LIMITED PARTNERSHIP AGREEMENT OVERVIEW
Legal title to the property will be held in Trust by a company, designated as a bare trustee solely on behalf of the Oakview Real Estate LP Limited Partnership Agreement. The Limited Partnership will be comprised of the purchasers of the units.
THE LIMITED PARTNERSHIP AGREEMENT STIPULATES THAT:
a) No major decisions concerning the business of the Oakview Real Estate LP Limited Partnership may be taken without the approval of the Limited Partners owning at least sixty-five (65%) percent of the outstanding Limited Partnership interest. Such major decisions will include any sale, refinancing, capital improvements, major expenditures not contemplated in annual budgets;
b) Should any Limited Partner wish to sell his Limited Partnership interest, the other Limited Partners will have a right of first refusal;
c) Should Limited Partners owning fifty-one (51%) percent of the outstanding Limited Partnership interest wish to accept an offer to purchase the property, received from a third party, the other Limited Partners must also accept that offer unless they are prepared to purchase the interest of those Limited Partners wishing to sell, based on the same price and upon the same terms and conditions as are contained in the third-party offer.