Partnership Agreement
Partnership Agreement
Partnership Agreement
2. Purpose.
The purpose of the Partnership shall be to
I. Building and Construction of Real Estate Project named in Section 1 above.
II. Marketing and Sale of the constructed project named in Section 1 above.
The Partnership may also engage in any and every other kind or type of business, whether
or not pertaining to the foregoing, upon which the Partners may at any time or from time
to time agree.
3. Term.
The Partnership shall commence as of the date of this Agreement and shall continue until
terminated as provided herein.
4. Capital Accounts.
In addition to each Partner's share of the profits and losses of the Partnership, as
set forth in Section 5, each Partner is entitled to an interest in the assets of the
Partnership.
b. The amount credited to the capital account of the Partners at any time shall be
such amount as set forth in this Section 4 above, plus the Partner's share of the
net profits of the Partnership and any additional capital contributions made by
the Partner and minus the Partner's share of the losses of the Partnership and
any distributions to or withdrawals made by the Partner. For all purposes of this
Agreement, the Partnership net profits and each Partner's capital account shall
be computed in accordance with generally accepted accounting principles,
consistently applied, and each Partner's capital account, as reflected on the
Partnership income tax return as of the end of any year, shall be deemed
conclusively correct for all purposes, unless an objection in writing is made by
any Partner and delivered to the accountant or accounting firm preparing the
income tax return within one (1) year after the same has been filed with the
Federal Inland Revenue Service. If an objection is so filed, the validity of the
objection shall be conclusively determined by an independent certified public
accountant or accounting firm mutually acceptable to the Partners.
7. Future Projects.
The Partners recognize that future projects for the Partnership depend upon many factors
beyond present control, but the Partners wish to set forth in writing and to mutually
acknowledge their joint understanding, intentions, and expectations that the relationship
among the Partners will continue to flourish in future projects on similar terms and
conditions as set forth in this Agreement, but there shall be no legal obligations among
the Partners to so continue such relationship in connection with future projects.
8. Time and Salary.
Until and unless otherwise decided by unanimous agreement of the Partners, Each
Partner shall nonetheless be expected to devote such time and attention to Partnership
affairs as shall from time to time be determined by agreement of the Partners. No Partner
shall be entitled to any salary or to any compensation for services rendered to the
Partnership or to another Partner.
a. Restrictions on Transfer.
None of the Partners shall sell, assign, transfer, mortgage, encumber, or otherwise
dispose of the whole or part of that Partner's interest in the Partnership, and no
purchaser or other transferee shall have any rights in the Partnership as an assignee
or otherwise with respect to all or any part of that Partnership interest attempted to
be sold, assigned, transferred, mortgaged, encumbered, or otherwise disposed of,
unless and to the extent that the remaining Partner(s) have given consent to such
sale, assignment, transfer, mortgage, or encumbrance, but only if the transferee
forthwith assumes and agrees to be bound by the provisions of this Agreement and
to become a Partner for all purposes hereof, in which event, such transferee shall
become a substituted partner under this Agreement.
15. Notices.
Any written notice required by this Agreement shall be sufficient if sent to the Partner or
other party to be served by WhatsApp or by registered or certified mail, return receipt
requested, addressed to the Partner or other party at the last known home or office
address, in which event the date of the notice shall be the date of deposit in the mail,
postage prepaid.
16. General.
This Agreement contains the entire agreement of the Partners with respect to the
Partnership and may be amended only by the written agreement executed and delivered
by all of the Partners.
IN WITNESS WHEREOF, the Partners have executed this Agreement the date first
above written.
NAME SIGNATURE
_______________________________ ________________________
Director 6th Sense Homes Limited
NAME SIGNATURE
_______________________________ ________________________
Director Aion Global Homes Ltd
NAME SIGNATURE
_______________________________ ________________________
Anonymous Partner (represented by Aion
Global Homes Ltd)
Witness Details
Name:
Address:
Date: