Common use of DEATH, LEGAL INCAPACITY, DISSOLUTION AND BANKRUPTCY Clause in Contracts

DEATH, LEGAL INCAPACITY, DISSOLUTION AND BANKRUPTCY. The death, legal incapacity, dissolution or bankruptcy of a Limited Partner shall not, in and of itself, cause the dissolution of the Partnership, but the rights of such Limited Partner to share in the profits and losses of the Partnership, to receive distributions of Partnership funds and to assign its interest in the Partnership pursuant to Article Nine shall, on the occurrence of any such event, devolve upon its personal or legal representative or upon the Person or Persons entitled to receive its property under the laws of its domicile, subject to the terms and conditions of this Agreement, and the Partnership shall continue as a limited partnership; in no event, however, shall such personal or legal representative or Person or Persons entitled to receive the interest of such Limited Partner become a substitute Limited Partner, except in accordance with Article Nine. ARTICLE NINE

DEATH, LEGAL INCAPACITY, DISSOLUTION AND BANKRUPTCY. The death, legal incapacity, dissolution or bankruptcy of a Limited Partner shall not, in and of itself, cause the dissolution of the Partnership, but the rights of such Limited Partner to share in the profits and losses of the Partnership, to receive distributions of Partnership funds and to assign its interest in the Partnership pursuant to Article Nine shall, on the occurrence of any such event, devolve upon its personal or legal representative or upon the Person or Persons entitled to receive its property under the laws of its domicile, subject to the terms and conditions of this Agreement, and the Partnership shall continue as a limited partnership; in no event, however, shall such personal or legal representative or Person or Persons entitled to receive the interest of such Limited Partner become a substitute Limited Partner, except in accordance with Article Nine. ARTICLE NINE.