Board Resolution: Borrower is Limited Partnership with General Partner that is Limited Liability Company

Summary

These Resolutions of the Board of Directors of Members/Managers of General Partner of Borrower (also referred to as a Written Consent of Member/Managers of General Partner of Borrower) are for delivery by the general partner (organized as a limited liability company) of the borrower entity (organized as a limited partnership) to a lender at the closing of an acquisition loan transaction. This template includes practical guidance, drafting notes, alternate clauses, and optional clauses. For a full listing of key content covering construction, see Commercial Real Estate Acquisition Loan Resource Kit. For a full listing of key content covering acquisition financing, see Junior Associate Real Estate Resource Kit (Acquisition Finance). In these resolutions, the general partner of the borrower grants authority to certain designated officers of the general partner limited liability company to execute documents on behalf of the limited liability company, in its capacity as the general partner of the borrower, in connection with the acquisition and financing of real property, and ratify all related actions taken by such officers. These resolutions would typically be attached as an exhibit to the certificate of the general partner. For a certificate of the general partner template, see Certificate of General Partner of Borrower (Limited Liability Company).