Resolutions: Written Consent of General Partners of Borrower
(Limited Partnership, Acquisition Loan)

Summary

This template for resolutions of the general partners of borrower (also referred to as a written consent of general partners of borrower) is for delivery by a borrower (organized as limited partnership with general partners who are individuals) to a lender at the closing of an acquisition loan transaction. This template includes practical guidance, drafting notes, alternate clauses and optional clauses. In these resolutions, the general partners of the borrower grant authority to certain designated officers of the borrower to execute documents on behalf 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 borrower. For a template certificate of the borrower, please see Certificate of Borrower (Limited Partnership). These resolutions are tailored for limited partnerships with general partners who are individuals. For a full listing of key content covering construction, see Commercial Real Estate Acquisition Loan Resource Kit. For resolutions tailored for limited partnerships with a general partner that is an entity, see Resolutions: Written Consent of Board of Directors (Borrower is Limited Partnership with Corporate General Partner, Acquisition Loan); Board Resolution: Borrower is Limited Partnership with General Partner that is Limited Liability Company; and Resolutions: Written Consent of General Partners (Limited Partnership as Borrower with Limited Partnership as General Partner, Acquisition Loan). For a full listing of key content covering acquisition financing, see Junior Associate Real Estate Resource Kit (Acquisition Finance).