real estate broker, agent or consultant, regardless of the location of the real estate involved in such business or activity; and neither the Partnership nor any Partner shall have any rights in or to, or any right to an accounting for, any income or profit derived by any other Partner or its Affiliate(s) from such business or activity. In this regard, the Partners specifically acknowledge that the General Partner and Affiliates of the General Partner presently engage in businesses which are or may be directly competitive with the business of the Partnership; provided, however, that nothing in this paragraph shall abridge or expand the rights of any Limited Partner under any non-competition agreement or other similar arrangement which it may have entered into with the General Partner or any other Partner.

Actions and Compensation of Partners. (a) Except as set forth in this Section 10Section, no Partner shall receive or be entitled to any compensation or reimbursement for its services to or expenses incurred in connection with the Partnership. (b) The General Partner shall be entitled to receive reimbursement from the Partnership for all costs and expenses incurred by it in connection with the conduct of the business of the Partnership, or paid by it for the account of the Partnership, including, without limitation, reasonable charges for the management of the Partnership and for maintaining the books and records of the Partnership and all costs and expenses of maintaining the Partnership’s existence and good standing as well as all legal and accounting fees allocable to the Partnership. (c) To compensate the General Partner for its services in connection with the leasing and management of the Property, the Partnership may, subject to Section 24, enter into management, leasing, agency or similar agreements in form acceptable to the General Partner, in its sole discretion, with the General Partner or an Affiliate and pay to the General Partner or an Affiliate all management and leasing fees and commissions payable thereunder. (d) Nothing in this Agreement shall be deemed to restrict in any way the freedom of any Partner (including, without limitation, the General Partner) or any person, firm or corporation affiliated with any Partner to conduct or engage in any business or activity whatsoever, for its own account and without regard to the business of the Partnership, including, without limitation, acquiring, developing, promoting, leasing, selling or exploiting real property and functioning as a real estate broker, agent or consultant, regardless of the location of the real estate involved in such business or activity; and neither the Partnership nor any Partner shall have any rights in or to, or any right to an accounting for, any income or profit derived by any other Partner or its Affiliate(s) from such business or activity. In this regard, the Partners specifically acknowledge that the General Partner and Affiliates of the General Partner presently engage in businesses which are or may be directly competitive with the business of the Partnership; provided, however, that nothing in this paragraph shall abridge or expand the rights of any Limited Partner under any non-competition agreement or other similar arrangement which it may have entered into with the General Partner or any other Partner.

Actions and Compensation of Partners. (a) Except as set forth in this Section 10, no Partner shall receive or be entitled to any compensation or reimbursement for its services to or expenses incurred in connection with the Partnership. (b) The General Partner shall be entitled to receive reimbursement from the Partnership for all costs and expenses incurred by it in connection with the conduct of the business of the Partnership, or paid by it for the account of the Partnership, including, without limitation, reasonable charges for the management of the Partnership and for maintaining the books and records of the Partnership and all costs and expenses of maintaining the Partnership’s existence and good standing as well as all legal and accounting fees allocable to the Partnership. (c) To compensate the General Partner for its services in connection with the leasing and management of the Property, the Partnership may, ,. subject to Section 24, enter into management, leasing, agency or similar agreements in form acceptable to the General Partner, in its sole discretion, with the General Partner or an Affiliate and pay to the General Partner or an Affiliate all management and leasing fees and commissions payable thereunder. (d) Nothing in this Agreement shall be deemed to restrict in any way the freedom of any Partner (including, without limitation, the General Partner) or any person, firm or corporation affiliated with any Partner to conduct or engage in any business or activity whatsoever, for its own account and without regard to the business of the Partnership, including, without limitation, acquiring, developing, promoting, leasing, selling or exploiting real property and functioning as a real estate broker, agent or consultant, regardless of the location of the real estate involved in such business or activity; and neither the Partnership nor any Partner shall have any rights in or to, or any right to an accounting for, any income or profit derived by any other Partner or its Affiliate(s) from such business or activity. In this regard, the Partners specifically acknowledge that the General Partner and Affiliates of the General Partner presently engage in businesses which are or may be directly competitive with the business of the Partnership; provided, however, that nothing in this paragraph shall abridge or expand the rights of any Limited Partner under any non-competition agreement or other similar arrangement which it may have entered into with the General Partner or any other Partner.