Compensation of General Partners. The General Partners shall not be entitled to any compensation for performance of duties under this Agreement as General Partners. The Partnership shall reimburse the General Partners at cost for reasonable out-of-pocket expenses incurred in the performance of duties under this Agreement.
Compensation of General Partners. Except as expressly provided in Articles IV and IX herein, the General Partners shall receive no fees, salaries, profits, distributions, reimbursement or other compensation for serving as General Partners.
Compensation of General Partners. For the period from inception to December 31, 1996, the General Partners and their Affiliates have received the following compensation. (See, section of the Prospectus entitled "COMPENSATION OF THE GENERAL PARTNERS AND AFFILIATES").
Compensation of General Partners. No General Partner shall be compensated for its services as a General Partner of the Partnership generally or any Series; provided, however, this Section 7.12 shall not prohibit or restrict any reimbursement to which any General Partner is otherwise entitled for expenses it incurs or payments it makes on behalf of the Partnership generally or any Series, including any general and administrative expenses.
Compensation of General Partners. In the discretion of the Managing General Partner, any Partner may be paid a reasonable salary or reasonable compensation for services performed on behalf of the Partnership, which compensation shall not affect such Partner's capital account, profit account, or Partnership interest.
Compensation of General Partners. The General Partners shall not, in their capacities as General Partners, receive any salary, fees, profits or distributions except:
(a) The General Partners shall be entitled to receive the allocations and distributions which are provided under Section 8 hereof in respect of their General Partnership Interests.
(b) Neither the General Partners nor their Affiliates shall receive any Acquisition Fees in connection with the acquisition of Partnership Properties, and the Partnership shall not pay any such Fees to any other Person. The General Partners shall be entitled to receive reimbursement from the Partnership for expenditures (including deposits and expenses incurred in the acquisition of any Property), obligations and liabilities incurred by them in connection with the organization, offering expenses and business of the Partnership, including reimbursement for traveling expenses incurred on business of the Partnership, and salaries and direct expenses of officers and employees of the General Partners directly engaged in organizing the Partnership and registering and marketing the Units, provided that such reimbursement shall be subject to the following limitations. Except for expenses incurred in connection with the organization of the Partnership and the initial offering of Units, all of the Partnership's expenses shall be billed directly to and paid by the Partnership. Reimbursements to the General Partners shall be limited to the actual cost of goods, services and materials used for or by the Partnership and, except for reimbursement of salaries of officers and employees of the General Partners directly engaged in organizing the Partnership and registering and marketing the Units, supplied by Persons other than the General Partners and their Affiliates. In no event shall the Partnership be obligated to pay or reimburse the General Partners for expenses (including, without limitation, any salaries of officers or employees of the General Partners as aforesaid) incurred in connection with the organization of the Partnership and the initial offering of Units in an aggregate amount exceeding 5% of the gross proceeds of the initial offering of Units. Furthermore, in no event shall (i) the Partnership's reimbursement for travel and related expenses of the General Partners incurred in connection with the acquisition of Partnership Properties exceed 2.0% of the gross proceeds of the initial offering of Units, or (ii) any real estate brokerage fees or other Acq...
Compensation of General Partners. The General Partners shall not in their capacities as General Partners receive any salary fees profits or distributions except profits, distributions, fees and allocations to which they may be entitled under Articles Four and Five.
Compensation of General Partners. (a) Except for the distributions provided in Section 4.2, the General Partners shall not be entitled to receive any other compensation from the funds of the Partnership for services rendered or duties performed in connection with the management of the operations of the Partnership or any services performed by them pursuant to Section 7.2; provided that the General Partners shall be reimbursed by the Partnership, to the extent permitted under Section 5.2(b), for all of their out-of-pocket costs and expenses incurred by them or by their trustees, directors, officers or employees in managing the business or affairs of the Partnership, including any legal, accounting or other professional services rendered to the Partnership.
(b) Except as provided in Sections 5.5(a) and 5.7, the parties hereto agree that a portion of the aggregate post-Formation expenses incurred by the General Partners or the Partnership (excluding the expenses of any management company subsidiary of TCT) equal to the Partnership Interest Fraction multiplied by the aggregate amount of such expenses shall be deemed to be expenses of the Partnership and shall be treated, for all purposes of this Agreement, as if directly incurred by the Partnership; and the remainder of such aggregate expenses shall be deemed to be non-reimbursable expenses of the General Partners and shall be treated, for all purposes of this Agreement, as if directly incurred by the General Partners. Notwithstanding the foregoing, any income or excise taxes to which the General Partners or REIT Sub become subject by virtue of a decision by the Board of Trustees of TCT to cease to comply with the REIT Requirements shall be borne solely by the General Partners.
Compensation of General Partners. The General Partners shall not, in their capacities as General Partners, receive any salary, fees, profits or distributions except:
(a) The General Partners shall be entitled to receive the allocations and distributions which are provided under Section 8 hereof in respect of their General Partnership Interests.
(b) Neither the General Partners nor their Affiliates shall receive any Acquisition Fees in connection with the acquisition of Partnership Properties, and the Partnership shall not acquire any Property if the seller of such Property or any other Person is paying any real estate brokerage commission or other Acquisition Fees to any Person in connection with such transaction. In no event shall the aggregate of the Acquisition Expenses paid by the Partnership in connection with the acquisition of Partnership Properties exceed one percent (1%) of gross proceeds of the Partnership's offering of Units made pursuant to Section 6.1(b)(3) hereof. Subject to the foregoing limitations and to the additional limitations set forth in Section 12.4 hereof, the General Partners and their Affiliates shall be entitled to receive reimbursement for organizational and offering expenses, Acquisition Expenses respecting the acquisition of Partnership Properties, and other expenses incurred by them in connection with the organization and operation of the Partnership.
(c) Upon the sale of any Property, the General Partners shall receive for their actual services in connection with such sale a brokerage fee in an amount equal to three percent (3%) of the contract sales price of the Property, provided that in no event shall (1) any such brokerage fee exceed 50% of the competitive real estate commission in the area where the Property sold is located and, together with any other brokerage fees payable to or by any other Person, exceed 6% of the contract price for the sale of such Property, and (2) any such brokerage fee be paid until after all Investor Limited Partners shall first have received a return of their total Invested Capital and any previously unpaid Cumulative Return on Investment as determined in accordance with Section 8.3
(a) Second and Section 8.3
Compensation of General Partners. (a) Subject to the provisions of Section 3.08(b) below, in addition to reasonable severance payments, the General Partners shall be entitled to receive reasonable compensation from the Partnership for services rendered in operating and managing the Partnership in an annual aggregate amount equal to $350,000 plus one percent (1%) of Gross Income, or such lesser amount as the General Partners may from time to time determine is appropriate. The compensation and severance payments payable to the General Partners under this Section 3.08(a) shall be divided among the General Partners equally or as they may otherwise mutually agree. For purposes of this Section, the term "Gross Income" shall mean the annual gross income of the Partnership from the Partnership Properties.
