Compensation of General Partner. REIMBURSEMENT. The General Partner, as such, shall not receive any compensation for services rendered to the Partnership. Notwithstanding the preceding sentence, the General Partner shall be entitled, in accordance with the provisions of Section 6.7 below, to pay reasonable compensation to its Affiliates and other entities in which it may be associated for services performed. The General Partner shall be reimbursed on a monthly basis, or such other basis as the General Partner may determine in its sole and absolute discretion, for all REIT Expenses.
Compensation of General Partner. Except as expressly provided in Articles IV and IX herein, the General Partner shall receive no fees, salaries, profits, distributions, reimbursement or other compensation for serving as General Partner.
Compensation of General Partner. The General Partner as general partner of the Partnership shall not in such capacity receive any salary, fees, profits, or distributions except the General Partner shall receive such allocations and distributions to which it may be entitled under Article Four or Article Eight. Notwithstanding the foregoing, however, the -27-
Compensation of General Partner. Except for expense reimbursements set forth in Section 4.5, no compensatory payment shall be made by the Partnership to the General Partner or any Partner for the services to the Partnership of such General Partner, Partner or any Partner or employee of such Partner.
Compensation of General Partner. The General Partner shall not receive any compensation for services rendered to the Partnership in his capacity as the General Partner, except as otherwise expressly provided in this Agreement, but shall be permitted reimbursement of reasonable expenses incurred on behalf of the Partnership.
Compensation of General Partner. Reimbursement of General Partner. The General Partner shall not be entitled to any compensation for services rendered as General Partner. However, the General Partner shall be reimbursed promptly by the Partnership for costs and expenses reasonably incurred by it in connection with the performance of its duties to the Partnership, but only to the extent anticipated in the Project Budget or Operating Budget or otherwise as Approved by the Limited Partner.
Compensation of General Partner. (a) For the services and activities to be performed by the General Partner in connection with the administration and management of the Partnership and the Property from November 6, 1997 to the end of the Term, the General Partner shall receive a management fee of $8,100 per year (prorated for a portion of the year) during the Term of the Partnership. The management fee shall be paid to the General Partner for such services on conclusion of each calendar quarter. If the Partnership does not have sufficient cash to pay the management fee for any quarter, such fee shall be accrued (without interest) as a debt of the Partnership, payable out of Sale or Financing proceeds prior to any Partner receiving his distributions in accordance with the Agreement."
9. A new Section 4.5(d) shall be added to the Partnership Agreement as follows:
Compensation of General Partner. 5.5.1 The General Partner shall not receive any salary, fees, profits, distributions or compensation from the Partnership, except as provided in Article IV and this Article V.
Compensation of General Partner and Affiliates is amended to add the following as a last paragraph thereof: “Notwithstanding any other provision of this section to the contrary, the General Partner and/or such of the General Partner’s affiliates which it designates shall be entitled to receive (as an expense of the partnership) all of the fees, commissions, payments, allocations (including the 1% allocation of Net Profits and Net Losses and 1% of distributions of distributable cash flow from operations) and any other compensation referred to in this Partnership Agreement (or any collateral agreement) including, but not limited to, Section 2.04 as determined by the General Partner in the General Partner’s sole and absolute discretion.
4. The Limited Partnership Agreement of the Partnership is hereby amended in all other respects, if any, necessary to conform with the amendments set forth in this First Amendment to the Limited Partnership Agreement and, in the event any conflict or apparent conflict between any of the provisions of the Limited Partnership Agreement as amended by this Amendment, such conflicting provisions shall be reconciled and construed to give effect to the terms and intent of this Amendment.
5. Except as amended by the foregoing, the Limited Partnership Agreement shall remain in full force and effect.
Compensation of General Partner. In consideration for the performance by the General Partner of its services hereunder, the Partnership shall pay to the General Partner a fee which is equal to Twenty Thousand Dollars ($20,000.00) per month. On or before the fifteenth (15th) day of each calendar quarter, the Partnership shall pay to the General Partner the fee to which it is entitled under this Section 10.13 as a result of the operations of the Partnership during the immediately preceding calendar quarter.
