BASIS ELECTIONS. In the event of a transfer of all or any part of a Partner's interest in the Partnership, the Partnership shall elect to adjust the basis of the Partnership's assets under Code Section 754 if Approved by the General Partner. The transferor or transferee of a Partnership interest shall pay all costs of preparing and filing all instruments or documents necessary to effectuate such election if made, unless otherwise Approved by the General Partner.
Appears in 4 contracts
Samples: Limited Partnership Agreement (3100 Glendale Joint Venture), Limited Partnership Agreement (3100 Glendale Joint Venture), Limited Partnership Agreement (3100 Glendale Joint Venture)
BASIS ELECTIONS. In the event of a transfer of all or any part of a Partner's interest in the Partnership, the Partnership shall elect to adjust the basis of the Partnership's assets under Code Section 754 if reasonably Approved by the General PartnerPartners. The transferor or transferee of a Partnership interest shall pay all costs of preparing and filing all instruments or documents necessary to effectuate such election if made, unless otherwise Approved by the General Partner.
Appears in 2 contracts
Samples: Agreement (Mack Cali Realty L P), Mack Cali Realty L P
BASIS ELECTIONS. In the event of a transfer of all or any part of a Partner's interest in the Partnership, the Partnership shall elect to adjust the basis of the Partnership's assets under Code Section 754 if Approved by the General Partner. The transferor or transferee of a Partnership interest shall pay all costs of preparing and filing all instruments or documents necessary to effectuate such election if made, unless otherwise Approved by the General Partner. .
Appears in 1 contract
Samples: Limited Partnership Agreement (3100 Glendale Joint Venture)
BASIS ELECTIONS. In the event of a transfer of all or any part of a Partner's interest in the Partnership, ,' the Partnership shall elect to adjust the basis of the Partnership's assets under Code Section 754 if Approved by the General Partner. The transferor or transferee of a Partnership interest shall pay all costs of preparing and filing all instruments or documents necessary to effectuate such election if made, unless otherwise Approved by the General Partner.
Appears in 1 contract
Samples: Limited Partnership Agreement (3100 Glendale Joint Venture)