Common use of General Powers and Duties Clause in Contracts

General Powers and Duties. The General Partners shall diligently and faithfully exercise their discretion to the best of their ability and use their best efforts during so much of their time as may be necessary to carry out the purposes and conduct the business of the Partnership in accordance with this Agreement and in the best interests of the Partnership and so as, consistent therewith, to protect the interests of the Limited Partners as a group. The General Partners shall have fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership, whether or not in their immediate possession or control, and they shall not employ, or permit another person to employ such funds or assets in any manner except for the exclusive benefit of the Partnership. In particular, the General Partners, solely, shall be responsible for and shall use their best efforts and exercise discretion to the best of their ability: (i) to cause Properties to be acquired, held, financed and refinanced, and sold, exchanged or otherwise disposed of; (ii) to rent, maintain and operate the Properties so as to comply with the provisions of any mortgage instruments, other indebtedness, and/or regulatory agreements with governmental bodies or agencies relating thereto; (iii) to select and supervise the activities of the real estate management agent(s) for the Partnership including, without limitation, the inspection of the Properties in order to assure their proper maintenance and repair; (iv) to assure the proper application of revenues of the Partnership; (v) to maintain proper books of account for the Partnership and to prepare all reports of operations and tax returns which are to be furnished to the Partners pursuant to this Agreement or which are required by taxing bodies or other governmental agencies; (vi) to maintain adequate insurance with respect to the Properties and any other insurable property of the Partnership pursuant to policies of insurance in form and coverage customary for property similar to the Properties and such other insurable property; and (vii) to assure the doing of all other things which may be necessary or advisable in connection with the supervision of the affairs, business and property of the Partnership.

General Powers and Duties. The General Partners shall diligently and faithfully exercise their discretion to the best of their ability and use their best efforts during so much of their time as may be necessary to carry out the purposes and conduct the business of the Partnership in accordance with this Agreement and in the best interests of the Partnership and so as, consistent therewith, to protect the interests of the Limited Partners as a group. The General Partners shall have fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership, whether or not in their immediate possession or control, and they shall not employ, employ or permit another person Person to employ such funds or assets in any manner except for the exclusive benefit of the Partnership. In particular, the General Partners, solely, shall be responsible for and shall use their best efforts and exercise discretion to the best of their ability: (i) to cause Properties to be acquired, held, financed and refinanced, and sold, exchanged or otherwise disposed of; (ii) to rent, maintain and operate the Properties so as to comply with the provisions of any mortgage instruments, other indebtedness, and/or regulatory agreements with governmental bodies or agencies relating thereto; (iii) to select and supervise the activities of the real estate management agent(s) for the Partnership including, without limitation, the periodic inspection of the Properties in order to assure their proper maintenance and repair; (iv) to assure the proper application of revenues of the Partnership; (v) to maintain proper books of account for the Partnership and to prepare all reports of operations and tax returns which are to be furnished to the Partners pursuant to this Agreement or which are required by taxing bodies or other governmental agencies; (vi) to maintain adequate insurance with respect to the Properties and any other insurable property of the Partnership pursuant to policies of insurance in form and coverage customary for property similar to the Properties and such other insurable property; and (vii) to assure the doing of all other things which may be necessary or advisable in connection with the supervision of the affairs, business and property of the Partnership.

General Powers and Duties. The General Partners shall diligently and faithfully exercise their discretion to the best of their ability and use their best efforts during so much of their time as may be necessary to carry out the purposes purpose and conduct the business of the Partnership in accordance with this Agreement and in the best interests of the Partnership and so as, consistent therewith, to protect the interests of the Limited Partners as a group. The General Partners shall have fiduciary responsibility for the safekeeping and use of all funds and assets of the Partnership, whether or not in their immediate possession or control, and they shall not employ, employ or permit another person Person to employ such funds or assets in any manner except for the exclusive benefit of the Partnership. In particular, the General Partnerspartners, solely, shall be responsible for and shall use their best efforts and exercise discretion to the best of their ability: (i) to cause Properties properties to be acquired, held, financed and refinanced, and sold, exchanged or otherwise disposed of; (ii) to rent, maintain and operate the Properties so as to comply with the provisions of any mortgage instruments, other indebtedness, and/or regulatory agreements with governmental bodies or agencies relating thereto; (iii) to select and supervise the activities of the real estate management agent(s) for the Partnership including, without limitation, the periodic inspection of the Properties in order corder to assure their proper maintenance and repair; (iv) to assure the proper xxxxxr application of revenues of the Partnership; (v) to maintain proper books of account for the Partnership and to prepare all reports of operations and tax returns which are to be furnished to the Partners pursuant to this Agreement or which are required by taxing bodies or other governmental agencies; (vi) to maintain adequate insurance with respect to the Properties properties and any other insurable property of the Partnership pursuant to policies of insurance in form and coverage customary for property similar to the Properties and such other insurable property; and (vii) to assure the doing of all other things which may be necessary or advisable in connection with the supervision of the affairs, business and property of the Partnership.