1.94 “Withdrawal Event” means the earliest to occur of any event which causes a Partner to cease to be a Partner, and to become a Former Partner, as set forth in Section 1.29.
2. FORMATION, NAME, PURPOSES, POWERS AND TERM.
2.1 Formation; Nature of Partnership Interests; Ownership of Partnership Property.
(a) The Partnership was formed on November 14, 1996 as a limited partnership organized pursuant to the laws of the State of Georgia under the name “CTR Family Associates, L.P.” and converted on December 26, 1998 to a Delaware limited partnership organized pursuant to the provisions of the Act and the laws of the State of Delaware under the name “RANKIN ASSOCIATES I, L.P.”
(b) Each Partner’s Partnership Interest shall be personal property for all purposes.
(c) All Partnership Property shall be deemed owned by the Partnership as an Entity, and no Partner or Former Partner, individually, shall have a direct ownership interest in any Partnership Property.
2.2 Name and Principal Place of Business. The Partnership shall do business under the name “RANKIN ASSOCIATES I, L.P.” The principal place of business of the Partnership shall be 5875 Landerbrook Drive, Suite 300, Mayfield Heights, Ohio 44124-4017, or such other place as the General Partners may from time to time determine. The General Partners shall execute any assumed or fictitious name certificate(s) required by law in connection with the formation or operation of the Partnership and shall file the same in the appropriate public records.
2.3 Purposes and Powers.
(a) The character of business and purpose of the Partnership is to invest, acquire, sell, hold, own, develop, improve, maintain, mortgage, manage, lease and operate the Partnership Property and to conduct all other business related or incident thereto. In particular, the Partnership is initially designed as a vehicle for consolidating the management of the Partnership Property, providing for the succession of such management, and enhancing total returns from the Partnership Property.
(b) In furtherance of the above-stated purposes and subject to any restrictions contained in this Agreement (including, but not limited to, the restrictions contained in Section 5.1), the Partnership, by the action of the General Partners, shall have the power to:
(i) enter into a contract for the purchase or sale of any of the Partnership Property.
(ii) execute all documents or instruments of any kind appropriate for carrying out the purposes of the Partnership, including, without limitation, investment management, management, purchase, debt and security agreements.
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