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constructing a room-temperature castable ceramic cement that
would maintain exact tolerances and physical integrity in the
2,000 degree Fahrenheit range. Promoters of Research II also
foresaw application of the new technology in making a high-
temperature cementitious ceramic.
Pursuant to the limited partnership agreement dated
December 29, 1982, each limited partner was required to make
capital contributions to Research II of the following amounts:
(1) A cash payment of $24,500 for each unit held, for an
aggregate amount of $1,225,000, due upon formation of Research
II; (2) a cash payment of $6,500 for each unit held, for an
aggregate amount of $325,000, on October 15, 1983; (3) a cash
payment of $5,500 per unit held, for an aggregate amount of
$275,000, on December 15, 1983; and (4) an additional cash
contribution of up to $24,000, plus recourse interest for each
unit held, up to an aggregate of $1,200,000, plus recourse
interest for all partners, at the call of the general partners,
to the extent that Research II had insufficient funds to pay the
deferred obligation under the research and development agreement
with CemCom.
On December 29, 1982, Research II and CemCom entered into a
research and development agreement. Pursuant to the terms of
the research and development agreement, CemCom undertook to
perform certain research tasks and experimental services on
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