Section 3.4 Attorneys and Accountants. The Partners shall agree upon a law firm and an accounting firm to represent the Joint Venture. Individual Partner legal and accounting matters shall not be paid for by the Joint Venture.
Section 3.5 Consents and Approvals. In any instance under this Agreement in which the consent or approval of a Partner to any proposed action is required, such consent or approval shall be deemed to have been given unless written objection to such proposed action, stating with particularity the grounds therefor, is sent by such objecting Partner to the other Partners within twenty (20) days after receipt of a written request for such consent or approval.
Section 3.6 Restrictions. No Partner shall, without the consent of the other Partners, endorse any note, act as an accommodation party, otherwise become surety for any person, or do any act detrimental to the best interests of the Joint Venture
or which would make it impossible to carryon the ordinary business of the Joint Venture. If the Joint Venture incurs any loss, liability, or obligation arising out of unauthorized conduct by a Partner in violation of any provision of this Agreement, that Partner shall indemnify and hold the Joint Venture harmless from any such loss or liability to the extent it is not covered by a policy of insurance. The Managing Partner shall have the right to draw checks upon any bank account of the Joint Venture and to make, deliver, and accept commercial paper in connection with the business of the Joint Venture. No Partner shall, except with the consent of the other Partners, assign, mortgage, grant a security interest in, or sell his share in the Joint Venture or in its capital assets or property or in the Property or enter into any agreement as a result of which any person shall become interested with him in the Joint Venture.
Section 3.7 Books and Records. A complete set of books and records, truly and correctly reflecting the business transactions of the Joint Venture, shall be kept and maintained at the principal place of business of the Joint Venture and either Partner shall have access to and the right to inspect said books and records at any reasonable time.
Section 3.8 Compensation of Partners.
3.8.1 X shall construct improvements on the Property as general contractor for a fee of ten percent (10%) of all project costs, excluding financing fees, sales, advertising, and promotion expenses. Except for this fee, no payment will be made by the Joint Venture to any Partner for the services of such Partner except pursuant to a written agreement specifying the terms of such services and compensation.
3.8.2 X shall be reimbursed for all legal, accounting, and organizational costs incurred in connection with the Joint Venture prior to the date hereof. In the future, each of the Partners shall be reimbursed by the Joint Venture for authorized reasonable out-of-pocket expenses incurred by such Partner in connection with the business and affairs of the Joint Venture.