Common use of Amplification of Powers and Duties Clause in Contracts

Amplification of Powers and Duties. As amplification, and not by way of limitation on the powers expressed herein, the General Partners shall have full power and authority on behalf of the Partnership, in order to carry out and accomplish its purposes and functions: (i) to expend Partnership capital and income; (ii) to purchase, lease, sell, exchange, improve, divide, combine and otherwise transact business with respect to interests in real estate and personal property, and in that connection to employ engineers, contractors, attorneys, accountants, brokers, appraisers, and such other consultants, advisors, artisans, and workmen as may be necessary or advisable for the purpose; (iii) to designate depositories of the Partnership's funds, and the terms and conditions of such deposits and drawings thereon; (iv) to borrow money or otherwise to procure extensions of credit for the Partnership, and in connection therewith to execute, seal, acknowledge, and deliver agreements, promissory notes, guaranties and other written documents constituting obligations or evidences of indebtedness, and as security therefor to pledge, hypothecate, mortgage, assign, transfer, or convey mortgages or security interests in the Properties and other assets of the Partnership; (v) to execute and deliver documents and instruments relating to real and personal property of whatever kind and description, including, but not limited to, deeds, mortgages, leases and other documents of title or conveyance, regulatory agreements with governmental bodies and agencies, assumption agreements pertaining to such agreements, powers of attorney, and other contracts, instruments, agreements of all kinds; (vi) to hold all or any portion of the Properties and other assets of the Partnership in the name of one or more trustees, nominees or other agents of or for the Partnership for the purpose of facilitating transactions involving said assets; (vii) to establish reserves for normal repairs, replacements and contingencies and, in their discretion, for any other proper Partnership purpose; and (viii) in general to do all things and execute all documents the General Partners shall deem necessary or convenient to accomplish the purposes of the Partnership, or to protect and preserve the Partnership assets, to the same extent as if they owned such assets individually.

Amplification of Powers and Duties. As amplification, and not by way of limitation on the powers expressed herein, the General Partners shall have have, subject to the provisions of this Agreement, full power and authority on behalf of the Partnership, in order to carry out and accomplish its purposes and functions: (i) to expend Partnership capital and income; (ii) to purchase, lease, sell, convey, exchange, improve, divide, combine and otherwise transact business with respect to interests in real estate and personal propertyMortgages, and in that connection to employ engineers, contractors, attorneys, accountants, brokers, appraisers, and such other consultants, advisors, artisans, and workmen as may be necessary or advisable for the purpose; (iii) to designate depositories of the Partnership's funds, and the terms and conditions of such deposits and drawings thereon; (iv) to borrow money or otherwise to procure extensions of credit for the Partnership, and in connection therewith to execute, seal, acknowledge, and deliver agreements, promissory notes, guaranties and other written documents constituting obligations or evidences of indebtedness, and as security therefor to pledge, hypothecate, mortgage, assign, transfer, or convey mortgages or and security interests in the Properties Mortgages, to enter into reverse repurchase (resale) agreement transactions involving such Mortgages, and in connection therewith to execute, seal, acknowledge and deliver promissory notes, guarantees, security and other assets of the Partnershipagreements, assignments and any other written documents; (v) to execute and deliver documents and instruments relating to real and personal property of whatever kind and description, including, but not limited to, deeds, mortgages, leases and other documents of title or conveyance, regulatory agreements with governmental bodies and agencies, assumption agreements pertaining to such agreements, powers of attorney, and other contracts, instruments, instruments and agreements of all kinds; (vi) to hold all or any portion of the Properties and other assets of the Partnership Mortgages in the name of one or more trustees, nominees or other agents of or for the Partnership for the purpose of facilitating transactions involving said assetsMortgages; (vii) to establish reserves for normal repairs, replacements and contingencies andreserves, in their discretion, for any other proper Partnership purpose; (viii) to invest the proceeds of the offering of Units on an interim basis as provided in Section 6.2(a) hereof for a period of up to 24 months after the date on which the offering of Units commences; (ix) to reinvest the proceeds of the sale or other realization of a Mortgage if such Mortgage is repaid or sold by the Partnership within five years after the final closing of the sale of Units; (x) to offer and sell the Units to the public directly or through any licensed Affiliate of the General Partners and to employ personnel, agents and dealers for such purpose; (xi) to receive interest from the escrow agent with respect to the Subscription Prices and to cause the first distribution to a Unitholder to include the amount, if any, attributable to such interest on account of subscription payments accepted prior to the initial closing of the sale of Units; (xii) to appoint a transfer agent with respect to the Units; (xiii) to list the Units on NASDAQ or another securities exchange or to withdraw the Units from such listing and take such actions as they deem appropriate therefor, (xiv) to take such steps as the General Partners determine are advisable or necessary and will not result in any material adverse effect on the economic position of a majority in interest of the Investor Limited Partners and the Unitholders with respect to the Partnership m order to preserve the tax status of the Partnership as a pass-through entity for federal income tax purposes, including, without limitation, removing the Depositary Receipts from public trading markets, causing the Corporate Limited Partner to cancel all Depositary Receipts and imposing restrictions on transfers of Units or Limited Partner Interests (provided restrictions on transfers do not cause the Partnership's Assets to be deemed to be "plan assets" with respect to investors which are Qualified Plans); (xv) to take such steps as the General Partners determine are advisable or necessary and will not result in any material adverse effect on the economic position of a majority in interest of the Investor Limited Partners and the Unitholders with respect to the Partnership to restructure the Partnership and its activities to obtain a prohibited transaction exemption from the Department of Labor or to comply with any exemption in final plan asset regulations adopted by the Department of Labor, including, but not limited to, establishing a fixed percentage of Units permitted to be held by Qualified Plans or other tax-exempt investors or discontinuing sales to such entities after a given date, in the event that either the assets of the Partnership constitute "plan assets" for purposes of ERISA or the transactions contemplated hereunder constitute prohibited transactions under ERISA or the Code and an exemption for such transactions is not obtainable from the Department of Labor; (xvi) to take such steps as the General Partners determine are advisable or necessary with the Consent of the holders of a majority of the Limited Partner Interests, to restructure the Partnership and its activities, including amending this Agreement, in order to enable the Partnership to qualify as a real estate investment trust or, if possible, as a real estate mortgage investment conduit for federal income tax purposes; and (viiixvii) in general to do all things and execute all documents the General Partners shall deem necessary or convenient to accomplish the purposes of the Partnership, or to protect and preserve the Partnership assetsMortgages, to the same extent as if they owned such assets Mortgages individually. All the powers of the General Partners enumerated above, except those in subsection (xvi), maybe carried out by the General Partners and the Corporate Limited Partner acting on behalf of the Unitholders without any canvassing of or voting by the Unitholders.

Amplification of Powers and Duties. As amplification, and not by way of limitation on the powers expressed herein, the General Partners shall have have, subject to the provisions of this Agreement, full power and authority on behalf of the Partnership, in order to carry out and accomplish its purposes and functions: (i) to expend Partnership capital and income; (ii) to purchase, lease, sell, exchange, improve, divide, combine and otherwise transact business with respect to interests in real estate and personal property, and in that connection to employ engineers, contractors, attorneys, accountants, brokers, brokers appraisers, and such other consultants, advisors, artisans, and workmen as may be necessary or advisable for the purpose; (iii) to designate depositories of the Partnership's funds, and the terms and conditions of such deposits and drawings thereon; (iv) to borrow money or otherwise to procure extensions of credit for the Partnership, and in connection therewith to execute, seal, acknowledge, and deliver agreements, promissory notes, guaranties and other written documents constituting obligations or evidences of indebtedness, and as security therefor to pledge, hypothecate, mortgage, assign, transfer, or convey mortgages or security interests in the Properties and other assets of the Partnership; (v) to execute and deliver documents and instruments relating to real and personal property of whatever kind and description, including, but not limited to, deeds, mortgages, leases and other documents of title or conveyance, regulatory agreements with governmental bodies and agencies, assumption agreements pertaining to such agreements, powers of attorney, and other contracts, instruments, instruments and agreements of all kinds; (vi) to hold all or any portion of the Properties and other assets of the Partnership in the name of one or more trustees, nominees or other agents of or for the Partnership for the purpose of facilitating transactions involving said assets; (vii) to establish reserves for normal repairs, replacements and contingencies and, in their discretion, for any other proper Partnership purpose; and (viii) in general to do all things and execute all documents the General Partners shall deem necessary or convenient to accomplish the purposes of the Partnership, or to protect and preserve the Partnership assets, to the same extent as if they owned such assets individually.

Amplification of Powers and Duties. As amplification, and not by way of limitation on the powers expressed herein, the General Partners shall have have, subject to the provisions of this Agreement, full power and authority on behalf of the Partnership, in order to carry out and accomplish its purposes and functions: (i) to expend Partnership capital and income; (ii) to purchase, lease, sell, convey, exchange, improve, divide, combine and otherwise transact business with respect to interests in real estate and personal property, and in that connection to employ engineers, contractors, attorneys, accountants, brokers, appraisers, and such other consultants, advisors, artisans, and workmen as may be necessary or advisable for the purpose; (iii) to designate depositories of the Partnership's funds, and the terms and conditions of such deposits and drawings thereon; (iv) to borrow money or otherwise to procure extensions of credit for the Partnership, and in connection therewith to execute, seal, acknowledge, and deliver agreements, promissory notes, guaranties and other written documents constituting obligations or evidences of indebtedness, and as security therefor to pledge, hypothecate, mortgage, assign, transfer, or convey mortgages or and grant security interests in the Properties Assets, and in connection therewith to execute, seal, acknowledge and deliver promissory notes, guarantees, mortgages, security and other assets of the Partnershipagreements, assignments and any other written documents; (v) to execute and deliver documents and instruments relating to real and personal property of whatever kind and description, including, but not limited to, deeds, mortgages, leases and other documents of title or conveyance, regulatory agreements with governmental bodies and agencies, assumption agreements pertaining to such agreements, powers of attorney, and other contracts, instruments, instruments and agreements of all kinds; (vi) to hold all or any portion of the Properties and other assets of the Partnership Assets in the name of one or more trustees, nominees or other agents of or for the Partnership for the purpose of facilitating transactions involving said assets; (vii) to establish reserves for normal repairs, replacements and contingencies and, in their discretion, for any other proper Partnership purpose; and (viii) in general to do all things and execute all documents the General Partners shall deem necessary or convenient to accomplish the purposes of the Partnership, or to protect and preserve the Partnership assets, to the same extent as if they owned such assets individually.Assets;

Amplification of Powers and Duties. As amplification, and not by way of limitation on the powers expressed herein, the General Partners shall have have, subject to the provisions of this Agreement, full power and authority on behalf of the Partnership, in order to carry out and accomplish its purposes and functions: (i) to expend expand Partnership capital and income; (ii) to purchase, lease, sell, convey, exchange, improve, divide, combine and otherwise transact business with respect to interests in real estate and personal property, and in that connection to employ engineers, contractors, attorneys, accountants, brokers, appraisers, and such other consultants, advisors, artisans, and workmen as may be necessary or advisable for the purpose; (iii) to designate depositories of the Partnership's funds, and the terms and conditions of such deposits and drawings thereon; (iv) to borrow borrower money or otherwise to procure extensions of credit for the Partnership, and in connection therewith to execute, seal, acknowledge, and deliver agreements, promissory notes, guaranties and other written documents constituting obligations or evidences of indebtedness, and as security therefor to pledge, hypothecate, mortgage, assign, transfer, or convey mortgages or and grant security interests in the Properties Assets, and in connection therewith to execute, seal, acknowledge and delivery promissory notes, guarantees, mortgages, security and other assets of the Partnershipagreements, assignments and any other written documents; (v) to execute and deliver documents and instruments relating to real and personal property of whatever kind and description, including, but not limited to, deeds, mortgages, leases and other documents of title or conveyance, regulatory agreements with governmental bodies and agencies, assumption agreements pertaining to such agreements, powers of attorney, and other contracts, instruments, instruments and agreements of all kinds; (vi) to hold all or any portion of the Properties and other assets of the Partnership Assets in the name of one or more trustees, nominees or other agents of or for the Partnership for the purpose of facilitating transactions involving said assets; (vii) to establish reserves for normal repairs, replacements and contingencies and, in their discretion, for any other proper Partnership purpose; and (viii) in general to do all things and execute all documents the General Partners shall deem necessary or convenient to accomplish the purposes of the Partnership, or to protect and preserve the Partnership assets, to the same extent as if they owned such assets individually.Assets;

Amplification of Powers and Duties. As amplification, and not by way of limitation on the powers expressed herein, the General Partners shall have have, subject to the provisions of this Agreement, full power and authority on behalf of the Partnership, in order to carry out and accomplish its purposes and functions: (i) to expend Partnership capital and income; (ii) to purchase, lease, sell, exchange, improve, divide, combine and otherwise transact business with respect to interests in real estate and personal property, and in that connection to employ engineers, contractors, attorneys, accountants, brokers, appraisers, and such other consultants, advisors, artisans, and workmen as may be necessary or advisable for the purpose; (iii) to designate depositories of the Partnership's funds, and the terms and conditions of such deposits and drawings thereon; (iv) to borrow money or otherwise to procure extensions of credit for the Partnership, and in connection therewith to execute, seal, acknowledge, and deliver agreements, promissory notes, guaranties and other written documents constituting obligations or evidences of indebtedness, and as security therefor to pledge, hypothecate, mortgage, assign, transfer, or convey mortgages or security interests in the Properties and other assets of the Partnership; (v) to execute and deliver documents and instruments relating to real and personal property of whatever kind and description, including, but not limited to, deeds, mortgages, leases and other documents of title or conveyance, regulatory agreements with governmental bodies and agencies, assumption agreements pertaining to such agreements, powers of attorney, and other contracts, instruments, instruments and agreements of all kinds; (vi) to hold all or any portion of the Properties and other assets of the Partnership in the name of one or more trustees, nominees or other agents of or for the Partnership for the purpose of facilitating transactions involving said assets; (vii) to establish reserves for normal repairs, replacements and contingencies and, in their discretion, for any other proper Partnership purpose; and (viii) in general to do all things and execute all documents the General Partners shall deem necessary or convenient to accomplish the purposes of the Partnership, or to protect and preserve the Partnership assets, to the same extent as if they owned such assets individually.