Unutilized Net Proceeds Sample Clauses

Unutilized Net Proceeds. In the event that any portion of the Net Proceeds is not invested or committed for investment within two years from the date of the original effective date of the registration statement of which the Prospectus is part (except for any amounts utilized to pay Partnership operating expenses, including amounts set aside for reserves as set forth in Paragraph 3.2 of this Agreement), such portion of the Net Proceeds shall be distributed to the Limited Partners and Unitholders by the Partnership as a return of capital, except as otherwise provided by law. For the purposes of this Paragraph 11.7, funds will be deemed to have been committed to investment to the extent written agreements in principle or letters of understanding were at any time executed, regardless of whether any such investment is consummated, and to the extent any funds have been reserved to make contingent payments in connection with any Property, regardless of whether any such payment is made. In addition, any Net Proceeds distributed to Limited Partners and Unitholders pursuant to this Paragraph 11.7 shall be subtracted from Gross Proceeds for purposes of the provisions of Paragraph 15.10 of this Agreement.

Unutilized Net Proceeds. In the event that any portion of the Net Proceeds are not invested or committed for investment within 24 months from the effective date of the registration statement of which the Prospectus is part (except for any amount set aside for operating expenses or reserves and an amount equal to the underwriting and selling commissions paid in respect of such uninvested or uncommitted Net Proceeds, which amount shall be payable to the Sponsor), such portion of the Net Proceeds (without reduction for Acquisition Fees, Acquisition expenses or Property Evaluation Fees which would have been payable if such funds had been invested in real property) shall be distributed to the Limited Partners as a return of capital. For the purposes of this Section 11.9, funds will be deemed to have been committed to investment and will not be returned to the extent written agreements in principle or letters of understanding were at any time executed, regardless of whether any such investment is consummated, and to the extent any funds have been reserved to make contingent payments in connection with any Property, regardless of whether any such payment is made.

Unutilized Net Proceeds. In the event that any portion of the Net Proceeds are not invested or committed for investment within two years from the date of the Prospectus (except for any amounts utilized to pay Partnership operating expenses, including amounts set aside for reserves as set forth in Paragraph 3.2 of this Partnership Agreement), such portion of the Net Proceeds shall be distributed to the Limited Partners by the Partnership as a return of capital, except as otherwise provided by law. For the purposes of this Paragraph, funds will be deemed to have been committed to investment and will not be returned to the Limited Partners to the extent written agreements in principle or letters of understanding were at any time executed, regardless of whether any such investment may or may not be consummated, and to the extent any funds have been reserved to make contingent payments in connection with any Property, regardless of whether any such payments may or may not be made.