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Complete Home and Office Legal Guide (Chestnut) (1993).ISO
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8126.sam
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1993-08-01
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64 lines
ADDENDUM TO LIMITED PARTNERSHIP AGREEMENT OF Wiggly Worms
The undersigned consisting of all of the general and limited
partners of Wiggly Worms, a limited partnership agree:
That on June 1, 1995 a declaration of limited partnership was
executed by:
Jack Jackson, Olaf Olafsen, Fred Fredrickson
The initial capital contributions set forth in the agreement
herein shall be held by Lucius Tiddlywinks, 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 Wiggly Worms 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 Wiggly Worms upon the receipt of a
minimum amount of $ 10000 ( ten thousand & no/100 dollars)
(referred to as the "break escrow" amount) have been collected
within 45 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