Common use of General Partner Expenses and Liabilities Clause in Contracts

General Partner Expenses and Liabilities. All costs and expenses incurred by the General Partners in connection with their activities as the General Partners hereunder, all costs and expenses incurred by the General Partners in connection with their qualification as real estate investment trusts under the Code and otherwise, other than directors' fees, any income tax liabilities and any filing or similar fees in connection with maintaining its continued corporate existence, and all other liabilities incurred or suffered by the General Partners in connection with the pursuit of their business and affairs as contemplated hereunder and in connection herewith, shall be paid (or reimbursed to the General Partners, if paid by the General Partners) by the Partnership unless and to the extent that any such costs were paid by the General Partners in connection with the issuance of additional shares of stock of the Company as contemplated by Paragraph 4.5(B) above.

Appears in 2 contracts

Samples: Limited Partnership Agreement (Chateau Communities Inc), Limited Partnership Agreement (Chateau Properties Inc)

AutoNDA by SimpleDocs
Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!