Common use of Powers of Managing Partner Clause in Contracts

Powers of Managing Partner. The Managing Partner shall have the full, complete and exclusive power and authority to manage the business of the Partnership and to conduct its affairs including, but not limited to, the power: (a) to acquire by purchase, lease, or otherwise real estate or other property for cash or upon credit, and upon such other terms and conditions as they determine; (b) to maintain, operate, and lease the property of the Partnership and improvements thereon; (c) to sell, exchange, or otherwise dispose of all the assets of the Partnership or any part thereof; (d) to hire employees, agents and independent contractors; (e) to borrow money from the Partners or from others and in connection therewith to mortgage, pledge or otherwise encumber the property of the Partnership; (f) to enter into make, perform and carry out, or cancel and rescind, contracts; (g) change the names of the Managing Partner; (h) to delegate to others the management of the business of the Partnership; (i) to effect any refinancing of the obligations of the Partnership; (j) to have and exercise all such other powers as are necessary or appropriate to effect the purposes for which the Partnership is formed.

Powers of Managing Partner. The Managing Partner shall have the full, complete and exclusive power and authority to manage the business of the Partnership and to conduct its affairs including, but not limited to, the power: (a) to acquire by purchase, lease, or otherwise real estate or other property for cash or upon credit, and upon such other terms and conditions as they determine; (b) to maintain, operate, and lease the property of the Partnership and improvements thereon; (c) to sell, exchange, or otherwise dispose of all the assets of the Partnership or any part thereof; (d) to hire employees, agents and independent contractors; (e) to borrow money from the Partners or from others and in connection therewith to mortgage, pledge or otherwise encumber the property of the Partnership; (f) to enter into into, make, perform and carry out, or cancel and rescind, contracts; (g) change the names of the Managing Partner; (h) to delegate to others the management of the business of the Partnership; (i) to effect any refinancing of the obligations of the Partnership; (j) to have and exercise all such other powers as are necessary or appropriate to effect the purposes for which the Partnership is formed.