Common use of Allocations of Profits, Losses and Distributions Clause in Contracts

Allocations of Profits, Losses and Distributions. (a) All profits of the Partnership for income tax and financial accounting and reporting purposes shall be allocated as follows: (i) First, all of the profits shall be allocated to the Limited Partner in an amount equal to the total First Tier Distributions which have been accrued. (ii) Second, any remaining unallocated profits in a subject fiscal year shall be allocated all to the General Partner. (iii) Third, until the time the Partnership has delivered the first completed residence built by it on the Property to an individual home purchaser, any losses through that date shall be allocated all to the General Partner. Thereafter, profits of the Partnership shall be allocated to the General Partner to the extent of any such losses allocated to the General Partner under the terms of the foregoing sentence of this subparagraph (iii). (iv) Fourth, commencing with the date the Partnership delivers the first completed residence on the Property to an individual home buyer, losses in that and subsequent fiscal years shall be allocated to the Limited Partner only to the extent of First Tier Distributions paid to the Limited Partner in that fiscal year, and after reducing the loss by any General Partner Home Builder Expense Reimbursement. For accounting and income tax purposes, no loss shall be allocated to the Limited Partner, which includes any General Partner Home Building Expense Reimbursement. All additional losses, if any, shall be allocated to the General Partner. (v) All of the profits and losses of the Partnership shall for such allocation purposes be determined for each fiscal year on a cumulative basis so that all profits and losses from the inception of the Partnership are considered in making such allocations. (b) Notwithstanding the foregoing, the Limited Partner shall have no liability for losses greater than as set forth in Sections 6.2 and 8.3 of this Agreement.

Allocations of Profits, Losses and Distributions. (a) All profits of the Partnership for income tax and financial accounting and reporting purposes shall be allocated as follows: (i) First, all of the profits shall be allocated to the Limited Partner in an amount equal to the total First Tier Distributions which have been accrued. (ii) Second, any remaining unallocated profits in a subject fiscal year shall be allocated all to the General Partner. (iii) Third, until the time the Partnership has delivered the first completed residence built by it closed on the sale of a Property to an individual home a third party purchaser, any losses through that date shall be allocated all to the General Partner. Thereafter, profits of the Partnership shall be allocated to the General Partner to the extent of any such losses allocated to the General Partner under the terms of the foregoing sentence of this subparagraph (iii). (iv) Fourth, commencing with the date the Partnership delivers the closes its first completed residence sale of a lot on the Property to an individual home buyera third party purchaser, losses in that and subsequent fiscal years shall be allocated to the Limited Partner only to the extent of First Tier Distributions paid to the Limited Partner in that fiscal year, and after reducing the loss by any General Partner Home Builder Expense Reimbursement. For accounting and income tax purposes, no loss shall be allocated to the Limited Partner, Partner which includes any General Partner Home Building Expense Reimbursement. All additional losses, if any, shall be allocated to the General Partner. (v) All of the profits and losses of the Partnership shall for such allocation purposes be determined for each fiscal year on a cumulative basis so that all profits and losses from the inception of the Partnership are considered in making such allocations. (b) Notwithstanding the foregoing, the Limited Partner shall have no liability for losses greater than as set forth in Sections 6.2 and 8.3 of this Agreement.

Allocations of Profits, Losses and Distributions. (a) All profits of the Partnership for income tax and financial accounting and reporting purposes shall be allocated as follows: (i) First, all of the profits shall be allocated to the Limited Partner Partners in an amount equal to the total First Tier Distributions which have been accrued. (ii) Second, any remaining unallocated profits in a subject fiscal year shall be allocated all to the General Partner. (iii) Third, until the time the Partnership has delivered the first completed residence built by it on the Property to an individual home purchaser, any losses through that date shall be allocated all to the General Partner. Thereafter, profits of the Partnership shall be allocated to the General Partner to the extent of any such losses allocated to the General Partner under the terms of the foregoing sentence of this subparagraph (iii). (iv) Fourth, commencing with the date the Partnership delivers the first completed residence on the Property to an individual home buyer, losses in that and subsequent fiscal years shall be allocated to the Limited Partner only to the extent of First Tier Distributions paid to the Limited Partner in that fiscal year, and after reducing the loss by any General Partner Home Builder Expense Reimbursement. For accounting and income tax purposes, no loss shall be allocated to the Limited Partner, which includes any General Partner Home Building Expense Reimbursement. All additional losses, if any, shall be allocated to the General Partner. (v) All of the profits and losses of the Partnership shall for such allocation purposes be determined for each fiscal year on a cumulative basis so that all profits and losses from the inception of the Partnership are considered in making such allocations. (b) Notwithstanding the foregoing, the Limited Partner shall have no liability for losses greater than as set forth in Sections 6.2 and 8.3 of this Agreement.

Allocations of Profits, Losses and Distributions. (a) All profits of the Partnership for income tax and financial accounting and reporting purposes shall be allocated as follows: (i) First, all of the profits shall be allocated to the Limited Partner Partners in an amount equal to the total First Tier Distributions which have been accrued. (ii) Second, any remaining unallocated profits in a subject fiscal year shall be allocated all to the General Partner. (iii) Third, until the time the Partnership has delivered the first completed residence built by it on the Property to an individual home purchaser, any losses through that date shall be allocated all to the General Partner. Thereafter, profits of the Partnership shall be allocated to the General Partner to the extent of any such losses allocated to the General Partner under the terms of the foregoing sentence of this subparagraph (iii). (iv) Fourth, commencing with the date the Partnership delivers the first completed residence on the Property to an individual home buyer, losses in that and subsequent fiscal years shall be allocated to the Limited Partner Partners only to the extent of First Tier Distributions paid to the Limited Partner Partners in that fiscal year, and after reducing the loss by any General Partner Home Builder Expense Reimbursement. For accounting and income tax purposes, no loss shall be allocated to the Limited Partner, which includes any General Partner Home Building Expense Reimbursement. All additional losses, if any, shall be allocated to the General Partner. (v) All of the profits and losses of the Partnership shall for such allocation purposes be determined for each fiscal year on a cumulative basis so that all profits and losses from the inception of the Partnership are considered in making such allocations. (b) Notwithstanding the foregoing, the Limited Partner Partners shall have no liability for losses greater than as set forth in Sections 6.2 and 8.3 of this Agreement.

Allocations of Profits, Losses and Distributions. (a) All profits of the Partnership for income tax and financial accounting and reporting purposes shall be allocated as follows: (i) First, all of the profits shall be allocated to the Limited Partner in an amount equal to the total First Tier Distributions which have been accrued. (ii) Second, any remaining unallocated profits in a subject fiscal year shall be allocated all to the General Partner. (iii) Third, until the time the Partnership has delivered the first completed residence built by it on the Property to an individual home purchaser, any losses through that date shall be allocated all to the General Partner. Thereafter, profits of the Partnership shall be allocated to the General Partner to the extent of any such losses allocated to the General Partner under the terms of the foregoing sentence of this subparagraph (iii). (iv) Fourth, commencing with the date the Partnership delivers the first completed residence on the Property to an individual home buyer, losses in that and subsequent fiscal years shall be allocated to the Limited Partner only to the extent of First Tier Distributions paid to the Limited Partner in that fiscal year, and after reducing the loss by any General Partner Home Builder Expense Reimbursement. For accounting and income tax purposes, no loss shall be allocated to the Limited Partner, Partner which includes any General Partner Home Building Expense Reimbursement. All additional losses, if any, shall be allocated to the General Partner. (v) All of the profits and losses of the Partnership shall for such allocation purposes be determined for each fiscal year on a cumulative basis so that all profits and losses from the inception of the Partnership are considered in making such allocations. (b) Notwithstanding the foregoing, the Limited Partner shall have no liability for losses greater than as set forth in Sections 6.2 and 8.3 of this Agreement.

Allocations of Profits, Losses and Distributions. (a) All profits of the Partnership for income tax and financial accounting and reporting purposes shall be allocated as follows: (i) First, all of the profits shall be allocated to the Limited Partner Partners in an amount equal to the total First Tier Distributions which have been accrued. (ii) Second, any remaining unallocated profits in a subject fiscal year shall be allocated all to the General Partner. (iii) Third, until the time the Partnership has delivered the first completed residence built by it on the Property to an individual home purchaser, any losses through that date shall be allocated all to the General Partner. Thereafter, profits of the Partnership shall be allocated to the General Partner to the extent of any such losses allocated to the General Partner under the terms of the foregoing sentence of this subparagraph (iii). (iv) Fourth, commencing with the date the Partnership delivers the first completed residence on the Property to an individual home buyer, losses in that and subsequent fiscal years shall be allocated to the Limited Partner Partners only to the extent of First Tier Distributions paid to the Limited Partner Partners in that fiscal year, and after reducing the loss by any General Partner Home Builder Expense Reimbursement. For accounting and income tax purposes, no loss shall be allocated to the Limited Partner, Partners which includes any General Partner Home Building Expense Reimbursement. All additional losses, if any, shall be allocated to the General Partner. (v) All of the profits and losses of the Partnership shall for such allocation purposes be determined for each fiscal year on a cumulative basis so that all profits and losses from the inception of the Partnership are considered in making such allocations. (b) Notwithstanding the foregoing, the Limited Partner Partners shall have no liability for losses greater than as set forth in Sections 6.2 and 8.3 of this Agreement.

Allocations of Profits, Losses and Distributions. (a) All profits of the Partnership for income tax and financial accounting and reporting purposes shall be allocated as follows: (i) First, all of the profits shall be allocated to the Limited Partner in an amount equal to the total First Tier Distributions which have been accrued. (ii) Second, any remaining unallocated profits in a subject fiscal year shall be allocated all to the General Partner. (iii) Third, until the time the Partnership has delivered the first completed residence built by it on the Property to an individual home purchaser, any losses through that date shall be allocated all to the General Partner. Thereafter, profits of the Partnership shall be allocated to the General Partner to the extent of any such losses allocated to the General Partner under the terms of the foregoing sentence of this subparagraph (iii). (iv) Fourth, commencing commercing with the date the Partnership delivers the first completed residence on the Property to an individual home buyer, losses in that and subsequent fiscal years shall be allocated to the Limited Partner only to the extent of First Tier Distributions paid to the Limited Partner in that fiscal year, and after reducing the loss by any General Partner Home Builder Expense Reimbursement. For accounting and income tax purposes, no loss shall be allocated to the Limited Partner, which includes any General Partner Home Building Expense Reimbursement. All additional losses, if any, shall be allocated to the General Partner. (v) All of the profits and losses of the Partnership shall for such allocation purposes be determined for each fiscal year on a cumulative basis so that all profits and losses from the inception of the Partnership are considered in making such allocations. (b) Notwithstanding the foregoing, the Limited Partner shall have no liability for losses greater than as set forth in Sections 6.2 and 8.3 of this Agreement.

Allocations of Profits, Losses and Distributions. (a) All profits of the Partnership for income tax and financial accounting and reporting purposes shall be allocated as follows: (i) First, all of the profits shall be allocated to the Limited Partner in an amount equal to the total First Tier Distributions which have been accrued. (ii) Second, any remaining unallocated profits in a subject fiscal year shall be allocated all to the General Partner. (iii) Third, until the time the Partnership has delivered the first completed residence built by it on the Property to an individual home purchaser, any losses through that date shall be allocated all to the General Partner. Thereafter, profits of the Partnership shall be allocated to the General Partner to the extent of any such losses allocated to the General Partner under the terms of the foregoing sentence of this subparagraph (iii). (iv) Fourth, commencing with the date the Partnership delivers the first completed residence on the Property to an individual home buyer, losses in that and subsequent fiscal years shall be allocated to the Limited Partner only to the extent of First Tier Distributions paid to the Limited Partner in that fiscal year, and after reducing the loss by any General Partner Home Builder Expense Reimbursement. For accounting and income tax purposespurpose, no loss shall be allocated to the Limited Partner, which includes any General Partner Home Building Expense Reimbursement. All additional losses, if any, shall be allocated to the General Partner. (v) All of the profits and losses of the Partnership shall for such allocation purposes be determined for each fiscal year on a cumulative basis so that all profits and losses from the inception of the Partnership are considered in making such allocations. (b) Notwithstanding the foregoing, the Limited Partner shall have no liability for losses greater than as set forth in Sections 6.2 and 8.3 of this Agreement.Expense