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| Terms of the Partnership Table Of Contents Formation of the Partnership Name Definitions Business of the Partnership Names and Addresses of the Partners Term Business Office Capital Contributions Distributions Allocations of Profits and Losses for Tax Purposes Book of Accounts, Records, and Reports Fiscal Year Partnership Funds Transfer of Partnership Interests and Voting Management and Administration of Business Dissolution of the Partnership Winding Up, Termination, and Liquidating Distributions Notices Miscellaneous |
Miscellaneous Governing Law This Agreement and the rights of the parties hereunder shall be governed by and interpreted in accordance with the laws enacted by the State of Texas and the Internal Revenue Code. Effect Except as otherwise specifically provided herein, this Agreement shall be binding upon and inure to the benefit of the parties and their legal representatives, heirs, administrators, executors, successors, and assigns. Pronouns and Number Wherever from the context it appears appropriate, each term stated in either the singular or the plural shall include the singular and plural, and pronouns stated in either the masculine, the feminine, or the neuter gender shall include the masculine, feminine, and neuter. Captions Captions or section headings contained in this Agreement are inserted only as a matter of convenience and in no way define, limit, or extend the scope or intent of this Agreement or any provision hereof. Partial Enforceability If any provision of this Agreement, or the application of the provision to any person or circumstances shall be held invalid, the remainder of this Agreement, or the application of that provision to persons or circumstances other than those with respect to which it is held invalid, shall not be affected thereby. Counterparts This Agreement may be executed in several counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument. This Agreement may contain more than one counterpart of the signature page and may be executed by affixing of the signatures of each of the Partners to one of these counterpart signature pages. All the counterpart signature pages shall read as though one, and they shall have the same force and effect as though all of the signers had signed a single page. Tokens of Accomplishment The Managing Partner will be the receiver of any Tokens of Accomplishment: trophies, certificates, photos, and awards earned by, or given to, each Mojo Racing Partners Partnership. Every reasonable attempt will be made to provide a duplicate of the aforementioned Tokens of Accomplishment to each respective Partner. The Partnership will pay for cost of furnishing one Tokens of Accomplishment to each Partner. Subsequent Tokens of Accomplishment for any Partner’s friends or family will be paid out of the pocket of that Partner respectively. Charitable Donations and Gifts Under this Agreement, a tax deductible donation to a particular Thoroughbred racing charity (or charties) can be made on behalf of Mojo Racing Partners. The particular charity will be determined by a majority of the Partners, with the Managing Partner making the final decision. In the same light, Mojo Racing Partners is not obligated to make a "one time" or an "on going" donation. Thus, Mojo has the freedom to be flexible and decide what it wants to do in this regard. Under the Managing Partners discretion, gifts may also be issued on behalf of Mojo Racing Partners as they pertain to the business of the Partnership. |
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