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Unit(s) being purchased, and shall be in an amount
equal to [dollar amounts] per unit which shall be
secured by the Limited Partner's unit(s) being
purchased and which is intended to be converted into an
installment promissory note(s) (the "Second Promissory
Note") when the Partnership obtains a financial
commitment from a bank, savings and loan association or
other financial institution.
* * * * * * *
2.18 Partnership Unit: Partnership unit is the
quantitative term of measurement used to measure one
(1) Limited Partner's interest in the Limited
Partnership as compared with other Limited Partners and
the entire Partnership. * * *
* * * * * * *
2.21 Second Promissory Note(s): Shall mean the
Second Promissory Note(s) shall be executed by the
Limited Partners as a modification of and in
satisfaction of the First Promissory Note(s) and shall
be prepared so as to satisfy the requirements of the
bank, savings and loan association or other financial
institution that has given the Partnership a loan
commitment.
Similarly, the remaining Agreements stipulated that the investor
notes would be utilized to acquire partnership interests in the
limited partnerships. Furthermore, the Agreements required each
investor to execute a security agreement which conveyed to the
partnership a security interest in his or her partnership
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Last modified: May 25, 2011