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FINDINGS OF FACTS
This case was submitted on the basis of the entire record.
The stipulation of facts and the annexed exhibits are
incorporated herein and found accordingly. The principal place
of business of the partnerships was located in Tucson, Arizona,
at the time the petitions were filed. The partnerships were
formed on the following dates:
Dakotah Hills Offices Limited October 25, 1984
Pavilion II Limited Partnership May 16, 1986
Copper Crest I Limited Partnership February 7, 1986
Dakotah Hills Retail Limited PartnershipJuly 19, 1985
Club Carmel Limited Partnership August 22, 1985
Pio Decimo II Limited Partnership December 18, 1984
Ina Thornydale Limited Partnership April 9, 1985
Ironwood Manufacturing Limited PartnershipDecember 3, 1985
Vail Commerce Center Limited PartnershipDecember 3, 1985
The Agreements and Certificates of Limited Partnership
(Agreements) designated, inter alia, D. Randall Jenkins, and the
JNC Companies, as the general partners for the partnerships.
Most of the Agreements provided that the partnerships were to be
capitalized by promissory notes (investor notes) which were
executed and delivered by the limited partners to the
partnerships as consideration for the acquisition of their
partnership interests, i.e., "partnership units". In most
instances, the Agreements provided:
2.10 First Promissory Note(s): Shall mean the
Demand Promissory Note(s) executed by the Limited
Partners as payment for each Limited Partnership
3(...continued)
indicated.
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