Opinion ID: 1957556
Heading Depth: 1
Heading Rank: 4

Heading: The Partnership/GWU Agreement

Text: As set forth in the Agreement, and in related correspondence, some of the limited partners of the Partnership agreed to sell approximately 28.6 percent of their Partnership interests to GWU for the sum of $24,743,718.02. Article 15 of the Agreement, which was to survive the closing on the sale of Partnership interests, specified in an introductory paragraph that: For purposes of any and all agreements under this Article 15, [GWU] is and shall be deemed to be acting, now and in the future, as an entity independent of the Partnership, and not as a limited partner, such that in no event shall [GWU] be deemed to be participating in management or operation of the business of the Partnership or of the Property [i.e., the 800 unit Columbia Plaza Apartment complex]. Article 15(A) provided that existing GWU tenants would be placed under GWU's Code of Student Conduct and would be subject to the disciplinary procedures and remedies of that Code. Furthermore, the Partnership and its management company retained responsibility for providing security at the apartment complex, and for prosecut[ing] landlord and tenant actions and eviction proceedings in the Partnership's name against student tenants as the University so instructs. Under Article 15(D), as additional apartment units became vacant, the Partnership agreed to provide written notice to GWU and to permit the university to designate a GWU student or faculty member for the vacancy, prior to placing the unit on the market. Yet, Article 15(D) also provided that the designated student or faculty member shall enter into a direct lease with the Partnership and that GWU would not be a party or obligated under such lease. Any student or faculty member designated pursuant to the Agreement, is required to enter into a Columbia Plaza Housing Program Agreement with GWU. That agreement explicitly provides in paragraph 5(A) that [e]ach occupant will be required to execute a lease agreement with Columbia Plaza.