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I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />i <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />AGREEMENT OF PARTNERSHIP <br /> <br />OF <br /> <br />FLINTWOOD VENTURE COMPANY <br /> <br /> THIS AGREEMENT made and entered into this ~'~-~day of <br />.Z~/~ y , 1985, by and between N.C., Inc., a Minnesota corporation, <br />of Anoka County, Minnesota (hereinafter individually "Partner") and <br />Elizabeth Raudio of //~,,vT-o~.~ County, Minnesota, hereinafter <br />referred to individually as "Limited Partner" and jointly as "Partners." <br /> <br />WITNESSETH <br /> <br /> WHEREAS, all of the Partners desire to associate themselves as a <br />general partnership for the purpose of purchasing, owning and <br />developing and selling real and personal property under the name of <br />Flintwood Venture Company; and <br /> <br /> WHEREAS, the Partners desire to set forth herein the terms and <br />conditions of their Partnership agreement; and <br /> <br /> WHEREAS, the parties have acquired and will acquire tangible <br />property; and <br /> <br /> WHEREAS, the parties desire to provide for (1) the holding of title <br />to the property; (2) the construction of improvements; (3) sale of land <br />and buildings; (4) division of the profits and losses from the operation <br />of the business; (5) restrictions on disposition and management of the <br />property; and (6) various other matters relating thereto; <br /> <br /> NOW THEREFORE, in consideration of the mutual covenants and <br />agreements contained herein, intending to be legally bound hereby, the <br />parties hereto agree to operate a partnership business under the laws <br />of the State of Minnesota from and after ~'~,v~ ! , 1985 (herein <br />called the "Effective Date"), upon the following terms and conditions. <br /> <br /> <br />