Common use of Buy-Sell Agreement on Death of Partner Clause in Contracts

Buy-Sell Agreement on Death of Partner. If the Partnership is dissolved by the death of a Partner, the remaining Partner shall have the obligation within days from the death of the deceased partner to purchase the (Number) interest of the deceased Partner in the Partnership and to pay to the personal representative of the deceased Partner the value of that interest as provided in Paragraph l7 of this Agreement. During this -day period following the death of a Partner, the remaining Partner may (Number) continue the business of the Partnership but the estate or personal representative of the deceased Partner shall not be liable for any obligations incurred in the Partnership business that are greater than any amount includable in the estate of the deceased Partner that was previously invested or involved in the Partnership and remained so on the date of death. The estate of the deceased Partner shall be obligated to sell his or her Partnership interest as provided in this Agreement and shall be entitled, at the election of the personal representative of the deceased Partner, either to one-half of the net profits earned by the Partnership business during this -day period or to (Number) interest for the use during this period of the deceased’s interest in the Partnership business at the rate of percent a year on the value of the partnership interest determined as pro- vided in Paragraph 17 of this Agreement.