Common use of DEATH OF LIMITED PARTNER Clause in Contracts

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 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 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.deceased