Richmond, VA Property Sample Clauses

Richmond, VA Property. It is the Partners’ intent that the Partnership will acquire the Sold Property in Richmond, VA set forth on Exhibit A in 2018 and that the Percentage Interests of the Partners shall be eighty percent (80%) for Investor Partner and twenty percent (20%) for the LXP Partners (in the aggregate). Investor Partner’s Initial Capital Contribution and Percentage Interest are determined on the Effective Date taking into account $37,611,576.80 attributable to such Property. For purposes of the calculation of the Asset Management Fee, Net Profit and Net Loss (and otherwise), such Capital Contribution is deemed to have been made on the Effective Date and the results of such Property will be included in Distributable Funds. If the closing of the acquisition of such Property occurs in 2018, upon the closing the Partners will make such adjustments as are reasonably necessary (including by making such Capital Contributions and Distributions as may be required) to reflect such closing such that the Percentage Interests are eighty percent (80%) for Investor Partner and twenty percent (20%) for the LXP Partners (in the aggregate). If the closing of the acquisition of such Property does not occur in 2018, then the results of such Property will not be included by the Partnership in Distributable Funds (or otherwise) in 2018 and will be distributed to Lexington, Investor Partner’s Initial Capital Contribution shall be reduced by the $37,611,576.80 attributable to such Property as if such closing had not occurred on the Effective Date and the Partners will make such Capital Contributions and Distributions as are required in order for the Percentage Interests to be eighty percent (80%) for Investor Partner and twenty percent (20%) for the LXP Partners (in the aggregate). If such closing occurs in 2019, upon the closing the Partners will make such adjustments as are reasonably necessary (including by making such Capital Contributions and Distributions as may be required) to reflect such closing such that the Percentage Interests remain eighty percent (80%) for Investor Partner and twenty percent (20%) for the LXP Partners (in the aggregate). Notwithstanding anything to the contrary, the Partner’s respective Pro Rata Shares for purposes of making Additional Capital Contributions prior to the earlier of such closing or, if such closing does not occur in 2018, the resulting Capital Contributions described above, shall be eighty percent (80%) for Investor Partner and twenty percent (20...