Common use of Specific Authority Clause in Contracts

Specific Authority. The General Partner is hereby granted the right, power and authority to do on behalf of the Partnership all things that, in the General Partner’s judgment, are necessary, proper or desirable to carry out the aforementioned duties and responsibilities including, but not limited to, the right, power and authority: to incur all expenditures; to employ and dismiss from employment any and all employees, agents, independent contractors, brokers, attorneys and accountants; to acquire, hold, lease, sell or otherwise deal with all or any portion of any Partnership property for any Partnership purpose; to arbitrate, settle or defend any claim by, against or involving the Partnership; to borrow money on behalf of the Partnership and use as security therefor all or any part of any Partnership property; to loan funds to any Partner on terms and conditions deemed reasonable by the General Partner; to acquire, purchase, lease, alter, improve, repair, maintain, operate, replace or rebuild any property, real or personal, in connection with the conduct of the Partnership’s business; to obtain replacement of debt obligations related in any way to any property owned by the Partnership; to repay in whole or in part, refinance, recast, modify, consolidate or extend any debt obligations relating in any way to any property owned by the Partnership; to procure and maintain insurance covering all property of the Partnership and its operations; to do any and all of the foregoing at such price, or amount and upon such terms as the General Partner deems proper; and to execute, acknowledge, swear to and deliver any and all instruments to effectuate any and all of the foregoing. The General Partner is also authorized to apply for and receive advances under any loan obtained by the Partnership and give valid receipt therefor. Any and all lawful acts heretofore taken by the General Partner that are permitted under this Section 7.3 are hereby ratified and confirmed by the Partners as the acts and deeds of the Partnership.

Specific Authority. The General Partner is hereby granted the right, ------------------ power and authority to do on behalf of the Partnership all things that, in the General Partner’s 's judgment, are necessary, proper or desirable to carry out the aforementioned duties and responsibilities including, but not limited to, the right, power and authority: to incur all expenditures; to employ and dismiss from employment any and all employees, agents, independent contractors, brokers, attorneys and accountants; to acquire, hold, lease, sell or otherwise deal with all or any portion of any Partnership property for any Partnership purpose; to arbitrate, settle or defend any claim by, against or involving the Partnership; to borrow money on behalf of the Partnership and use as security therefor all or any part of any Partnership property; to loan funds to any Partner on terms and conditions deemed reasonable by the General Partner; to acquire, purchase, lease, alter, improve, repair, maintain, operate, replace or rebuild any property, real or personal, in connection with the conduct of the Partnership’s 's business; to obtain replacement of debt obligations related in any way to any property owned by the Partnership; to repay in whole or in part, refinance, recast, modify, consolidate or extend any debt obligations relating in any way to any property owned by the Partnership; to procure and maintain insurance covering all property of the Partnership and its operations; to do any and all of the foregoing at such price, or amount and upon such terms as the General Partner deems proper; and to execute, acknowledge, swear to and deliver any and all instruments to effectuate any and all of the foregoing. The General Partner is also authorized to apply for and receive advances under any loan obtained by the Partnership and give valid receipt therefor. Any and all lawful acts heretofore taken by the General Partner that are permitted under this Section 7.3 are hereby ratified and confirmed by the Partners as the acts and deeds of the Partnership.