Common use of Purposes of the Partnership Clause in Contracts

Purposes of the Partnership. The purpose of the Partnership shall be: (a) to own, manage, develop, improve, renovate, rehabilitate, operate, hold for investment, lease, encumber, mortgage, pledge, assign, exchange, sell and/or otherwise deal with the Property; (b) to retain managing agents and consultants therefor, and to do all things necessary or useful in connection with any of the foregoing; (c) in addition to, and in furtherance of these purposes and powers, the Partnership shall have the power (i) to borrow money and issue evidences of indebtedness and to secure same by mortgage, pledge or other lien (including, without limitation, obtaining the Equity Redemption Loan and Prudential Guarantied Loan), and (ii) to guarantee the obligations of any other Person when done in furtherance of the Partnership's business, including any indebtedness of such Person, and to secure such guarantee obligations by mortgage, pledge or other lien on any asset of the Partnership; (d) to make and service the Investment Loan as contemplated herein; (e) subject to the express terms, provisions and restrictions of this Agreement, to engage in and consummate the transactions described in the Master Transaction Agreement; (f) to enter into the Redemption Agreement and consummate the transactions described therein; and (g) to enter into, perform and carry out contracts of any kind necessary to, or in connection with, or incidental to the accomplishment of any of the foregoing purposes; and (h) to use the Excess Mortgage Loan Proceeds to make the Special BP Loan. The Partnership shall not engage in any other business. It is further agreed that the Partnership shall at all times adhere to at least the level of quality in the maintenance and operation of the Property as a first class office and retail complex as maintained by the Partnership during the twelve (12) month period preceding the date hereof.