ACQUISITION OF A DECEASED MEMBER’S INTEREST Sample Clauses

ACQUISITION OF A DECEASED MEMBER’S INTEREST. The Company shall have the option to acquire, purchase, or redeem a deceased Member’s interest in the company provided that;
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ACQUISITION OF A DECEASED MEMBER’S INTEREST. The Company shall have the option to acquire, purchase, or redeem a deceased Member’s interest in the company provided that; A written notice to the deceased member’s estate within 180 following the member’s death. The deceased member’s interest shall be valued in accordance with schedule 3 attached and made part of this Agreement, or upon agreement and the surviving Members and the deceased Member’s estate. Closing the acquisition, purchase, or redemption of the deceased Member’s interest in the Company shall be made within the Company’s office on a designated date. Closing shall be made no later than 90 days following the appraisal of the deceased Member’s interest in the Company, in accordance with Section VIII-II. STATE OTHER PROVISIONS HERE SECTION VI
Sample 1
ACQUISITION OF A DECEASED MEMBER’S INTEREST. The Company shall have the option to acquire, purchase, or redeem a deceased Member’s interest in the company provided that; A written notice to the deceased member’s estate within 180 following the member’s death. The deceased member’s interest shall be valued in accordance with schedule 3 attached and made part of this Agreement, or upon agreement and the surviving Members and the deceased Member’s estate. Closing the acquisition, purchase, or redemption of the deceased Member’s interest in the Company shall be made within the Company’s office on a designated date. Closing shall be made no later than 90 days following the appraisal of the deceased Member’s interest in the Company, in accordance with Section VIII-II. The Company shall pay the purchase price of the deceased Member’s interest in the Company. The purchase price shall be paid in cash if the interest is worth $1,000.00; If the interest’s worth exceeds $1,000.00, the purchase price shall be paid in the following manner; (a) in cash, bank cashier's check, or certified funds; (b) by executing and delivering its promissory note for the balance, with interest at the prime interest rate stated by primary banking institution utilized by the Company at the time of the deceased Member's death. Interest will be payable monthly, with the principal sum being due and payable in three equal annual installments. The promissory note will be unsecured and will contain provisions that the principal sum may be paid in whole or in part at any time, without penalty. The deceased Member's estate or personal representative must assign to the Company all of the deceased Member's Interest in the Company free and clear of all liens, claims, and encumbrances, and, at the request of the Company. The estate or personal representative must also execute all other instruments as may reasonably be necessary to vest in the Company all of the deceased Member's right, title, and interest in the Company and its assets. If either the Company or the deceased Member's estate or personal representative fails or refuses to execute any instrument required by this Agreement, the other party is hereby granted the irrevocable power of attorney which, is coupled with an interest, to execute and deliver on behalf of the failing or refusing party all instruments required to be executed and delivered by the failing or refusing party. Upon completion of the purchase of the deceased Member's Interest in the Company, the Ownership Interests of t...
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Related to ACQUISITION OF A DECEASED MEMBER’S INTEREST

  • DISTRIBUTION OF DISSOCIATING MEMBERS INTEREST Upon determination of the dissociating Members’ interest value, the value will be a debt of the Company. The dissociating Member will only be able to demand payment of this debt at dissolution of the Company or by the following method:

  • VALUATION OF DISSOCIATING MEMBERS INTEREST If a Member wants to exit the Company, and does not have a buyer of its membership interest, the dissociating Member will assign its interest to the current Members according to the following procedures:

  • Transfer of Membership Interest The Sole Member may Transfer any part or all of its rights and interest (including, but not limited to, its Capital Account) in the Company (each a “Membership Interest”) now owned or hereafter acquired to any Person, and the transferee of such Membership Interest shall become a Member of the Company.

  • Admission of Additional Members One or more additional members of the Company may be admitted to the Company with the written consent of the Member.

  • Transfer of the Property or a Beneficial Interest in Borrower For purposes of this Section 19 only, “Interest in the Property” means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract, or escrow agreement, the intent of which is the transfer of title by Borrower to a purchaser at a future date. If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Xxxxxx’s prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, Lender will not exercise this option if such exercise is prohibited by Applicable Law. If Lender exercises this option, Lender will give Borrower notice of acceleration. The notice will provide a period of not less than 30 days from the date the notice is given in accordance with Section 16 within which Borrower must pay all sums secured by this Security Instrument. If Xxxxxxxx fails to pay these sums prior to, or upon, the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower and will be entitled to collect all expenses incurred in pursuing such remedies, including, but not limited to: (a) reasonable attorneys’ fees and costs; (b) property inspection and valuation fees; and (c) other fees incurred to protect Xxxxxx’s Interest in the Property and/or rights under this Security Instrument.

  • Member's Capital Accounts A Capital Account for the Member shall be maintained by the Company. The Member's Capital Account shall reflect the Member’s capital contributions and increases for any net income or gain of the Company. The Member’s Capital Account shall also reflect decreases for distributions made to the Member and the Member’s share of any losses and deductions of the Company.

  • Repayment of Qualified Birth or Adoption Distribution If you have taken a qualified birth or adoption distribution, you may generally repay all or a portion of the aggregate amount of such distribution to an IRA, as permitted by the IRS. For further information, you may wish to obtain IRS Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs), by visiting xxx.xxx.xxx on the Internet.

  • Permitted Transfers Within Escrow 5.1 Transfer to Directors and Senior Officers

  • Interest of Members of Congress No member of or delegate to the Congress of the United States will be admitted to any share or part of this contract or to any benefit arising therefrom.

  • What if I Make a Contribution for Which I Am Ineligible or Change My Mind About the Type of IRA to Which I Wish to Contribute? Prior to the due date (including extensions) for filing your tax return, you may elect to “recharacterize” amounts that you contributed to an IRA during the year by making a recharacterization of the contributed amount and earnings. Thus, for example, if you contribute amounts to a Xxxx XXX and later determine that you are ineligible to make a Xxxx XXX contribution for the year, you may at any time prior to the tax return due date for the year (including extensions) make a recharacterization of the contributions and earnings to a Traditional IRA.

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