Common use of Death or Bankruptcy of Limited Partner Clause in Contracts

Death or Bankruptcy of Limited Partner. In the event of dissolution or bankruptcy of the Limited Partner, the General Partner shall purchase from that Limited Partner or its successor in interest or legal representative, as applicable, such Limited Partner's Partnership Interest. With respect to the Partnership Interest held by the Limited Partner or its successor in interest or its legal representative, the General Partner may make the following elections at any time thereafter by written notice to the Limited Partner, its successor in interest or its legal representative, as applicable: (A) To cause the Partnership to purchase all the dissolved or bankrupt Limited Partner's Partnership Interest at fair value agreed to by the parties or determined by an independent appraiser selected by the General Partner and reasonably acceptable to the Limited Partner, its successor in interest or its legal representative; or (B) To allow all or any of the remaining Limited Partners, if any, to purchase all of the Limited Partner's Partnership Interest, in proportions agreed upon between themselves, at fair value agreed to by the parties or determined by an independent appraiser selected by the General Partner and reasonably acceptable to the purchasing and selling Limited Partners.