Common use of Investment Objectives and Policies Clause in Contracts

Investment Objectives and Policies. The Properties to be acquired by the Partnership shall consist of apartment complexes and/or commercial properties such as office buildings or shopping centers. All of the Properties shall be located in the United States. The Partnership shall not invest in Properties under construction or to be constructed, except for expansion or improvement of existing Properties, and shall not invest in single family residential homes, low income housing or other properties subject to government housing assistance payments, secondary homes, resort or recreational properties, hotels, nursing homes, gaming facilities, mobile home parks or property subject to sale-leaseback transactions. No unimproved or non-income producing property shall be acquired where the aggregate purchase price for all such unimproved or non-income producing properties would exceed 10% of the gross proceeds of the initial offering of Units. On an interim basis, the Partnership may invest its funds either in (i) United States Government securities, other United States Government guaranteed money instruments, certificates of deposit of banks located in the United States, bank repurchase agreements collateralized by securities of the United States Government or governmental agencies, bankers' acceptances, and similar money market investments, or (ii) shares of public investment companies registered with the Securities and Exchange Commission whose assets exceed $50,000,000 and are invested in the foregoing types of investments and held by an independent custodian. The Partnership shall not invest in mortgages, trust deeds or similar obligations, except that the Partnership may advance a portion of the purchase price of a Property to the seller in the form of a loan, and except that second mortgages or similar obligations may be taken back from purchasers of Properties in connection with the sale thereof by the Partnership. The aggregate amount of mortgage indebtedness which may be incurred in connection with the acquisition of Properties shall not exceed 80% of the gross purchase price of all Properties determined on a combined basis. The Partnership shall not redeem or repurchase Units and shall not underwrite the securities of other issuers. The General Partners shall use their best efforts to assure that the Partnership shall not be deemed an investment company as such term is defined in the Investment Company Act of 1940.

Investment Objectives and Policies. The Partnership's Investment in Properties shall not be less than eighty percent (80%) of the gross proceeds of the Partnership's offering of Units made pursuant to Section 6.1(b)(3) hereof. The Properties to be acquired by the Partnership shall consist primarily of apartment complexes and/or commercial complexes, but may include other types of properties such as office buildings or shopping centers. All of the Properties shall be located in the United States. The Partnership shall not invest in Properties under construction or to be constructed, except for expansion or improvement of existing Properties. The Partnership may, however, commit to purchase properties upon their physical completion and at pre-agreed prices or pricing formulas. The Partnership shall not invest in single family residential homes, low income housing or other properties subject to government housing assistance payments, secondary homes, resort or recreational properties, hotels, nursing homes, gaming facilities, mobile home parks or property subject to sale-leaseback transactionstransactions involving single tenants. No unimproved or non-income producing property shall be acquired where the aggregate purchase price Purchase Price for all such unimproved or non-income producing properties would exceed 10% of the gross proceeds of the initial offering of UnitsUnits made pursuant to Section 6.1(b)(3) hereof, and unimproved or non-income producing property shall not be acquired except in amounts and upon terms which can be financed by the net proceeds of the Partnership's offering of Units or by cash flow from operations. On an interim basis, the Partnership may invest its funds either in (i) United States Government securities, other United States Government guaranteed money instruments, certificates of deposit of banks located in the United StatesStates having total assets in excess of $100 million, bank repurchase agreements collateralized by securities of the United States Government or governmental agencies, bankers' acceptances, and similar money market investments, or (ii) shares of public investment companies registered with the Securities and Exchange Commission whose assets exceed $50,000,000 and are invested in the foregoing types of investments and held by an independent custodian. The Partnership shall not invest in mortgages, trust deeds or similar obligations, except that the Partnership may advance a portion of the purchase price Purchase Price of a Property to the seller in the form of a loan, and except that second mortgages or similar obligations may be taken back from purchasers of Properties in connection with the sale thereof by the Partnership. The aggregate amount of mortgage indebtedness which may be Leverage on the Partnership Properties incurred in connection with the acquisition of Properties shall not exceed be less than 60% nor more than 80% of the gross purchase price Purchase Price of all Properties determined on a combined basis. The Partnership shall not redeem or repurchase Units and shall not underwrite the securities of other issuers. The General Partners shall use their best efforts to assure that the Partnership shall not be deemed an investment company as such term is defined in the Investment Company Act of 1940.

Investment Objectives and Policies. The Partnership's Investment in Properties shall not be less than eighty percent (80%) of the gross proceeds of the Partnership's offering of Units made pursuant to Section 6.1(b)(3) hereof. The Properties to be acquired by the Partnership shall consist primarily of apartment complexes and/or commercial complexes, but may include other types of properties such as office buildings or shopping centers. All of the Properties shall be located in the United States. The Partnership shall not invest in Properties properties under construction or to be constructed, except for expansion or improvement of existing Properties. The Partnership may, however, commit to purchase properties upon their physical completion and at pre-agreed prices or pricing formulas. The Partnership shall not invest in single family residential homes, low income housing or other properties subject to government housing assistance payments, secondary homes, resort or recreational properties, hotels, nursing homes, gaming facilities, mobile home parks or property subject to sale-leaseback transactionstransactions involving single tenants. No unimproved or non-income producing property shall be acquired where the aggregate purchase price Purchase Price for all such unimproved or non-income producing properties would exceed 10% of the gross proceeds of the initial offering of UnitsUnits made pursuant to Section 6.1(b)(3) hereof, and unimproved or non-income producing property shall not be acquired except in amounts and upon terms which can be financed by the net proceeds of the Partnership's offering of Units or by cash flow from operations. On an interim basis, the Partnership may invest its funds either in (i) United States Government securities, other United States Government guaranteed money instruments, certificates of deposit of banks located in the United StatesStates having total assets in excess of $100 million, bank repurchase agreements collateralized by securities of the United States Government or governmental agencies, bankers' acceptances, and similar money market investments, or (ii) shares of public investment companies registered with the Securities and Exchange Commission whose assets exceed $50,000,000 and are invested in the foregoing types of investments and held by an independent custodian. The Partnership shall not invest in mortgages, trust deeds or similar obligations, except that the Partnership may advance a portion of the purchase price Purchase Price of a Property to the seller in the form of a loan, and except that second mortgages or similar obligations may be taken back from purchasers purchases of Properties in connection with the sale thereof by the Partnership. The aggregate amount of mortgage indebtedness which may be Leverage on the Partnership Properties incurred in connection with the acquisition of Properties shall not exceed be less than 60% nor more than 80% of the gross purchase price Purchase Price of all Properties determined on a combined basis. The Partnership shall not redeem or repurchase Units and shall not underwrite the securities of other issuers. The General Partners shall use their best efforts to assure that the Partnership shall not be deemed an investment company as such term is defined in the Investment Company Act of 1940.