Common use of DEATH, INCOMPETENCY, BANKRUPTCY OR DISSOLUTION OF A LIMITED PARTNER Clause in Contracts

DEATH, INCOMPETENCY, BANKRUPTCY OR DISSOLUTION OF A LIMITED PARTNER. The death, incompetency, bankruptcy or dissolution of a Limited Partner shall not terminate the Partnership. Upon the death, incompetency or dissolution of a Limited Partner, the personal representative or successor of such Limited Partner shall have all the rights of the Limited Partner in the Partnership to the extent of such Limited Partner's interest therein, subject to the terms and conditions of this Agreement; and the estate or successor in interest of such Limited Partner shall be liable for all of such Limited Partner's liabilities as a Limited Partner, as well as the execution of all documents required to effect the substitution of such Limited Partner's estate or successor in interest as a Substituted Limited Partner. Such Limited Partner's estate or successor in interest, at such time as such successor in interest is legally recognized as the owner of such Limited Partner's interest, shall be a Substituted Limited Partner without the necessity of complying with the provisions of Section 9.5 of this Agreement. However, during probate of a deceased Limited Partner's estate and if the Partnership interest of such deceased Limited Partner is subject to such probate, then during probate such successor in interest shall be treated as an Assignee and not a Substituted Limited Partner, but only until such time as probate closes by evidence satisfactory to the General Partner.

DEATH, INCOMPETENCY, BANKRUPTCY OR DISSOLUTION OF A LIMITED PARTNER. The death, incompetency, bankruptcy or dissolution of a Limited Partner shall not terminate the Partnership. Upon the death, incompetency or dissolution of a Limited Partner, the personal representative or successor of such Limited Partner shall have all the rights of the Limited Partner in the Partnership to the extent of such Limited Partner's interest therein, subject to the terms and conditions of this Agreement; and the estate or successor in interest of such Limited Partner shall be liable for all of such Limited Partner's liabilities as a Limited Partner, as well as the execution of all documents required to effect the substitution of such Limited Partner's estate or successor in interest as a Substituted substituted Limited Partner. Such Limited Partner's estate or successor in interest, at such time as such successor in interest is legally recognized as the owner of such Limited Partner's interest, shall be a Substituted Limited Partner without the necessity of complying with the provisions of Section 9.5 of this Agreement. However, during probate of a deceased Limited Partner's estate and if the Partnership interest of such deceased Limited Partner is subject to such probate, then during probate such successor in interest shall be treated as an Assignee and not a Substituted Limited Partner, but only until such time as probate closes by evidence satisfactory to the General Partner.

DEATH, INCOMPETENCY, BANKRUPTCY OR DISSOLUTION OF A LIMITED PARTNER. The death, incompetency, bankruptcy or dissolution of a Limited Partner shall not terminate the Partnership. Upon the death, incompetency or dissolution of a Limited Partner, the personal representative or successor of such Limited Partner shall have all the rights of the Limited Partner in the Partnership to the extent of such Limited Partner's interest therein, subject to the terms and conditions of this Agreement; and the estate or successor in interest of such Limited Partner shall be liable for all of such Limited Partner's liabilities as a Limited Partner, as well as the execution of all documents required to effect the substitution of such Limited Partner's estate or successor in interest as a Substituted Limited Partner. Such Limited Partner's estate or successor in interest, at such time as such successor in interest is legally recognized as the owner of such Limited Partner's interest, 15 16 shall be a Substituted Limited Partner without the necessity of complying with the provisions of Section 9.5 of this Agreement. However, during probate of a deceased Limited Partner's estate and if the Partnership interest of such deceased Limited Partner is subject to such probate, then during probate such successor in interest shall be treated as an Assignee and not a Substituted Limited Partner, but only until such time as probate closes by evidence satisfactory to the General Partner.