Common use of Purpose of Partnership and Investment Objectives Clause in Contracts

Purpose of Partnership and Investment Objectives. The principal purpose of the Partnership is to acquire, own, operate, improve, lease and otherwise manage for investment purposes, either alone or in association with others, a portfolio of improved, income-producing mobile home properties as shall from time to time be acquired by the Partnership and which offers the potential for (i) preserving and protecting the Limited Partners' original invested capital; (ii) generating an annual cash flow for distribution to the partners; and (iii) to engage in any and all general business activities related to and incidental to those purposes; provided however that the Partnership shall not own or lease property jointly in partnership with others unless (a) such partner or joint owner is an independent third person who is not a sponsor, (b) the management of such partnership or joint ownership is under control of the Partnership which has a majority interest therein, (c) the Partnership, as a result of such joint ownership or partnership ownership of an investment property, is not charged, directly or indirectly, more than once for the same services, (d) the joint ownership or partnership does not authorize or require the Partnership to do anything as a partner or joint venture with respect to the property which the Partnership or the General Partners could not do directly because of this Agreement; and (e) the General Partners and their affiliates are prohibited from receiving any compensation, fee or expenses which are not permitted to be paid by this Agreement. Until invested in properties (except for reserves), the Partnership may temporarily invest all or a part of its capital contributions in short-term, highly liquid investments with appropriate safety of principal, such as U.S. Treasury Bonds or Bills, insured savings accounts, or similar investments. All properties, except those acquired after January 1, 1995, are to be acquired free and clear of any encumbrances. Unimproved or non income producing property will not be acquired. Investment in junior trust deeds or similar obligations shall be prohibited. In view of the exclusive purposes of the Partnership, none of the parties shall have any obligation with respect to the Partnership or to any of the other parties insofar as making other real estate opportunities available to the Partnership or to any of the other parties. The General Partners and each Limited Partner may, notwithstanding the existence of this Agreement, engage in whatever activities they choose, whether the same is competitive with the Partnership or otherwise, without having or incurring any obligation to offer any interest in such activities to the Partnership or any party hereto. The obligations of the parties shall, therefore, be limited solely to those arising from the acquisition and holding of the Partnership property.

Purpose of Partnership and Investment Objectives. (a) The principal purpose of the Partnership is to acquire, own, operate, . improve, lease and otherwise manage for investment purposes, either alone or in association with others, a portfolio of improved, income-producing mobile home properties as shall from time to time be acquired by the Partnership and which offers the potential for (i) preserving and protecting the Limited Partners' original invested capital; (ii) generating an annual cash flow for distribution to the partners; and (iii) to engage in any and all general business activities related to and incidental to those purposes; provided : provided, however that the Partnership shall not own or lease property jointly in partnership with others unless (a) such partner or joint owner is an independent third person who is not a sponsor, (b) the management of such partnership or joint ownership is under control of the Partnership which has a majority interest therein, (c) the Partnership, as a result of such joint ownership or partnership ownership of an investment property, is not charged, directly or indirectly, more than once for the same services, (d) the joint ownership or partnership does not authorize or require the Partnership to do anything as a partner or joint venture venturer with respect to the property which the Partnership or the General Partners could not do directly because of this Agreement; and (e) the General Partners and their affiliates are prohibited from receiving any compensation, fee fees or expenses which are not permitted to be paid by this Agreement. See, however, Article XXI for joint investment with affiliates. (b) Until invested in properties (except for reserves), the Partnership may temporarily invest all or a part of its capital contributions in short-short- term, highly liquid investments with appropriate safety of principal, such as U.S. Treasury Bonds or Bills, insured savings accounts, or similar investments. . (c) All properties, except those acquired after January 1, 1995, properties are to be acquired free and clear of any encumbrances. Properties may later be financed, see Article XXII. Unimproved or non income producing property will not be acquired. Investment in junior trust deeds or similar obligations shall be prohibited. . (d) In view the event the General Partners or an Affiliate of the exclusive purposes General Partners are presented with a potential investment which might be made by more than one investment entity which it advises or manages, the decision as to the suitability of the Partnership, none property for investment by a particular entity will be based upon a review of the parties investment portfolio of each entity and upon factors such as cash flow, the effect of the acquisition on diversification of each entity's portfolio, the estimated income tax effects of the purchase on each entity, the policies of each entity relating to leverage, the funds of each entity available for investment and the length of time such funds have been available for investment. To the extent that a particular property might be determined to be suitable for more than one public entity, priority will generally be given to the public entity having uninvested funds for the longest period of time. If a property is found to be inappropriate for any public entity then, and only then, may it be considered for private placement. Nothing herein shall have any be deemed to diminish the General Partners' overriding fiduciary obligation with respect to the Partnership or to as a waiver of any of the other parties insofar as making other real estate opportunities available to right or remedy the Partnership or to any Limited Partners may have in the event of the other parties. The a breach by a General Partners and each Limited Partner may, notwithstanding the existence of this Agreement, engage in whatever activities they choose, whether the same is competitive with the Partnership or otherwise, without having or incurring any obligation to offer any interest in such activities to the Partnership or any party hereto. The obligations of the parties shall, therefore, be limited solely to those arising from the acquisition and holding of the Partnership propertyobligation.

Purpose of Partnership and Investment Objectives. The principal purpose of the Partnership is to acquire, own, operate, improve, lease and otherwise manage for investment purposes, either alone or in association with others, a portfolio of improved, income-producing mobile home properties as shall from time to time be acquired by the Partnership and which offers the potential for (i) preserving and protecting the Limited Partners' original invested capital; (ii) generating an annual cash flow for distribution to the partners; and (iii) to engage in any and all general business activities related to and incidental to those purposes; provided however that the Partnership shall not own or lease property jointly in partnership with others unless (a) such partner or joint owner is an independent third person who is not a sponsor, (b) the management of such partnership or joint ownership is under control of the Partnership which has a majority interest therein, (c) the Partnership, as a result of such joint ownership or partnership ownership of an investment property, is not charged, directly or indirectly, more than once for the same services, (d) the joint ownership or partnership does not authorize or require the Partnership to do anything as a partner or joint venture venturer with respect to the property which the Partnership or the General Partners could not do directly because of this Agreement; , and (e) the General Partners and their affiliates are prohibited from receiving any compensation, fee or expenses which are not permitted to be paid by this Agreement. Until invested in properties (except for reserves), the Partnership may temporarily invest all or a part of its capital contributions in short-term, highly liquid investments with appropriate safety of principal, such as U.S. Treasury Bonds or Bills, insured savings accounts, or similar investments. All properties, except those acquired after January 1, 1995, properties are to be acquired free and clear of any encumbrances. Properties may later be financed, see Article XXII. Unimproved or non income producing property will not be acquired. Investment in junior trust deeds or similar obligations shall be prohibited. In view the event the General Partners or an Affiliate of the exclusive purposes General Partners are presented with a potential investment which might be made by more than one investment entity which it advises or manages, the decision as to the suitability of the Partnership, none property for investment by a particular entity will be based upon a review of the parties investment portfolio of each entity and upon factors such as cash flow, the effect of the acquisition on diversification of each entity's portfolio, the estimated income tax effects of the purchase on each entity, the policies of each entity relating to leverage, the funds of each entity available for investment and the length of time such funds have been available for investment. To the extent that a particular property might be determined to be suitable for more than one public entity, priority will generally be given to the public entity having uninvested funds for the longest period of time. If a property is found to be inappropriate for any public entity then, and only then, may it be considered for private placement. Nothing herein shall have any be deemed to diminish the General Partners' overriding fiduciary obligation with respect to the Partnership or to as a waiver of any of the other parties insofar as making other real estate opportunities available to right or remedy the Partnership or to any Limited Partners may have in the event of the other parties. The a breach by a General Partners and each Limited Partner may, notwithstanding the existence of this Agreement, engage in whatever activities they choose, whether the same is competitive with the Partnership or otherwise, without having or incurring any obligation to offer any interest in such activities to the Partnership or any party hereto. The obligations of the parties shall, therefore, be limited solely to those arising from the acquisition and holding of the Partnership propertyobligation.

Purpose of Partnership and Investment Objectives. (a) The principal purpose of the Partnership is to acquire, own, operate, improve, lease and otherwise manage for investment purposes, either alone or in association with others, a portfolio of improved, income-producing mobile home properties as shall from time to time be acquired by the Partnership and which offers the potential for (i) preserving and protecting the Limited Partners' original invested capital; capital and (ii) generating an annual cash flow for distribution to the partners; and (iii) to engage in any and all general business activities related to and incidental to those purposes; provided however provided, however, that the Partnership shall not own or lease property jointly in partnership with others unless (a) such partner or joint owner is an independent third person who is not a sponsor, (b) the management of such partnership or joint ownership is under control of the Partnership which has a majority interest therein, (c) the Partnership, as a result of such joint ownership or partnership ownership of an investment property, is not charged, directly or indirectly, more than once for the same services, (d) the joint ownership or partnership does not authorize or require the Partnership to do anything as a partner or joint venture venturer with respect to the property which the Partnership or the General Partners could not do directly because of this Agreement; and (e) the General Partners and their affiliates are prohibited from receiving any compensation, fee or expenses which are not permitted to be paid by this Agreement. See, however, Article XXI for joint investment with affiliates. (b) Until invested in properties (except for reserves), the Partnership may temporarily invest all or a part of its capital contributions in short-short- term, highly liquid investments with appropriate safety of principal, such as U.S. Treasury Bonds or Bills, insured savings accounts, or similar investments. . (c) All properties, except those acquired after January 1, 1995, properties are to be acquired free and clear of any encumbrances. Properties may later be financed, see Article XXII. Unimproved or non non- income producing property will not be acquired. Investment in junior trust deeds or similar obligations shall be prohibited. . (d) In view the event the General Partners or an Affiliate of the exclusive purposes General Partners are presented with a potential investment which might be made by more than one investment entity which it advises or manages, the decision as to the suitability of the Partnership, none property for investment by a particular entity will be based upon a review of the parties investment portfolio of each entity and upon factors such as cash flow, the effect of the acquisition on diversification of each entity's portfolio, the estimated income tax effects of the purchase on each entity, the policies of each entity relating to leverage, the funds of each entity available for investment and the length of time such funds have been available for investment. To the extent that a particular property might be determined to be suitable for more than one public entity, priority will generally be given to the public entity having uninvested funds for the longest period of time. If a property is found to be inappropriate for any public entity then, and only then, may it be considered for private placement. If, after completing a review and consideration of the above factors, the General Partners or an Affiliate of the General Partners designate a particular property(ies) for private placement, then such private placement may proceed to consummation irrespective of whether a public entity thereafter raises equity funds that could be available for such investment. Nothing herein shall have any be deemed to diminish the General Partners' overriding fiduciary obligation with respect to the Partnership or to as a waiver of any of the other parties insofar as making other real estate opportunities available to right or remedy the Partnership or to any Limited Partners may have in the event of the other parties. The a breach by a General Partners and each Limited Partner may, notwithstanding the existence of this Agreement, engage in whatever activities they choose, whether the same is competitive with the Partnership or otherwise, without having or incurring any obligation to offer any interest in such activities to the Partnership or any party hereto. The obligations of the parties shall, therefore, be limited solely to those arising from the acquisition and holding of the Partnership propertyobligation.

Purpose of Partnership and Investment Objectives. (a) The principal purpose of the Partnership is to acquire, own, operate, improve, lease and otherwise manage for investment purposes, either alone or in association with others, a portfolio of improved, income-producing mobile home properties as shall from time to time be acquired by the Partnership and which offers the potential for (i) preserving and protecting the Limited Partners' original invested capital; (ii) generating an annual cash flow for distribution to the partners; and (iii) to engage in any and all general business activities related to and incidental to those purposes; provided however that the Partnership shall not own or lease property jointly in partnership with others unless (a) such partner or joint owner is an independent third person who is not a sponsor, (b) the management of such partnership or joint ownership is under control of the Partnership which has a majority interest therein, (c) the Partnership, as a result of such joint ownership or partnership ownership of an investment property, is not charged, directly or indirectly, more than once for the same services, (d) the joint ownership or partnership does not authorize or require the Partnership to do anything as a partner or joint venture venturer with respect to the property which the Partnership or the General Partners could not do directly because of this Agreement; : and (e) the General Partners and their affiliates are prohibited from receiving any compensation, fee or expenses which are not permitted to be paid by this Agreement. See, however, Article XXI for joint investment with affiliates. (b) Until invested in properties (except for reserves), the Partnership may temporarily invest all or a part of its capital contributions in short-term, highly liquid investments with appropriate safety of principal, such as U.S. Treasury Bonds or Bills, insured savings accounts, or similar investments. . (c) All properties, except those acquired after January 1, 1995, are to be acquired free and clear of any encumbrances. Properties may later be financed. See Article XXII. Unimproved or non income producing property will not be acquired. Investment in junior trust deeds or similar obligations shall be prohibited. . (d) In view the event the General Partners or an Affiliate of the exclusive purposes General Partners are presented with a potential investment which might be made by more than one investment entity which it advises or manages, the decision as to the suitability of the Partnership, none property for investment by a particular entity will be based upon a review of the parties investment portfolio of each entity and upon factors such as cash flow, the effect of the acquisition on diversification of each entity's portfolio, the estimated income tax effects of the purchase on each entity, the policies of each entity relating to leverage, the funds of each entity available for investment and the length of time such funds have been available for investment. To the extent that a particular property might be determined to be suitable for more than one public entity, priority will generally be given to the public entity having uninvested funds for the longest period of time. If a property is found to be inappropriate for any public entity then. and only then, may it be considered for private placement. Nothing herein shall have any be deemed to diminish the General Partners' overriding fiduciary obligation with respect to the Partnership or to as a waiver of any of the other parties insofar as making other real estate opportunities available to right or remedy the Partnership or to any Limited Partners may have in the event of the other parties. The a breach by a General Partners and each Limited Partner may, notwithstanding the existence of this Agreement, engage in whatever activities they choose, whether the same is competitive with the Partnership or otherwise, without having or incurring any obligation to offer any interest in such activities to the Partnership or any party hereto. The obligations of the parties shall, therefore, be limited solely to those arising from the acquisition and holding of the Partnership propertyobligation.