DEATH OF PARTNER. Except as provided in this paragraph, each of the parties will not dispose (i.e., transfer, devise, convey, lease, mortgage or otherwise encumber his undivided interest) in the subject property without the written consent of the other party.
(A) The death of the partner shall not act to terminate the joint venture. The state of the deceased partner shall continue to be considered a partner hereunder and shall share in any profits and/or losses.
DEATH OF PARTNER. In the event of the death of any partners, one of the legal representatives of the deceased partner shall become the partner of the firm and in the event the legal representative show their denial to point the firm, they shall be paid the part of the part of the purchase amount calculated as on the date of the death of the partner.
DEATH OF PARTNER. If Borrower is organized as a partnership or ---------------- joint venture, upon the death of any of the general partners or joint venturers comprising Borrower prior to the completion of the Improvements or prior to the disbursements of the balance of the Loan, Lender may cease disbursements hereunder unless the partnership or joint venture agreement provides for and the partnership or joint venture in fact does continue after such death.
DEATH OF PARTNER. In the event of the death of one partner, the legal representative of the deceased partner shall remain as a partner in the firm, except that the exercise of this right on the part of the representative of the deceased partner shall not continue for a period in excess of [NUMBER] months, even though under the terms of this agreement a greater period of time is provided before the termination of this agreement. The original rights of the partners shall accrue to their heirs, executors, or assigns.
DEATH OF PARTNER. That notwithstanding any thing contained in the Indian Partnership Act. It is hereby mutually agreed to by and between the partners that in case of death of any partner, the firm shall not be dissolved but shall continue to be carried on by and between the surviving partners and the legal-heirs and or representatives of the deceased partner, as a continuing concern, on the same terms and conditions as incorporated in this deed or on such terms and condition as may be agreed to be and between them from time to time. It is hereby further clarified that it shall be deemed as change in constitution and not succession. If the legal representative or heir of the deceased partner does not exercise the above option, the capital of the deceased partner after making accounts up to date, remuneration, interest and profit or loss, as the case may be, will be refunded to the legal heir of the deceased partner.
DEATH OF PARTNER. In the event of death of any partner/s, one of the legal represents of the deceased partner shall become the partner of the firm and in the event the legal representative show their denial to point he firm, they shall be paid the part of the purchase amount calculated as on the date of the death of the partner. 12) Whenever there by any difference of opinion or any dispute between the partners the partners shall refer the same to an arbitration of one person. The decision of the arbitrator so nominated shall be final and binding on all partners, such arbitration proceedings shall be governed by Indian arbitration Act, which is in force. In witness whereof, this deed of partnership is singed sealed and delivered this the day of at . WITNESSES: FIRST PARTY 1. SECOND PARTY 2. THIRD PARTY FOURTH PARTY Note: Your initial answers are saved automatically when you preview your document.This screen can be used to save additional copies of your answers. Check to hide this tip in the future. This joint venture agreement template can be customized in seconds. To start, fill out key information about you, your partner, and the joint venture using the menu on the right. This agreement is made as of agreement date between [Sender.FirstName][Sender.LastName] and [Client.FirstName][Client.LastName], collectively known as joint venture name. Both parties agree to mutually engage, undertake, and execute construction projects, and agree that any profits or liabilities related to such projects are subject to this joint venture agreement.FormationBoth parties hereby represent themselves as joint venturers for the purposes of undertaking and executing construction projects. Joint Venture NameBoth parties agree to be jointly known as joint venture name, and agree to obtain appropriate licensing in the name of joint venture name prior to undertaking or executing construction projects.Joint & Several ObligationsThe obligations under the Construction Contract shall be joint and several. Agreement Duration & TerminationThis agreement shall remain valid unless otherwise cancelled in writing with signature by both parties.Joint Venturers’ InterestsBoth parties agree to maintain equal interests in joint venture name, including claims to property, equipment, profits, and liabilities related to the joint venture.Both parties agree to indemnify one another against any loss or liability not directly related to joint venture xxxx.Xxxxxxx ContributionsBoth parties agree to equal maintain equa...
DEATH OF PARTNER. In the event of the death of one partner, the legal representative of the deceased partner shall remain as a partner in the firm, except that the exercising of the right on the part of the representative of the deceased partner shall not continue for a period in excess of months even though under the terms hereof a greater period of time is provided before the termination of this agreement. The original rights of the partnership herein shall accrue to their heirs, executors, or assigns. Item Fourteen: ADVANCE DRAWS Each partner shall be at liberty to draw out of the business in anticipation of the expected profits any sums that may be mutually agreed on, and the sums are to be drawn only after it has been entered in the books of the partnership the terms of agreement, giving the date, the amount to be drawn by the respective partners, the time at which the sums shall be drawn, and any other conditions or matters mutually agreed on. The signatures of each partner shall be affixed thereon. The total sum of the advance drawn for each partner shall be deducted from the sum that partner is entitled to under the distribution of profits as provided for in Item Five of this agreement.
DEATH OF PARTNER. In the event of death of any partner/s, one of the legal represents of the deceased partner shall become the partner of the firm and in the event the legal representative show their denial to point the firm, they shall be paid the part of the purchase amount circulated as on the date of the death of the partner. That notwithstanding anything contained in the Indian Partnership Act it is hereby mutually agreed to by and between the parties that in case of death of any one or more partners, the firm shall not be dissolved but shall continue to be carried on by and between the surviving partners and legal heirs and/or representatives of the deceased partner, as a continuing concern, on the same terms and conditions as incorporated in this Deed or on such terms and conditions as may be agreed to by and between them from time to time. It is hereby further clarified that it shall be deemed as change in constitution and not succession.
DEATH OF PARTNER. On the death of the First Party, the Second Party agrees to admit within thirty (30) days WIFE NAME (Spouse) as a Partner on the same terms and conditions as the First Party. In the event of WIFE NAME not being alive or not agreeing to be admitted as a partner, the Second party agrees to admit within thirty (30) days, the Children in equal share as Partners on the same terms and conditions as the First Party. On the death of the Second Party, the First Party agrees to admit within thirty (30) days WIFE NAME (Spouse) as a Partner on the same terms and conditions as the Second Party. In the event of WIFE NAME not being alive or not agreeing to be admitted as a partner, the First party agrees to admit within thirty (30) days Children in equal share as Partners on the same terms and conditions as the Second Party. Upon the death of any of the Partners herein the heirs, executors and administrators of such deceased Partners shall be entitled to and shall be paid the full payment in respect of the right, title and interest of such deceased Partner. On the death of any Partner, if his or her heir / heirs opt not to become the Partner, the surviving Partners shall have the option to get the profits of the LLP in the profit sharing ratio of the deceased Partner. No Partner can be expelled by the other Partners or a majority of Partners except in where he / she have been found guilty of carrying on any activity / business of “YOUR LLP NAME” for fraudulent purposes. A Partner may be expelled by giving a notice of thirty (30) days from the date of decision taken by the majority of Partners, after giving an opportunity to such partner, to be heard.
DEATH OF PARTNER. Upon death or retirement or any partner, the partner-ship firm shall not be dissolved. In the event of death, it will be open to the surviving partner whether to admit the legal heir/s as partners or not to the partnership.
