Common use of Title to Partnership Property Clause in Contracts

Title to Partnership Property. Legal title to Partnership Properties may be held: (a) by the Managing Partner in trust for and for the sole benefit of the Partnership; (b) if transferred by a Partner to the Partnership, by the transferring Partner in trust for and for the sole benefit of the Partnership; (c) to the extent permitted under Applicable Law, by the Partnership; or (d) in any other manner as the Managing Partner may determine, for the use and benefit of the Partnership in accordance with the terms and provisions hereof. The transferring Partner and Managing Partner when so holding Partnership Properties shall carry out all directions respecting the ownership and management of such property as shall be given to it by the Partnership.