Limited Partnership Agreement (2002)Full Document 

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                          LIMITED PARTNERSHIP AGREEMENT

                 BROWN-BENCHMARK PROPERTIES LIMITED PARTNERSHIP

TABLE OF CONTENTS Page Preliminary Statement ................................................................................... A-3 Article I - Defined Terms ........................................................................... A-3 Article II - Name; Purpose; Term and Certificate .................................................. A-10 Section 2.1 Name; Formation ...................................................................... A-10 Section 2.2 Place of Registered Office ............................................................ A-10 Section 2.3 Purpose ............................................................................... A-10 Section 2.4 Term ................................................................................... A-10 Section 2.5 Recording of Certificate .............................................................. A-10 Article III - Partners; Capital .................................................................... A-10 Section 3.1 General Partners; Assignor Limited Partner; Subordinated Limited Partners ......... ................ A-10 Section 3.2 Unitholders .......................................................................... A-11 Section 3.3 Partnership Capital .................................................................. A-11 Section.3.4 Liability of Partners and Unitholders .............................................. A-12 Article IV - Allocations, Distributions and Applicable Rules ..................................... A-12 Section 4.1 Allocation of Profit or Loss from a Sale ........................................... A-12 Section 4.2 Distribution of Net Proceeds from a Refinancing or Sale ................... A-13 Section 4.3 Distribution of Net Cash Flow and Allocation of Profit and Loss from Operations ................................................................................... A-13 Section 4.4 Liquidation or Dissolution .......................................................... A-14 Section 4.5 General and Special Rules ........................................................... A-14 Article V - Rights, Powers and Duties of Partners ............................................... A-17 Section 5.1 Management and Control of the Partnership; Tax Matters Partner .................A-17 Section 5.2 Authority of General Partners .............................................................. A-18 Section 5.3 Authority of Limited Partners ..................................................... A-21 Section 5.4 Restrictions on Authority .......................................................... A-21 Section 5.5 Authority of Partners and Affiliated Persons to Deal with Partnership ................................A-22 Section 5.6 Duties and Obligations of the General Partners ........................................... A-23 Section 5.7 Compensation of General Partners ................................................. A-24 Section 5.8 Other Businesses of Partners ...................................................... A-24 Section 5.9 Liability of General Partners and Affiliates to Limited Partners or Unitholders ............................................................................... A-24 Section 5.10 Indemnification ................................................................ A-25 Article VI - Transferability of a General Partner's Interest .............................. A-25 Section 6.1 Removal, Voluntary Retirement or Withdrawal of a General Partner; Transfer of Interests .................................................................... A-25 Section 6.2 Election and Admission of Successor or Additional General Partners ....................................A-26 Section 6.3 Events of Withdrawal of a General Partner ..................................... A-26 Section 6.4 Liability of a Withdrawn General Partner ...................................... A-27 Section 6.5 Valuation of Partnership Interest of a General Part .................... A-27 Article VII - Assignment of Assignee Units to Unitholders; Transferability of Limited Partner Interests and Units ............................................................... A-27 Section 7.1 Assignments of the Assignee Units to Unitholders .............................. A-27 Section 7.2 Transferability of Units ....................................................... A-29 Section 7.3 Death Bankruptcy or Adjudication of Incompetence of a Unitholder or a Limited Partner ......................................................................... A-29 Section 7.4 Effective Date .................................................................. A-30 Section 7.5 Substitute Limited Partners ................................................... A-30 Section 7.6 Retirement or Withdrawal of a Limited Partner ............................... A-30 Article VIII - Dissolution, Liquidation and Termination of the Partnership ............... A-30
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Section 8.1 Events Causing Dissolution ............................................................. A-30 Section 8.2 Liquidation ............................................................................ A-31 Section 8.3 Capital Contribution Upon Dissolution ................................................ A-31 Article IX - Certain Payments to the General Partners and Affiliates ............................ A-32 Section 9.1 Reimbursement of Certain Costs and Expenses of the General Partners and Affiliates ....................................................................................... A-32 Section 9.2 Fees ................................................................................... A-33 Article X - Books and Records; Bank Accounts; Reports .............................................. A-33 Section 10.1 Books and Records ..................................................................... A-33 Section 10.2 Bank Accounts ......................................................................... A-34 Section 10.3 Reports ............................................................................... A-34 Section 10.4 Federal Tax Elections ................................................................ A-35 Article XI - Meetings of Unitholders ............................................................... A-36 Section 11.1 Calling Meetings ...................................................................... A-36 Section 11.2 Notice; Procedure .................................................................... A-36 Section 11.3 Right to Vote ........................................................................ A-36 Section 11.4 Proxies; Rules ....................................................................... A-36 Article XII - General Provisions ................................................................... A-36 Section 12.1 Appointment of Administrative General Partner as Attorney-in-Fact ............................ A-36 Section 12.2 Waiver of Partition ................................................................ A-37 Section 12.3 Notification ......................................................................... A-37 Section 12.4 Word Meanings ........................................................................ A-37 Section 12.5 Binding Provisions ................................................................... A-37 Section 12.6 Applicable Law ......................................................................... A-37 Section 12.7 Counterparts ...........:................. ........................ A-37 Section 12.8 Separability of Provisions ........................................................... A-38 Section 12.9 Paragraph Titles ...................................................................... A-38 Section 12.10 Entire Agreement ..................................................................... A-38 Section 12.11 Amendments ........................................................................... A-38 Signatures .............................................................................................. A-39 Schedule A .............................................................................................. A-41
BROWN-BENCHMARK PROPERTIES LIMITED PARTNERSHIP AGREEMENT OF LIMITED PARTNERSHIP PRELIMINARY STATEMENT THIS AGREEMENT OF LIMITED PARTNERSHIP, dated as of June 1, 1987, is by and among Brown-Benchmark AGP, Inc., a Maryland corporation, as the Administrative General Partner, Benchmark Equities, Inc., an Ohio corporation, as the Development General Partner, Realty Associates 1987 Limited Partnership, a Maryland limited partnership, and Benchmark Communities, Inc., an Ohio corporation, as Subordinated Limited Partners, and Brown-Benchmark Holding Co., Inc., a Maryland corporation, as the Assignor Limited Partner. WHEREAS, the General Partners, the Subordinated Limited Partners, and the Assignor Limited Partner desire to form Brown-Benchmark Properties Limited Partnership (the
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