DEATH OF LIMITED PARTNER. The Partnership shall not be dissolved, wound up and terminated upon the death, insanity, incompetency or bankruptcy of a Limited Partner. If a Limited Partner shall die or be declared insane, incompetent or bankrupt, he shall cease to be a Limited Partner and, if designated by the Limited Partner, his Successor in Interest, as hereinafter defined, shall succeed to the interest of the former Limited Partner in the Profits, Losses, credits and distributions of the Partnership. A Limited Partner's Successor in Interest shall be such person as the Limited Partner, from time to time, has designated in writing. In the event that a Limited Partner fails to designate a Successor in Interest, or if the person designated is not then living, or for any reason renounces or disclaims the Partnership interest or is unable to succeed to such Partnership interest, the Successor in Interest shall be the spouse of the former Limited Partner. If the spouse is not then living or for any other reason is unable to succeed to the Partnership interest, or if the spouse renounces or disclaims such Partnership interest, or if there is no spouse, the Successor in Interest shall be the executor or administrator of the deceased Limited Partner's estate, the guardian of an insane or incompetent Limited Partner's estate, or the trustee in bankruptcy of a bankrupt Limited Partner's estate, who shall hold or distribute such Partnership interest in accordance with applicable fiduciary law.
DEATH OF LIMITED PARTNER. The death of a Limited Partner shall not terminate the Partnership. Upon the death of a Limited Partner, the personal representative of the deceased Limited Partner shall have all the rights of the Limited Partner in the Partnership to the extent of the deceased Limited Partner's interest therein, subject to the terms and conditions of this Agreement, and the estate of the deceased Limited Partner shall be liable for all of his or her liabilities as a Limited Partner, as well as the execution of all documents required to effect, subject to the terms of Section 5.03, the appropriate substitution of the decedent's estate or beneficiary as a Limited Partner hereunder.
DEATH OF LIMITED PARTNER. The death of a Limited Partner shall not dissolve the Partnership or terminate the Partnership business.
DEATH OF LIMITED PARTNER. The death, legal incapacity, bankruptcy or dissolution of a Limited Partner shall not cause a dissolution of the Partnership, but the rights of such Limited Partner to share in the profits and losses of the Partnership and to receive distributions of Partnership funds shall, on the happening of such an event, devolve upon its personal representative or successor, subject to the terms and conditions of this Agreement, and the Partnership shall continue as a limited partnership. The successor of such Limited Partner shall be liable for all the obligations of such Limited Partner. However, in no event shall such personal representative or successor become a substituted Limited Partner, except pursuant to and in accordance with the terms and provisions of Section 11 above.
DEATH OF LIMITED PARTNER. 16 5.07 RECOGNITION OF SUBSTITUTED AND ASSIGNEE LIMITED PARTNERS........................................... 16 VI
DEATH OF LIMITED PARTNER. Upon the death of a Limited Partner, or all of the members or shareholders of a professional association or professional corporation which is a Limited Partner, the General Partner will have an option to purchase the Units of such Limited Partner. Such option will be exercisable, if at all, by the delivery of a written notice by the General Partner to such Limited Partner within the one year period following such death. The purchase price per Unit shall be equal to: (i) four (4) times, (ii) the Partnership’s Net Revenues for the preceding Fiscal Year, reduced by the Partnership’s operating expenses for such preceding Fiscal Year, multiplied by one percent (1%). The purchase price shall be payable twenty percent (20%) in cash at closing, and the balance by the General Partner’s promissory note payable in eight (8) equal quarterly installments of principal, the first of which is due three (3) months after closing. The unpaid balance of such promissory note shall bear interest at the rate announced from time to time as the “prime rate” by NationsBank, N.A., Atlanta, Georgia (or successor thereof). Accrued interest on the entire balance will be payable quarterly with each installment payment of principal.
DEATH OF LIMITED PARTNER. The Partnership shall not be dissolved, wound up and terminated upon the death, insanity, incompetency or bankruptcy of a Limited Partner. If a Limited Partner shall die or be declared insane, incompetent or bankrupt, he shall cease to be a Limited Partner and, if designated by the Limited Partner, his Successor in Interest, as hereinafter
