Common use of Business and Purpose Clause in Contracts

Business and Purpose. 3.1. The Partnership's business and purpose are to acquire, hold, manage, operate, develop, sell and lease real property or interests therein ("Property"), including but not limited to that certain parcel of land and all improvements constructed thereon described on Exhibit A hereto, and to engage in any other business that the Partners, acting in accordance with Section 8 of this Agreement, shall determine. 3.2. The Partnership shall have authority and power to engage in any other activities necessary to conduct the business described in Section 3.1 including, by way of illustration and not limitation, arranging for and delivering contracts of sale, deeds, leases, deeds of trust, ground leases, mortgages, notes and other evidence of indebtedness, security agreements, and other security instruments; entering into agreements for the construction, design and management of improvements; and doing all things reasonably incident to the development, management, leasing and sale of Property.