Common use of Liability of General Partners Clause in Contracts

Liability of General Partners. The General Partners shall be liable to the Partnership and the Limited Partners for gross negligence or willful or wanton misconduct, but neither the General Partners nor their directors or officers shall be liable to either the Partnership or any Limited Partner or to Persons who have acquired interests in the Units, whether as Assignees or otherwise, for errors in judgment or for any acts or omissions that do not constitute gross negligence or willful or wanton misconduct. In all transactions for or with the Partnership, a General Partner shall act in good faith and in a manner which the General Partner believes to be in, or not opposed to, the best interests of the Partnership.

Liability of General Partners. The General Partners shall be liable to the Partnership and the Limited Partners for gross negligence or willful or wanton misconduct, misconduct but neither the General Partners nor their directors directors, officers, or stockholders nor the officers of the Partnership shall be liable to either the Partnership or any Limited Partner or to Persons who have acquired interests interest in the Units, whether as Assignees or otherwise, for errors in judgment or for any acts or omissions that do not constitute gross negligence or willful or wanton misconduct. In all transactions for or with the Partnership, a Partnership the General Partner Partners shall act in good faith and in a manner which the General Partner Partners believes to be in, or not opposed to, the best interests of the Partnership.