Death of a Limited Partner. The death of any individual Limited Partner shall not cause the dissolution of the Partnership. In such event the Partnership and its business shall be continued by the remaining Partner or Partners and the Units owned by the deceased Limited Partner shall automatically be transferred to such Limited Partner’s heirs (provided that, within a reasonable time after such transfer, the applicable heirs shall sign a written joinder to this Agreement substantially in the form of Exhibit A attached hereto).
Death of a Limited Partner. The death of a Limited Partner shall not dissolve the Partnership. If a Limited Partner dies, the personal representative or other successor in interest of the deceased Limited Partner shall have all the rights and privileges of a Limited Partner.
Death of a Limited Partner. A Limited Partner’s death shall not cause the Partnership to dissolve. The estate of the deceased Limited Partner and the person entitled to succeed to the Percentage Interest of a deceased Limited Partner under the decedent’s will or the laws of intestate succession shall be referred to as the Successor. On the death of a Limited Partner, the Successor shall become a Limited Partner, with all the rights and obligations of the deceased Limited Partner except that its Percentage Interest shall be subject to the option described in Paragraph 15.1.3.
Death of a Limited Partner. Where a Person (the “Involuntary Transferee”) becomes entitled to an Interest of a Limited Partner on the death of such a Limited Partner, or otherwise by operation of law, the Involuntary Transferee, will not be recorded as or become a Limited Partner until the Involuntary Transferee satisfies the following:
Death of a Limited Partner. The death of a Limited Partner shall not dissolve or terminate the Partnership.
Death of a Limited Partner. The death of any Limited Partner shall neither dissolve nor terminate the Partnership. If a Limited Partner shall die or shall be adjudicated incompetent, his legal representative shall have the right to be a Substitute Limited Partner taking such Limited Partner's interest in the Partnership. In she event of the death of a Limited Partner, the remaining, surviving Limited Partners shall have the option to purchase, in proportion to their interest in the Partnership, the interest of the deceased Limited Partner at a purchase price equal to the total capital investment made by the deceased Limited Partner in the Partnership. Said option shall be exercised by the surviving Limited Partners within six months after the appointment of a legal representative for the deceased Limited Partner and in the event that they fail to exercise such option, then the Partnership shall have a like option to acquire the deceased Limited Partner's interest for the same price which option shall be exercisable within nine (9) months after the appointment of a legal representative for the deceased Limited Partner. Either of said options shall be exercised by notice given to the legal representative of the deceased Limited Partner within the time period provided. If neither the surviving Limited Partners nor the Partnership shall exercise said option of purchase then the legal representative who acquires such Limited Partner's interest in the Partnership shall have the right to transfer same to the person or persons designated in the Last Will and Testament of the deceased Limited Partner or those persons entitled to take same pursuant to the intestacy laws of the jurisdiction applicable. No consent of the General Partner shall be required for any transfer pursuant to the conditions of this Article 14 provided, however, that the transferee shall comply with the provisions of subparagraph (a)(iii) and (iv) of Article 12. Death or other events relating to the General Partner. The death, resignation, removal, adjudication of incompetency or insanity, or an assignment for benefit of creditors by the General Partner, a filing of a petition for bankruptcy or any other insolvency proceeding by the General Partner or the filing of a petition for bankruptcy or any other insolvency proceeding against the General Partner, not dismissed within 90 days shall not automatically dissolve or terminate the Partnership but in the event of any such events (such events sometimes hereunder being referr...
Death of a Limited Partner. In the event of the death of a Limited Partner, during a period of 180 days (unless the time period is suspended as provided in Section 10.11 herein) following the qualification of the personal representative of such deceased Limited Partner, the Partnership and the other Partners shall have an option (but not an obligation, except as otherwise provided herein) to purchase all of the Partnership Interest owned by such deceased Limited Partner at the time of such Limited Partner’s death which is not otherwise transferred to a Permitted Assignee as provided in Section 10.13 below at the Fair Market Value determined as of the last day of the calendar month preceding the date of the death of such Limited Partner. If all of the Partnership Interest of a deceased Limited Partner is not purchased as is provided in this Section 10.4, the remainder of such Partnership Interest shall be transferred in accordance with the last will and testament of such deceased Limited Partner or in accordance with the applicable laws of descent and distribution, but such Partnership Interest shall thereafter continue to be subject to this Agreement. Notwithstanding the foregoing, in the event of the death of either or both Rxxxx or Rxxxx, Mxxxxx (if Mxxxxx survives and is living at the time) shall be required to exercise the purchase option and must purchase the Partnership Interests held by Rxxxx and/or Rxxxx as of the date of their death(s) in accordance with this Section 10.4. Additionally, if upon the death of Mxxxxx Partnership Interests are bequeathed or otherwise would pass to Bxxxxxx Xxxx, Rxxxx shall be required to exercise the purchase option available to Rxxxx hereunder and must purchase any and all Partnership Interests which are bequeathed or otherwise would pass to Bxxxxxx Xxxx at the Fair Market Value of such Partnership Interests determined as of the date of Marvin's death and otherwise in accordance with this Section 10.4. The Partnership and the other Partners shall exercise their options under this Section 10.4, if at all (and Mxxxxx and/or Rxxxx, as the case may be, must exercise his option as provided above), within the foregoing 180-day period, in the manner provided in Sections 10.9 and 10.10 herein.
Death of a Limited Partner. In the event of the death of any Limited Partner, the Capital Contribution of such deceased Limited Partner shall be returned (subject to the provisions of Section 6.7 hereof) to his estate within six (6) months after the actual date of death of the Limited Partner. The provisions of Section 6.3G shall not be applicable to the Capital Contribution of a deceased Subordinated Limited Partner and Section 6.3H shall not be applicable to the Capital Contribution of a deceased Limited Partner. In addition such Limited Partner’s estate shall receive (within 75 days after the actual date of death of the Limited Partner) the Limited Partner’s pro rata share of any cash distributions to which such deceased Limited Partner was entitled as set forth in Section 8.1 hereof, calculated as of the previous Valuation Date if such withdrawal takes place on or prior to the 15th day of a month or calculated as of the next Valuation Date if such withdrawal takes place on or after the 16th day of a month. Until a deceased Limited Partner’s Capital Contribution is returned to his estate, his estate shall continue to receive all sums which would have been due to such Limited Partner pursuant to Section 3.3B hereof. As stated herein, all such payments shall be made to the estate of the deceased Limited Partner unless the Partnership has received evidence, satisfactory to the Partnership, in its sole discretion, that such payments should be made to some other entity or person.
Death of a Limited Partner. The death, bankruptcy or insolvency of a Limited Partner will not terminate the Partnership. In the event of the death of a Limited Partner, except as hereinafter provided in this Section 7.2, his executor or administrator shall succeed to his interests and shall be responsible for all the liabilities and obligations of the deceased Limited Partner under this Agreement, but shall have the right to become a Substitute Limited Partner only in accordance with the provisions of Section 7.
1. For the purpose of settling the estate of the deceased Limited Partner, the executor or administrator shall have only such rights of a Limited Partner as are necessary.
Death of a Limited Partner. The death, incompetence, Bankruptcy or Insolvency of one or more of the Limited Partners shall not dissolve or terminate the Partnership, nor entitle his representatives to a return of capital. The right of such Limited Partner to share in the Partnership's Net Income, Gain, Net Loss, Loss and Distributions shall devolve onto his personal representative, subject to the terms and conditions of this Agreement and the Partnership shall continue as a Limited Partnership under the Act. However, in no event shall such personal representative, or any successor to a Limited Partner, become a Substitute Limited Partner unless the requirements of Sections 16 and 17 of this Agreement are satisfied.
