JOSS Realty Partners

The General Partner and its Affiliates are broadly authorized to enter into asset and property management agreements and other contracts on behalf of the Partnership on terms the GP determines in its sole discretion, without LP approval, creating potential conflicts of interest.

“The General Partner is expressly authorized to enter into, in the name and on behalf of the Partnership, any asset or property management agreement or Contribution Agreements with Affiliates of any of the Partnership or the General Partner, on such terms as the General Partner, in its sole and absolute discretion, believes are advisable.”

The General Partner expressly owes no priority to LP interests and is not liable for monetary damages to LPs for decisions that may benefit the GP's shareholders over LP interests. The Agreement contractually eliminates fiduciary duties to the extent permitted by law.

“The Limited Partners expressly acknowledge that the General Partner is acting for the benefit of the Partnership, the Limited Partners and its own shareholders collectively and that the General Partner is under no obligation to give priority to the separate interests of the Limited Partners or its own shareholders (including, without limitation, the tax consequences to Limited Partners, Assignees or its own shareholders) in deciding whether to cause the Partnership to take (or decline to take) any actions. The General Partner shall not be liable under this Agreement to the Partnership or to any Partner for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Limited Partners in connection with such decisions.”