Partnership Objective definition
Partnership Objective means the objective(s) set out in Item 3 of Schedule 2;
Partnership Objective. To develop on the Property 201 to 220 luxury apartment units (the "Project") in general conformance with Conditional Use Permit Motion No. 13856, dated April 6, 1995 as issued by the City and County of San Francisco including the plans referenced on Exhibit A of said CUP. The intent of the Partnership will be to maximize the yield while utilizing an extremely conservative financing structure (no debt). LIMITED PARTNERSHIP (THE "PARTNERSHIP"): A California Limited Partnership between J.E. ▇▇▇▇▇▇ & ▇SSOCIATES, INC., a California corporation ("Butl▇▇") ▇nd AP COMPANIES, LTD., a California limited liability company ("AP"), jointly and severally (Butl▇▇ ▇▇▇ AP are collectively referred to herein as "AP-J▇▇"), as limited partner, and Bay Apartment Communities, Inc. ("BAY"), as general partner. BAY and AP-J▇▇ ▇▇▇ll enter into and execute a limited partnership agreement (the "Agreement") incorporating the terms set forth in this Term Sheet. In the event and only in the event of the purchase of the Property by the Partnership, the Partnership will reimburse BAY and AP-J▇▇ ▇▇▇ the actual and reasonable third party out of pocket costs incurred by them, respectively, for due diligence investigation of the Property and the formation of the Partnership, which reimbursements shall be a part of Project costs. Any brokerage commission payable to Whit▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇ited in the connection with the purchase of the Property by the Partnership shall be paid by the Partnership as a part of Project costs. Project costs shall include, without limitation, land costs, governmental fees, hard building costs, professional fees, general contractor and partner fees, the "Preferred Return" (as defined below), loan fees, property taxes, marketing and rentup costs, insurance and contingencies. EQUITY CAPITAL: AP-J▇▇ ▇▇ contribute as capital $1,000,000 of cash equity into the Partnership on or before January 16, 1998 (such amount shall include the $50,000 deposit previously made by AP-J▇▇ ▇▇▇ectly to the seller of the Property (the "Seller")). If AP-J▇▇ ▇▇▇s not timely make such contribution of capital, BAY shall have the option thereafter at any time to purchase AP-JEB's Partnership interest for an amount equal to AP-JEB's then contributed and unreturned capital immediately upon written notice by BAY to AP-J▇▇ (▇▇ovided, however, that AP-J▇▇ ▇▇▇ll still receive the overhead and property management fees described below through the end of the "Stabilization Period" (as defined below)). BAY ...
Examples of Partnership Objective in a sentence
The Recipient agrees to use the Funding for the purpose of achieving the Partnership Objective and complying with the Healthway Objectives.