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Complete Home & Office Legal Guide
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Complete Home and Office Legal Guide (Chestnut) (1993).ISO
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8127.sam
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1993-08-01
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958b
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27 lines
Capital contributions listed in the LIMITED PARTNERSHIP agreement
may be paid in the following installments:
50% at time of signing, balance in 90 days, without interest
Limited partners shall be required to make additional capital
contributions in the discretion of the majority of the general
partners, not to exceed 10 percent of their original capital
contribution. Should any limited partner fail to make an
additional capital contribution when required to do so, then the
partnership may debit any share of profit of the partner then due
or due to be paid in the future, or may in its discretion either:
reduce the percentage ownership of the partner by that proportion
as their contribution was not made; or,
sue the limited partner for the required contribution; or;
obtain a substitute limited partner who shall receive the
defaulting partners full interest in the partnership.