Common use of Formation; Nature of Partnership Interests; Ownership of Partnership Property Clause in Contracts

Formation; Nature of Partnership Interests; Ownership of Partnership Property. (a) The Partnership was formed on November 14, 1996 as a limited partnership organized pursuant to the laws of the State of Georgia under the name “CTR Family Associates, L.P.” and converted on December 26, 1998 to a Delaware limited partnership organized pursuant to the provisions of the Act and the laws of the State of Delaware under the name “XXXXXX ASSOCIATES I, L.P.” (b) Each Partner’s Partnership Interest shall be personal property for all purposes. (c) All Partnership Property shall be deemed owned by the Partnership as an Entity, and no Partner or Former Partner, individually, shall have a direct ownership interest in any Partnership Property.