Common use of DISTRIBUTIONS TO THE GENERAL PARTNER Clause in Contracts

DISTRIBUTIONS TO THE GENERAL PARTNER. The General Partner shall be entitled to receive distributions from the Partnership only in accordance with the following: a. Distributions to the General Partner shall be from net closing proceeds from each closing in excess of costs of closing as disclosed on the closing statement, after required loan paydown, and only after the amounts have been disbursed to the Limited Partner as priority distributions as detailed above, in accordance with this Article. b. The General Partner shall receive the reimbursement of sums equal to the allocated general overhead costs of 4% of the gross sales price of the individual units in the Project paid at each closing which have been expended by the General Partner as disclosed on the approved budgets. c. the General Partner shall be entitled to receive such amounts as are required to pay federal income taxes on profits allocated to the General Partner, provided such distributions shall not under any circumstances exceed 35% of such profits so allocated to the General Partner from the Partnership in the current and prior tax years (other than distributions of the allocated general overhead cost reimbursement as in b. above). d. If the General Partner chooses to receive any additional distributions from the remaining net closing proceeds after the distributions above permitted, the Limited Partner shall receive as distributions amounts equal to the sums distributed to the General Partner. Distributions to the Limited Partner under this subsection shall be counted in satisfaction of the distributions to which the Limited Partner is entitled under Section 9.1 of this Agreement. e. After the Limited Partner has received distributions which in the aggregate total $ 2,200,000.00 pursuant to Article 9.2, the Limited Partner shall receive at each closing of a residential unit an amount equal to one percent of the gross sale price of the unit, until the Limited Partner has received an additional distribution of $220,000.00, and the General Partner shall receive the remainder of the proceeds then available for distribution."

DISTRIBUTIONS TO THE GENERAL PARTNER. The General Partner shall be entitled to receive distributions from the Partnership only in accordance with the following: a. Distributions to the General Partner shall be from net closing proceeds from each closing in excess of costs of closing as disclosed on the closing statement, after required loan paydown, and only after the amounts have been disbursed to the Limited Partner as a priority distributions distribution as detailed above, in accordance with this Article. b. The General Partner shall receive the reimbursement of sums equal to the allocated general overhead costs of 4% of the gross sales price of the individual units in the Project paid at each closing which have been expended by the General Partner as disclosed on the approved budgets. c. In addition to the foregoing, until the distributions from the Partnership to the Limited Partner (as paid to the Limited Partner by the closing agents of the respective unit closings, and otherwise from the commencement of the Partnership) are in the aggregate the sum of $2,200,000.00, from the remaining net closing proceeds the General Partner shall be entitled receive an amount which shall, when added to receive such amounts as are required to pay federal income taxes on profits allocated to the General Partner, provided such distributions shall not under any circumstances exceed 35% of such profits so allocated distributed to the General Partner from the Partnership in the current and prior tax years (other than distributions of the allocated general overhead cost reimbursement as in b. above), in the aggregate be equal to the greater of 40% of the taxable income allocated to the General Partner for the tax year of the distribution and prior tax years, or the actual amount of the aggregate tax paid by the General Partner for the tax year of the distribution and prior tax years. d. If the General Partner chooses to receive any additional distributions from the remaining net closing proceeds after the distributions above permittedabove, the Limited Partner shall receive as distributions amounts a distribution an amount equal to the sums distributed to the General Partner. Distributions to the Limited Partner under this subsection shall be counted in satisfaction of the distributions to which the Limited Partner is entitled under Section Article 9.1 of this Agreement. e. After the Limited Partner has received distributions which in the aggregate total $ 2,200,000.00 $2,200,000.00, and after the satisfaction of the distributions to the Limited Partner from the closing proceeds pursuant to Article 9.2, the Limited Partner shall receive at each closing of a residential unit an amount equal to one percent of the gross sale price of the unit, until the Limited Partner has received an additional distribution of $220,000.00, and the General Partner shall receive as a distribution from the remainder Partnership the remaining net closing proceeds, without the limitations in (c) above or the requirement for distributions to the Limited Partner (as provided in subsection d. above) in excess of the proceeds then available for distributiondistributions detailed in Article 9.2."

DISTRIBUTIONS TO THE GENERAL PARTNER. The General Partner shall be entitled to receive distributions from the Partnership only in accordance with the following: a. Distributions to the General Partner shall be from net closing proceeds from each closing in excess of costs of closing as disclosed on the closing statement, after required loan paydownpay-down, and only after the amounts have been disbursed to the Limited Partner limited partner as a priority distributions distribution as detailed above, in accordance with this Article. b. The General Partner shall receive the reimbursement of sums equal to the allocated general overhead costs of 4% of the gross sales price of the individual units in the Project paid at each closing which have been expended by the General Partner as disclosed on the approved budgets. c. In addition to the foregoing, until the distributions from the Partnership to the Limited Partner (as paid to the Limited Partner by the closing agents of the respective unit closings, and otherwise from the commencement of the Partnership) are in the aggregate the sum of $2,750,000.00, from the remaining net closing proceeds the General Partner shall be entitled receive an amount which shall, when added to receive such amounts as are required to pay federal income taxes on profits allocated to the General Partner, provided such distributions shall not under any circumstances exceed 35% of such profits so allocated distributed to the General Partner from the Partnership in the current and prior tax years (other than distributions of the allocated general overhead cost reimbursement as in b. above), in the aggregate be equal to the greater of 40% of the taxable income allocated to the General Partner for the tax year of the distribution and prior tax years, or the actual amount of the aggregate tax paid by the General Partner for the tax year of the distribution and prior tax years. d. If the General Partner partner chooses to receive any additional distributions from the remaining net closing proceeds after the distributions above permittedabove, the Limited Partner shall receive as distributions amounts a distribution an amount equal to the sums distributed to the General Partner. Distributions to the Limited Partner under this subsection shall be counted in satisfaction of the distributions to which the Limited Partner is entitled under Section Article 9.1 of this Agreement. e. After the Limited Partner has received distributions which in the aggregate total $ 2,200,000.00 $2,750,000.00, and after the satisfaction of the distributions to the Limited Partner from the closing proceeds pursuant to Article 9.2, the Limited Partner shall receive at each closing of a residential unit an amount equal to one percent of the gross sale price of the unit, until the Limited Partner has received an additional distribution of $220,000.00, and the General Partner shall receive as a distribution from the remainder Partnership the remaining net closing proceeds, without the limitations in (c) above or the requirement for distributions to the Limited Partner (as provided in subsection d. above) in excess of the proceeds then available for distributiondistributions detailed in Article 9.2."