AMENDMENT OF PARTNERSHIP. AGREEMENT; MEETINGS
AMENDMENT OF PARTNERSHIP. AGREEMENT; MEETINGS; RECORD DATE
AMENDMENT OF PARTNERSHIP. The Parties hereby agree to amend Section 3.1 by deleting it in its entirety and substituting in lieu thereof the following: The General Partner shall be Landgrant Corporation, which shall own a fifty percent (50%) interest in the Partnership's profits and losses associated with Phase I eleven acres and the General Partner shall own a forty percent (40%) interest in the Partnership's profits and losses associated with the Phase II-sixteen acres.
AMENDMENT OF PARTNERSHIP. The Parties hereby agree to amend Section 3.2 by deleting it in its entirety and substituting in lieu thereof the following:
AMENDMENT OF PARTNERSHIP. The Parties hereby agree to amend Section 3.4(b)l by deleting it in its entirety and substituting in lieu thereof the following: The Limited Partner shall be deemed to have contributed the Phase I land with an imputed value of $1,918,382.00 as of the Formation Date. The imputed value is a negotiated amount derived by an agreement among the Parties based upon Phase I-eleven acres of land valued at $4.00 per square foot. This gross amount is subject to an allocation among the specific parcels by the Parties, in consultation with other consultants, who can help determine a more accurate allocation of value attributed to each of the parcels within the Phase I- eleven acres. The Limited Partners imputed land value shall accrue, as of the Formation Date an increase in value in an amount equal to "prime plus one percent" through the Effective Date of this Agreement. From the Effective Date of this Agreement the amount of the accrued increase in value shall be 5% per annum. In each instance the accrued increase in value shall be computed as simple interest non-compounded. The Limited Partner's capital account on Phase I will be reduced by the delinquent property taxes and delinquent assessments prior to Partnership formation (April 1, 1994), Phase II property taxes and assessments during the period from Partnership formation to execution of Vail Ranch Limited Partnership Amendment #1 (January 25, 1996) and Presley lien (excluding xxxxxxxxxxx costs for County Glen and Presley xxxt whixx xxxx be Partnership expense) if paid off by Partnership. The Parties agree that there shall be no other imputed value for any other land contributed by the Limited Partner.
AMENDMENT OF PARTNERSHIP. The Parties hereby agree to amend Section 3.4(b)2 by deleting it in its entirety and substituting in lieu thereof the following: The General Partner shall be deemed to have contributed value to the Partnership in the amount of $350,000. Said contribution is attributable to those contract rights which it has obtained from various retailers listed on Exhibit "C" of the Partnership as well as those entitlement rights which it has obtained from the governmental agencies with regard to the Project. The General Partners Capital Account will accrue an increase in value under the same terms as the Limited Partners Capital Account.
AMENDMENT OF PARTNERSHIP. The Parties hereby agree to amend Section 3.5.2.2(e), by deleting the first full paragraph thereof and substituting in lieu thereof the following: Whether or not operating revenues are available to pay the cost to carry taxes and assessments on the Phase II sixteen acres of land or portion thereof prior to its Development Completion, neither the Limited Partner nor the General Partner shall have the obligation to provide the funds necessary. If either Party desires to make the necessary funds available unilaterally, the Partnership shall quitclaim to the party so desiring all of the Partnership's right, title and interest in that particular parcel upon three (3) days written demand to do so.
AMENDMENT OF PARTNERSHIP. The Parties hereby agree to amend Section 4.1(f) by deleting the entire paragraph and substituting in lieu thereof the following:
AMENDMENT OF PARTNERSHIP. The Parties hereby agree to amend the Partnership by adding Section 2.31. as follows:
AMENDMENT OF PARTNERSHIP. AGREEMENT Section 13.1. Amendment to be Adopted Solely by the General Partner........................................... 39 Section 13.2. Amendment Procedures ........................................................................... 40 Section 13.3. Amendment Requirements ......................................................................... 41 Section 13.4. Special Meetings ............................................................................... 42 Section 13.5. Notice of a Meeting ............................................................................ 42 Section 13.6. Record Date .................................................................................... 42 Section 13.7. Adjournment .................................................................................... 42 Section 13.8. Waiver of Notice; Approval of Meeting; Approval of Minutes...................................... 43 Section 13.9.
