Common use of General Authority and Powers of General Partner Clause in Contracts

General Authority and Powers of General Partner. Subject to the terms and conditions of this Agreement, the General Partner shall have complete authority over and exclusive control and management of the business and affairs of the Partnership and shall devote such time to the Partnership as may be reasonably required for the achievement of its purposes, in addition to all other responsibilities of the General Partner. Without limiting the foregoing, the General Partner is empowered to spend Partnership funds on non-refundable options, fees to third parties or Affiliates to investigate, study and evaluate possible land acquisition and development opportunities and other similar expenditures which may be written off in full if the Partnership is unable to acquire and develop a property, to contract for the purchase or development of commercial real estate assets and to dispose and liquidate the assets. In connection with such management, the General Partner may, subject to this Article V, employ on behalf of the Partnership any other Persons to perform services for the Partnership, including Persons employed by, affiliated with, or related to any Partner.

General Authority and Powers of General Partner. Subject to the terms and conditions of this Agreement, the General Partner shall have complete authority over and exclusive control and management of the business and affairs of the Partnership and shall devote such time to the Partnership as may be reasonably required for the achievement of its purposes, in addition to all other responsibilities of the General Partner. Without limiting the foregoing, the General Partner is empowered to spend Partnership funds on non-refundable options, fees to third parties or Affiliates to investigate, study and evaluate possible land acquisition and development opportunities candidates and other similar expenditures which may be totally written off in full if the Partnership is unable to acquire and develop a property, to contract for the purchase or development of commercial real estate assets and to dispose and liquidate the assets. In connection with such management, the General Partner may, subject to this Article V, employ on behalf of the Partnership any other Persons to perform services for the Partnership, including Persons employed by, affiliated with, or related to any Partner.