Time for Return of Contributions. No Partner shall be entitled to compel the return of its Capital Contribution. Upon the full and complete winding up and liquidation of the business and affairs of the Partnership, the Partners shall be entitled to distributions as set forth in Article X.
Time for Return of Contributions. None of the Partners, either General or Limited, shall be entitled to a return of the capital contribution made by any of them until the full and complete winding up and liquidation of the business and affairs of the Partnership, except as may be permitted pursuant to Article VI hereof; provided, however, that those portions of the proceeds of a public offering of Units which have not been invested or committed for investment (evidenced by executed written agreement in principle or letters of understanding) in properties within two (2) years of the effective date of the registration of the Units in such offering shall be distributed to the Limited Partners of record together with any undistributed interest earned by the Partnership on such funds.
Time for Return of Contributions. None of the Partners, either General or Limited, shall be entitled to a return of the Capital Contributions made by any of them until the full and complete winding up and liquidation of the business and affairs of the Partnership, except as may be permitted pursuant to Section 3.08 and Article VI hereof; provided, however, that those portions of the proceeds of a public offering of Units raised during the first year of such offering which have not been lent or otherwise invested, reserved for contingent or future payments or committed (evidenced by executed written agreements in principle or letters of understanding) in permitted loans or otherwise reserved (in an amount up to 20% of initial Capital Contributions) for working capital and contingencies in such amount as the General Partners deem reasonable within two (2) years of the effective date of the qualification of the sale of Units in such offering shall be distributed to the Limited Partners who purchased such Units in proportion to the number of such Units so purchased, and such limitation shall apply by analogy to any proceeds raised during second and subsequent years of a public offering. Any such prior return of Capital Contributions shall be subject to compliance with the provisions of California Corporations Code Section 15516.
Time for Return of Contributions. None of the Partners, either General or Limited, shall be entitled to a return of the capital contribution made by any of them until the full and complete winding up and liquidation of the business and affairs of the Partnership, except as may be permitted pursuant to Article VI hereof; provided, however, that those portions of the proceeds of a public offering of Units which have not been invested or committed for investment (evidenced by executed written agreement in principle or letters of understanding) in properties within two (2) years of the effective date of the registration of the Units in such offering shall be distributed to the Limited Partners of record together with any undistributed interest earned by the Partnership on such funds, and the General Partners will return to Limited Partners a proportionate share of Partnership Organization and Offering Expenses (other than selling commissions paid to independent broker dealers) along with the uninvested proceeds of the offering.
Time for Return of Contributions. 9 TABLE OF CONTENTS (continued)
Time for Return of Contributions. None of the Partners, either General or Limited, shall be entitled to a return of the capital contribution made by any of them until the full and complete winding up and liquidation of the business and affairs of the Partnership, except as may be permitted pursuant to Article VI hereof; provided, however, that those portions of the proceeds of a public offering of Units raised during the first year of such offering which have not been invested, committed for investment (evidenced by executed written agreements in principle or letters of understanding) in investment properties within two (2) years of the effective date of the qualification of the sale of Units in such offering shall, and such offering proceeds (except for necessary operating capital) which is committed for investment within such two year period, but not actually invested within 12 months from the date of commitment, shall be distributed to the Limited Partners who purchased such Units in pr oportion to the number of such Units so purchased and such limitation shall apply by analogy to any proceeds raised during second and subsequent years of a public offering.
Time for Return of Contributions. None of the Partners, either General or Limited, shall be entitled to a return of the capital contribution made by any of them until the full and complete winding up and liquidation of the business and affairs of the Partnership, except as may be permitted pursuant to Article VI hereof; provided, however, that those portions of the proceeds of a public offering of Units raised during the first year of such offering which have not been invested, committed for investment (evidenced by executed written agreements in principle or letters of understanding) in investment properties within two (2) years of the effective date of the qualification of the sale of Units in such offering shall be distributed to the Limited Partners who purchased such Units in proportion to the number of such Units so purchased.
