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LHARC1.EXE
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8126.BLD
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1992-08-31
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88 lines
#8126
@826 Enter the name of the LIMITED PARTNERSHIP:
@300 Enter the date of execution of the partnership agreement:
@301 Enter the names of parties executing partnership agreement:
@827 Enter the name of the ESCROW AGENT:
!828 Enter the break escrow amount in numerals:
@829 Enter number of days for the collection of contributions:
#end control section
#8126
/* Para. 8126: Escrow Agent */
ADDENDUM TO LIMITED PARTNERSHIP AGREEMENT OF @826
The undersigned consisting of all of the general and limited
partners of @826, a limited partnership agree:
That on @300 a declaration of limited partnership was executed
by:
@301
The initial capital contributions set forth in the agreement
herein shall be held by @827, as ESCROW AGENT, in an interest
bearing trust account. All limited or general partners shall pay
over their agreed capital contributions to the ESCROW AGENT, who
shall provide a receipt for all funds received to the payee
thereof.
As each capital contribution is received, the @826 limited
partnership shall deliver to ESCROW AGENT Limited Partnership
certificates representing the interests paid for. These
certificates shall be retained by ESCROW AGENT, in trust, pending
reaching the "Break Escrow amount (defined below)."
ESCROW AGENT shall hold all funds strictly in trust, and shall
only disburse the same to @826 upon the receipt of a minimum
amount of $ @828 (!828 dollars) (referred to as the "break
escrow" amount) have been collected within @829 days. Should the
break escrow amount not be reached by the deadline specified, the
ESCROW AGENT shall refund the sums collected to those depositing
them, together with their proportional interest earned. Further,
the limited partnership certificates shall be returned to the
limited partnership.
If the break escrow amount is reached, the ESCROW AGENT shall
disburse the funds, including any interest earned, to the LIMITED
PARTNERSHIP and shall release the certificates of limited
partnership interest to those having made capital contributions.
Once deposited sums shall not be refundable prior to the deadline
for ascertaining whether escrow has been broken, and, return of
capital contributions shall not be required if escrow is broken.
The ESCROW AGENT shall be indemnified by both parties from any
claims provided that the ESCROW AGENT shall act in accordance
with the escrow instructions set forth herein.
These escrow instructions may only be modified by a writing
executed by all limited and general partners named in the
declaration of limited partnership and any other depositors to
the escrow fund.
Dated: _____________________________________
Accepted by:
____________________________________________________
Escrow Agent