Common use of Representations and Warranties of the Managing Partner Clause in Contracts

Representations and Warranties of the Managing Partner. The Managing Partner hereby represents, warrants, and agrees as follows: (a) The organization and operation of the Partnership are and will continue to be in accordance with all applicable state statutes related to limited partnerships. (b) No election will be made by the Partnership to be excluded from the provisions of Subchapter K of Chapter 1 of Subtitle A of the Code. (c) The Managing Partner now has and will continue to have substantial assets (in addition to its interest in the Partnership) which can be reached by creditors of the Partnership and is acting and will continue to act as Managing Partner on its own behalf and in no way merely as the agent of the Investor Partners.

Representations and Warranties of the Managing Partner. The Managing Partner hereby represents, warrants, and agrees as follows: (a) a. The organization and operation of the Partnership are and will continue to be in accordance with all applicable state statutes related to limited partnerships. (b) b. No election will be made by the Partnership to be excluded from the provisions of Subchapter K of Chapter 1 of Subtitle A of the Code. (c) c. The Managing Partner now has and will continue to have substantial assets (in addition to its interest in the Partnership) which can be reached by creditors of the Partnership and is acting and will continue to act as Managing Partner on its own behalf and in no way merely as the agent of the Investor Partners.