Venture and to conduct or cause to be conducted the ordinary and usual business and affairs of the Joint Venture. The following is a list of certain of the acts and duties for which the Managing Partner is responsible:
3.3.1 Leasing (for terms of less than one year), improving, maintaining, managing, and servicing the Property;
3.3.2 Marketing, selling, and conveying condominium units in the ordinary course of business, on such terms and conditions as Managing Partner may determine;
3.3.3 Having prepared by selected certified public accountants and delivered to each Partner within sixty (60) days after the end of each year, a Joint Venture information tax return for the Joint Venture and for each Partner, including an annual report of the Joint Venture containing a balance sheet and a statement of income and expenses, a statement of sources and
uses of funds, and a statement of balances in the Capital and Drawing Accounts of the Partners. All such accounting is to be in accordance with generally accepted accounting principles;
3.3.4 Insuring that the Joint Venture make or revoke the election referred to in Section 754 of the Internal Revenue Code of 1954 or any similar provision enacted in lieu thereof;
3.3.5 Constructing improvements on the property and handling all draw requests from lenders for this purpose, provided that ~ shall be retained by the Joint Venture as an independent contractor solely for the purpose of acting as general contractor in constructing such improvements;
3.3.6 Selecting as the Joint Venture accounting year a calendar year or such fiscal year as approved by the Internal Revenue Service and the Partners and determining which generally accepted accounting method or methods shall be used by the Joint Venture;
3.3.7 Providing that all moneys of the Joint Venture shall be deposited in a bank account and signing such resolutions and signature cards as may be required by said bank; and
3.3.8 Maintaining all necessary records, obtaining necessary insurance, hiring and retaining personnel necessary to carry out the acts and duties noted above, auditing and paying bills and reasonable expenses incurred in the fulfillment of the management acts and duties set forth herein, and preparing and furnishing statements concerning collections and disbursements.
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.
nonconsenting Partner of the Notice of Issue, the nonconsenting Partner shall give written notice to the Joint Venture and the consenting Partner indicating whether the consent, approval, or
agreement is refused; and if such notice is not given within the required time, such consent, approval, or agreement shall be deemed to have been refused as of the end of the twenty (20)
days. The election to purchase shall be made by written notice given to the nonconsenting Partner within forty-five (45) days after the date of receipt by the Joint Venture and the consenting Partner of this written notice of refusal or the date on which the nonconsenting Partner is deemed to have given his notice of refusal, whichever is sooner.
3.1.3.2 In the event such an election to purchase is exercised,-the nonconsenting Partner shall be deemed to have resigned from the Joint Venture as of the date of exercise, and
the valuation of the interest and the terms of payment shall be as provided in Section 4.4 or 4.5.
3.1.3.3 If no election to purchase is exercised as provided herein, the requested consent, approval, or agreement shall be deemed to have been denied by all the Partners.
Section 3.2 Appointment and Replacement of Managing Partners. X, by and through _____________________________________, or such other agent or agents as it may appoint, shall be the Managing Partner of the Joint Venture and shall discharge or
cause the discharge of the duties thereof unless and until replaced. The Managing Partner may be replaced upon vote of Partner(s) having an aggregate of greater than fifty percent (50%) of the total Partnership Ownership Percentage Interest.
Section 3.3 Duties of Managing Partner. The original Managing Partner, or any replacement, at the expense and on behalf of the Joint Venture, shall in good faith use his best efforts to implement or cause to be implemented all Major Decisions approved by the Joint