Common use of Business; Scope of Partners' Authority Clause in Contracts

Business; Scope of Partners' Authority. (a) The Partnership is organized primarily for the purpose of BRI merging with the Partnership (or a Subsidiary thereof) and, subsequent to such merger, acquiring, owning, financing, refinancing, managing, maintaining, operating, improving, developing, marketing and selling multifamily properties. The Partnership is empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient for the furtherance and accomplishment of the purposes and business described herein and for the protection and benefit of the Partnership, including, without limitation, full power and authority to enter into, perform and carry out contracts of any kind, borrow money, guarantee and issue evidences of indebtedness whether or not secured by any mortgage, deed of trust, pledge or other lien, acquire, own, manage, improve and develop any real property (or any interest therein), and sell, transfer and dispose of any such real property.