DISTRIBUTIONS TO LIMITED PARTNER FROM SALES OF UNITS. The General Partner shall direct each closing agent engaged by the Partnership with respect to the closing of the sale of individual condominium units in the Project to make to the Limited Partner at the time of each such closing a preferred distribution in an amount equal to 8% of the gross sales price for each of the first twenty individual condominium units sold by the Partnership in the Project and an amount equal to 12% of the gross sales price for all remaining individual condominium units in the Project, provided however, that if units are sold at prices different than the agreed Schedule of Minimum Prices, the scheduled payment due the Limited Partner as provided herein shall be based on the greater of the Schedule of Minimum Prices or the actual sales price. Such preferred distributions shall continue by the closing agent(s) until such time as the General Partner has confirmed that the Limited Partner has received an amount totaling in the aggregate 200% of the Limited Partner Capital Contribution as set forth in Section 5.2. The percentages of each unit gross sales price required to be paid above are based upon the projected sales prices for individual condominium units in the Project as previously determined by the General Partner and shall be set forth as an exhibit to this Partnership Agreement and shall govern the distributions for all purposes. Any adjustment in such percentages shall be agreed, in writing, by all of the Partners. The amount of the preferred distribution shall be the stated percentage of the greater of the minimum approved sales price or the actual sales price. "Sales price" as used in this section shall include charges to buyer of the unit for the options and upgrades.
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DISTRIBUTIONS TO LIMITED PARTNER FROM SALES OF UNITS. The General Partner shall direct each closing agent engaged by the Partnership with respect to the closing of the sale of individual condominium units in the Project to make to the Limited Partner at the time of each such closing a the following preferred distribution distributions: (i) distributions in an amount equal to 87.25% of the gross sales price for each of the first twenty individual condominium units sold by the Partnership in the Project and (ii) distributions in an amount equal to 129.25% of the gross sales price for all remaining each of the next twenty individual condominium units in the Project, provided howeverand (iii) distributions in the amount of 10.25% of the remaining number of individual condominium units required to be sold in order for the Limited Partner to receive the total priority distribution of $3,600,000.00, which is 200% of its capital contribution of $1,800,000.00, and thereafter distributions in an amount equal to 3% of the gross sales price of the remainder of the individual condominium units, until the Limited Partner has received additional distributions totaling $250,000.00. It is further agreed that if units are sold at prices different than the agreed Schedule of Minimum Prices, the scheduled payment due the Limited Partner as provided herein shall be based on the greater of the Schedule of Minimum Prices or the actual sales price. Such preferred distributions shall continue by the closing agent(s) until such time as the General Partner has confirmed that the Limited Partner has received an amount totaling in the aggregate 200% of the Limited Partner Capital Contribution as set forth in Section 5.2preferred distributions provided for hereinabove. The percentages of each unit gross sales price required to be paid above are based upon the projected sales prices for individual condominium units in the Project as previously determined by the General Partner and shall be set forth as an exhibit to this Partnership Agreement and shall govern the distributions for all purposes. Any adjustment in such percentages shall be agreed, in writing, by all of the Partners. The amount of the preferred distribution shall be the stated percentage of the greater of the minimum approved sales price or the actual sales price. "Sales pricePrice" as used in this section shall include charges to buyer of the unit for the options and upgrades. Notwithstanding anything herein to the contrary, in the event that the distributions to the Limited Partner hereunder are less than 40% of the taxable income allocated to the Limited Partner, then in that event, prior to any distributions to the General Partner, the Limited Partner shall receive an amount equal to the greater of 40% of the taxable income allocated to the Limited Partner for the tax year of the distribution and prior tax years, or the actual amount of the aggregate tax paid by the Limited Partner for the tax year of the distribution and prior tax years, which amounts shall be credited against the total amounts due the Limited Partner hereunder.
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DISTRIBUTIONS TO LIMITED PARTNER FROM SALES OF UNITS. The General Partner shall direct each closing agent engaged by the Partnership with respect to the closing of the sale of individual condominium residential units in the Project to make to the Limited Partner at the time of each such closing a the following preferred distribution distributions: (i) distributions in an amount equal to 6% of the gross sales price for each of the first twenty-four individual residential units sold by the Partnership in the Project, (ii) distributions in an amount equal to 7% of the gross sales price for each of the next twenty-four individual residential units sold by the Partnership in the Project and (iii) distributions in an amount equal to 8% of the gross sales price for each of the first twenty remaining individual condominium residential units sold by the Partnership in the Project and until the Limited Partner has received the a total priority distribution of $2,200,000.00. Thereafter an amount equal to 122% of the gross sales price for of the remainder of the individual residential units shall be paid to the Limited Partner, such additional distributions not to exceed a total of $220,000.00 until all remaining individual condominium of the residential units in to be developed and sold by the Project, provided however, Partnership have been sold to bonafide third party purchasers. It is further agreed that if units are sold at prices different than the agreed Schedule of Minimum Prices, the scheduled payment due the Limited Partner as provided herein shall be based on the greater of the Schedule of Minimum Prices or the actual sales price. Such preferred distributions shall continue by the closing agent(s) until such time as the General Partner has confirmed that the Limited Partner has received an amount totaling in the aggregate 200% of the Limited Partner Capital Contribution as set forth in Section 5.2preferred distributions provided for hereinabove. The percentages of each unit gross sales price required to be paid above are based upon the projected sales prices for individual condominium residential units in the Project as previously determined by the General Partner and shall be set forth as an exhibit to this Partnership Agreement and shall govern the distributions for all purposes. Any adjustment in such percentages shall be agreed, in writing, by all of the Partners. The amount of the preferred distribution shall be the stated percentage of the greater of the minimum approved sales price or the actual sales price. "Sales pricePrice" as used in this section shall include charges to buyer of the unit for the options and upgrades. Notwithstanding anything herein to the contrary, in the event that the distributions to the Limited Partner hereunder are less than 35% of the taxable income allocated to the Limited Partner, then in that event, prior to any distributions to the General Partner, the Limited Partner shall receive an amount equal to the greater of 35% of the taxable income allocated to the Limited Partner for the tax year of the distribution and prior tax years, or the actual amount of the aggregate tax paid by the Limited Partner for the tax year of the distribution and prior tax years, which amounts shall be credited against the total amounts due the Limited Partner hereunder."
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DISTRIBUTIONS TO LIMITED PARTNER FROM SALES OF UNITS. The General Partner shall direct each closing agent engaged by the Partnership with respect to the closing of the sale of individual condominium residential units in the Project to make to the Limited Partner at the time of each such closing a the following preferred distribution distributions: (i) distributions in an amount equal to 88 % of the gross sales price for each of the first twenty individual condominium residential units sold by the Partnership in the Project and (ii) distributions in an amount equal to 1210 % of the gross sales price for all each of the remaining individual condominium residential units in the ProjectProject until the Limited Partner has received the a total priority distribution of $2,200,000.00. Thereafter an amount equal to 1 % of the gross sales price of the remainder of the individual residential units shall be paid to the Limited Partner, provided however, such additional distributions not to exceed a total of $220,000.00 until all of the residential units to be developed and sold by the Partnership have been sold to bonafide third party purchasers. It is further agreed that if units are sold at prices different than the agreed Schedule of Minimum Prices, the scheduled payment due the Limited Partner as provided herein shall be based on the greater of the Schedule of Minimum Prices or the actual sales price. Such preferred distributions shall continue by the closing agent(s) until such time as the General Partner has confirmed that the Limited Partner has received an amount totaling in the aggregate 200% of the Limited Partner Capital Contribution as set forth in Section 5.2preferred distributions provided for hereinabove. The percentages of each unit gross sales price required to be paid above are based upon the projected sales prices for individual condominium residential units in the Project as previously determined by the General Partner and shall be set forth as an exhibit to this Partnership Agreement and shall govern the distributions for all purposes. Any adjustment in such percentages shall be agreed, in writing, by all of the Partners. The amount of the preferred distribution shall be the stated percentage of the greater of the minimum approved sales price or the actual sales price. "Sales pricePrice" as used in this section shall include charges to buyer of the unit for the options and upgrades. Notwithstanding anything herein to the contrary, in the event that the distributions to the Limited Partner hereunder are less than 35% of the taxable income allocated to the Limited Partner, then in that event, prior to any distributions to the General Partner, the Limited Partner shall receive an amount equal to the greater of 35% of the taxable income allocated to the Limited Partner for the tax year of the distribution and prior tax years, or the actual amount of the aggregate tax paid by the Limited Partner for the tax year of the distribution and prior tax years, which amounts shall be credited against the total amounts due the Limited Partner hereunder."
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