Common use of ORGANIZATION AND OFFERING STAGE Clause in Contracts

ORGANIZATION AND OFFERING STAGE. The Partnership shall reimburse the General Partner for Organizational Expenses in an amount not to exceed 15% of Gross Proceeds. Of that 15%, 10% shall be for reimbursement of selling and wholesaling expenses and commissions and 2% shall be for legal, accounting, printing, and other syndication expenses. To the extent amounts equal to those percentages are not expended for those purposes, such amounts shall be added to working capital of the Partnership. The Partnership will pay to the General Partner the Syndication Fee which is equal to 3% of the Gross Proceeds. 8.2.3

ORGANIZATION AND OFFERING STAGE. The Partnership shall reimburse the General Partner for Organizational Expenses in an amount not to exceed 15% of Gross Proceeds. Of that 15%, 10% shall be for reimbursement of selling and wholesaling expenses and commissions and 2% shall be for legal, accounting, printing, and other syndication expenses. To the extent amounts equal to those percentages are not expended for those purposes, such amounts shall be added to working capital of the Partnership. The Partnership will pay to the General Partner the Syndication Fee which is equal to 3% of the Gross Proceeds. 8.2.38.2.3 OPERATING STAGE 7 8 8.2.3.1