- 5 -
HCMP was formed on April 8, 1985, under the Uniform
Partnership Act of California. It is governed by a written
partnership agreement (partnership agreement) executed on that
date and entitled “Restated Partnership Agreement of Harbor Cove
Marina Partners”. Among its purposes under the partnership
agreement are to acquire, own, commercially develop, and hold for
investment and the production of income a leasehold interest in
certain real property owned by the San Diego Unified Port
District (Port District). Another purpose is to develop a marina
(marina) on that leasehold and to hold that marina for
investment. Its term as stated in the partnership agreement
expires no later than December 31, 2020.
HCMP’s partnership agreement was signed by (or, in the case
of a corporation, on behalf of) its initial partners; namely,
Collins, Charles B. Hope (Hope), Frank L. Hope, Jr. (Hope Jr.),
and a California corporation named Sunroad Marina, Inc. (Sunroad
corporation). The partnership agreement stated that Sunroad
corporation was HCMP’s managing general partner and tax matters
partner, that Sunroad corporation owned a 70-percent interest in
HCMP, and that the other three partners each owned a 10-percent
interest in HCMP. The partnership agreement stated that the
partners shared in each item of income, expense, gain, loss, and
credit in accordance with their ownership interests and that, on
liquidation and distribution, the shares of Collins, Hope,
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011