Common use of No Management or Control; Limited Liability Clause in Contracts

No Management or Control; Limited Liability. The Limited Partners shall not participate in the management or control of the Partnership's business nor shall they transact any business for the Partnership or have the power to sign for or bind the Partnership; said powers being vested solely and exclusively in the General Partner. Except as provided in Paragraph A of Article) (hereof, and assuming such Limited Partner does not participate in the control of the business of the Partnership, no Limited Partner shall be bound by, or be personally liable for, the expenses, liabilities or obligations of the Partnership in excess of his Capital Contribution plus his share the Partnership's assets and profits remaining in the Partnership, if any, and such other amount as he may be liable for pursuant to the Act. Except as provided in the Act, each Unit owned by Limited Partner shall be fully paid and no assessment shall be made against any Limited Partner. No salary shall be paid to any Limited Partner in his capacity as a Limited Partner, nor shall an Limited Partner have a drawing account or earn interest on his contribution.

No Management or Control; Limited Liability. The Limited Partners shall not participate in the management or control of the Partnership's ’s business nor shall they transact any business for the Partnership or have the power to sign for or bind the Partnership; said powers being vested solely and exclusively in the General Partner. Except as provided in Paragraph A of Article) (hereof, and assuming such Limited Partner does not participate in the control of the business of the Partnership, no Limited Partner shall be bound by, or be personally liable for, the expenses, liabilities or obligations of the Partnership in excess of his Capital Contribution plus his share the Partnership's ’s assets and profits remaining in the Partnership, if any, and such other amount as he may be liable for pursuant to the Act. Except as provided in the Act, each Unit owned by Limited Partner shall be fully paid and no assessment shall be made against any Limited Partner. No salary shall be paid to any Limited Partner in his capacity as a Limited Partner, nor shall an Limited Partner have a drawing account or earn interest on his contribution.