Common use of Duties and Obligations of the General Partners A Clause in Contracts

Duties and Obligations of the General Partners A. The General Partners shall take all action that may be necessary or appropriate (i) for the continuation of the Partnership's existence as a limited partnership under the Act (and under the laws of each other jurisdiction in which such existence is necessary to protect the limited liability of the Unitholders and the Limited Partners or to enable the Partnership to conduct the business in which it is engaged), and (ii) for the acquisition, development, maintenance, preservation and operation of the Properties in accordance with the provisions of this Agreement and applicable laws and regulations (it being understood and agreed, however, that the provision of day-to-day property management services for specific Properties is not an obligation of the General Partners as general partners of the Partnership). The General Partners shall devote to the Partnership such time as may be necessary for the proper performance of their duties hereunder, but neither the General Partners nor any of their Affiliates shall be expected to devote their full time to the performance of such duties. The General Partners or their Affiliates may act as general or managing partners for other partnerships engaged in businesses similar to that conducted by the Partnership. Nothing herein shall limit the General Partners or their Affiliates from engaging in any such business activities, or any other activities which may be competitive with the Partnership, and the General Partners or their Affiliates shall not incur any obligation, fiduciary or otherwise, to disclose or offer any interest in such activities to any party hereto.