Common use of Death, Incompetency or Dissolution of a Substituted Limited Partner or Unit Holder Clause in Contracts

Death, Incompetency or Dissolution of a Substituted Limited Partner or Unit Holder. If a Substituted Limited Partner or Unit Holder who is an individual dies or a court of competent jurisdiction adjudges him to be incompetent to manage his person or his property, such Substituted Limited Partner's executor, administrator, guardian, conservator or other legal representative may exercise all of such Substituted Limited Partner's or Unit Holder's rights for the purpose of settling his estate or administering his property, including any power under this Agreement of an assignee to become a Substituted Limited Partner or Unit Holder. If a Substituted Limited Partner or Unit Holder is a corporation, trust or other entity and is dissolved or terminated, the powers of such Substituted Limited Partner or Unit Holder may be exercised by its legal representative or successor.