Common use of Ownership of Partnership Assets Clause in Contracts

Ownership of Partnership Assets. All Partnership Assets shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively, shall have any separate ownership interest in such Partnership Assets or any portion thereof. Legal title to any or all Partnership Assets shall be held in the name of the Partnership, or, with the consent of the other Partners, in the name of the General Partner or one or more nominees in behalf of the Partnership, as the General Partner may determine. The General Partner hereby declares and warrants that any Partnership Assets for which legal title is held in the name of the General Partner or any nominee shall be held in trust by the General Partner or such nominee for the use and benefit of the Partnership in accordance with this Agreement. All Partnership Assets shall be recorded as the property of the Partnership on its books and records, irrespective of the name in which legal title to such Partnership Assets is held.

Ownership of Partnership Assets. All Partnership Assets shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively, shall have any separate ownership interest in such Partnership Assets or any portion thereof. Legal title to any or all Partnership Assets shall be held in the name of the Partnership, or, with the consent of the other Partners, in the name of the General Partner or one or more nominees in on behalf of the Partnership, as the General Partner may determine. The General Partner hereby declares and warrants that any Partnership Assets for which legal title is held in the name of the General Partner or any nominee shall be held in trust by the General Partner or such nominee for the use and benefit of the Partnership in accordance with this Agreement. All Partnership Assets shall be recorded as the property of the Partnership on its books and records, irrespective of the name in which legal title to such Partnership Assets is held.

Ownership of Partnership Assets. All Partnership Assets shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively, shall have any separate ownership interest in such Partnership Assets or any portion thereof. Legal title to any or all Partnership Assets shall be held in the name of the Partnership, or, with the consent of the other Partners, in the name of the General Partner or one or more nominees in on behalf of the Partnership, as the General Partner may determine. The General Partner hereby declares and warrants that any Partnership Assets for which legal title is held in the name of the General Partner or any nominee shall be held in trust by the General Partner or such nominee for the use and benefit of the Partnership [m:\wp\rhgcntrc\actech] in accordance with this Agreement. All Partnership Assets shall be recorded as the property of the Partnership on its books and records, irrespective of the name in which legal title to such Partnership Assets is held.

Ownership of Partnership Assets. All Partnership Assets shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively, shall have any separate ownership interest in such Partnership Assets or any portion thereof. Legal title to any or all Partnership Assets shall be held in the name of the Partnership, or, with the consent of the other Partners, in the name of the General Partner or one or more nominees in behalf of the Partnership, as the General Partner may determine. The General Partner hereby declares and warrants that any Partnership Assets for which legal title is held in the name of the General Partner or any nominee shall be held in trust by the General Partner or such nominee for the use and benefit of the Partnership in accordance with this Agreement. All Partnership Assets shall be recorded as the property of the Partnership on its books and records, irrespective of the name in which legal title to such Partnership Assets is held.. [WP: JGC/ACT, L.P. L. PARTNERSHIP] 1-DEC-91