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8C1-. ~049yF 37 15.5.9 Lease all or substantially all of the Project to one lessee or to a lessee or lessees who contemplate subleasing the space in the Project. 15.6 Notwithstanding any other provisions hereof, the General Partners agree that the Partnership shall, in keeping its books and for Federal income tax pur- poses, treat as expenses (and not elect to capitalize) all interest, real estate taxes and other expenses incurred by the Partnership which are al]owable as deductions for Federal income tax purposes. 15.7 The General Partners hereby agree to cause the Partnership to make an election under section 754 of the Internal Revenue Code of 1954 tU adjust the basis of the Partnership praperty under sections 734 aad 743 of such Cade. Such election shall be made for the taxable year end- ing December 31, 198fl and for all taxable years thereafter. 15.8 The General Partner re Qi~~l t .. ~...._ ~.,_ Project to be insured against fire and normal extended caver- age risks in an amount equal to the greater of (i} the amount required by the then holder of the first mortgage on the Property, oz (ii} an amount sufficient to prevent the Partner- s~ltip frog being deemed a ca-insurer as to any of such risks. 15.9 Bscept to the extent provided in Sec- tion T5.5, the Limited Partners may not exercise any voice