Limited General Partnership Agreement
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LIMITED PARTNERSHIP AGREEMENT This Agreement of Limited Partnership is made effective as of , by and between (hereinafter referred to as "General Partner"), and , , and (hereinafter individually referred to as "Limited Partner" and collectively referred to as "Limited Partners").. Any Partner who is in default under this Agreement for 3 failing to contribute the additional capital contributions required hereunder shall have ninety (90) days from the date of delivery the Call Notice in which to cure that default by contributing his share of the required additional capital contributions and by paying to the non-defaulting Partners, in proportion to their percentage interests in profits and losses, an amount equal to one percent (1 ) of the defaulting Partner s additional capital contribution for each day he has failed to contribute such additional capital contributions commencing with the eleventh (11th) day after delivery of the Call Notice, as liquidated damages.. The transaction of business at any meeting of Partners, however called and noticed, and wherever held, shall be as valid as though consummated at a meeting duly held after regular call and notice, if a quorum is present at that meeting, either in person or by proxy, and if, either before or after the meeting, each of the 11 persons entitled to vote, not present in person or by proxy, signs either a written waiver of notice, a consent to the holding of the meeting, or an approval of the minutes of the meeting.. Any assignment made to anyone, not admitted as a Substituted Partner, shall be effective only to give the Assignee the right to receive the share of profits to which the Assigning Partner would otherwise be entitled, shall not relieve the Assigning Partner from any liability under any agreement to make additional capital contributions, shall not relieve the Assigning Partner from liability under the provisio
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