Percentage Interests. No interest or additional share of profits shall inure to any Partner by reason of his capital account being proportionately in excess of the capital accounts of the others.
2.3.2 The "cash available for distribution" for any fiscal year of the Joint Venture shall be the cash receipts of the Joint Venture during such fiscal year, less (i) the cash disbursements during such period (including principal and interest payments on all Joint Venture obligations) and (ii) any amounts which the Managing Partner reasonably determines to be necessary to be reserved to meet the needs of the Joint Venture's business. The cash available for distribution shall be distributed to and allocated among the Partners at such time as the Managing Partner shall determine, but at least annually, in accordance with their Partnership Ownership Percentage Interests.
ARTICLE 3.
MANAGEMENT
Section 3.1 Approvals of Partners.
3.1.1 Managing Partner. The overall management and control of the business and affairs of the Joint Venture shall be vested in the Partners, collectively. Except where herein
expressly provided to the contrary, all decisions with respect to the management and control of the Joint Venture shall require the prior consent and agreement of the Partners. One of the Partners (hereinafter referred to as the "Managing Partner") shall be responsible for the implementation of the decisions of the Partners and for conducting the ordinary and usual business and affairs of the Joint Venture as more fully set forth in Sections 3.2 and ~ hereof and as limited by this Agreement.
3.1.2 Major Decisions. No act shall be taken, sum expended, or obligation incurred by the Joint Venture or any of the Partners with respect to a matter within the scope of any of the major decisions (the "Major Decisions") affecting the Joint Venture, as defined below, unless such Major Decisions are first approved by all of the Partners in writing. The Major Decisions shall be the following:
3.1.2.1 Acquisition of any real property, improvement thereon, or interest therein;
3.1.2.2 Financing of the Joint Venture;
3.1.2.3 Sale (other than sale of individual condominium apartments in the ordinary course of business), lease (excluding leases for a duration of less than one year) or other
transfer, or mortgaging or the placing of any other encumbrance on any of the Joint Venture Property or (except as hereinafter provided for) on any buildings or other improvements or parts
thereof on the Property;
3.1.2.4 Construction of any buildings or other improvements on the Property;