Eskimo Hut Potential Investor
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The Eskimo Hut is privately placing one (1) unit of limited partnership interest in a new developed partnership which will own and operate a new Eskimo Hut store. Purchase of this one (1) Unit carries 49% ownership in two limited partnerships. The Cash Investor who purchases the one (1) Unit will collectively own 49% of the Limited Partnership, Kevin Morgan (the â€œPromoterâ€) will own a 50% carried limited partnership interest, and the General Partner will own the remaining 1% of the Limited Partnership. The basis for the carried interest to the Promoter includes, among other things, the personal guaranty of the Limited Partnershipâ€™s bank indebtedness by Kevin Morgan, and the efforts of the Promoter in developing the store. The Cash Investor will be entitled to a standard percentage of the Net Cash from Operations until the Cash Investor has received aggregate distributions equal to his/her capital contributions, with the remaining going to the Promoter and the General Partner. Thereafter, the Cash Investor will receive 50% of the Net Cash from Operations, with the remaining 50% going to the Promoter and the General Partner..