DISSOLUTION OF MARRIAGE. Each party to this Agreement understands that the Uniform Premarital Agreement Act and court decisions provide for consideration of a premarital agreement by the divorce court if a marriage is dissolved. The parties to this Agreement understand that some courts have disregarded property division provisions in a premarital agreement. Without in any way anticipating a dissolution or planning for a dissolution, but recognizing the realities of the world, it is the express intention of Husband-to-be and Wife-to-be that the following provisions shall prevail in the event of a dissolution:
DISSOLUTION OF MARRIAGE. In the event of the dissolution of marriage of Grantee, Grantee shall have the right and option to purchase from his spouse all or any portion of the shares awarded to the spouse pursuant to a decree of dissolution of marriage or any other order by any court of competent jurisdiction and/or by any property settlement agreement (whether or not incorporated by reference in any such decree), at the fair market value of such shares of stock as determined by the Board of Directors upon the terms set forth below. The Grantee shall exercise his or her right, if at all, within thirty (30) days of the entry of any such decree or execution of such property settlement agreement by delivery to the Grantee's spouse of written notice of exercise, specifying the number of shares of stock the Grantee elects to purchase. The purchase price for the shares shall be paid (i) by payment of cash in an amount equal to twenty percent (20%) of the purchase price, and (ii) by delivery of a promissory note for the balance of the purchase price bearing interest at a rate at least equal to the minimum interest rate necessary to avoid imputed interest pursuant to all applicable sections of the Internal Revenue Code, with principal and interest payable in four (4) equal annual installments, commencing on the anniversary date of the transaction. In the event Grantee does not exercise his right to purchase all of the shares awarded to Grantee's spouse, Grantee shall provide written notice to the Company of the number of shares of stock available for purchase within thirty (30) days of the entry of the decree. The Company shall then have the right to purchase any of the shares of stock not acquired by Grantee directly from Grantee's spouse at the same price and on the same terms that were available to Grantee. In determining the fair market value of such shares for purposes of this Section, the Board shall consider the following criteria:
DISSOLUTION OF MARRIAGE. If either party should secure a dissolution of marriage, he or she shall present this agreement to the court for approval in any judgment or decree which may be entered in such action.
DISSOLUTION OF MARRIAGE. (a) In the event of the dissolution of Purchaser's marriage, Purchaser shall have the right and option to purchase from his or her spouse all or any portion of shares of Stock (i) awarded to the spouse pursuant to a decree of dissolution of marriage or any other order by any court of competent jurisdiction and/or by any property settlement agreement (whether or not incorporated by reference in any such decree), or (ii) gifted to the spouse by Purchaser prior to the dissolution, at the fair market value of said Stock at the time of such decree, other order or property settlement as determined by the Company's Board of Directors, upon the terms set forth below. If either Purchaser or Purchaser's spouse disputes the fair market valuation of the Stock by the Board of Directors, such fair market value shall be determined by arbitration in accordance with the rules of the
DISSOLUTION OF MARRIAGE. (a) In the event of the dissolution of Purchaser's marriage, Purchaser shall have the right and option to purchase from his or her spouse all or any portion of shares of Stock (i) awarded to the spouse pursuant to a decree of
DISSOLUTION OF MARRIAGE. The transfer or award of part or all of the Membership interest of a Member ("Divorced Member") to his spouse under a decree of divorce or judgment of dissolution of marriage or separate maintenance, or under a property settlement or separation agreement; provided, only that portion of the interest subject to the transfer or award will be subject to the buy-out provision of this Agreement. In such event, the Effective Date shall be the date of the transfer or award, as the case may be.
DISSOLUTION OF MARRIAGE. (a) In the event of the dissolution of Purchaser's marriage, Purchaser shall have the right and option to purchase from his or her spouse all or any portion of shares of Stock (i) awarded to the spouse pursuant to a decree of dissolution of marriage or any other order by any court of competent jurisdiction and/or by any property settlement agreement (whether or not incorporated by reference in any such decree), or (ii) gifted to the spouse by Purchaser prior to the dissolution, at the fair market value of said Stock at the time of such decree, other order or property settlement as determined by the Company's Board of Directors, upon the terms set forth below. If either Purchaser or Purchaser's spouse disputes the fair market valuation of the Stock by the Board of Directors, such fair market value shall be determined by arbitration in accordance with the rules of the American Arbitration Association. Purchaser shall exercise his or her right, if at all, within thirty (30) days of the entry of any such decree or property settlement agreement by delivery to Purchaser's former spouse of written notice of exercise, specifying the number of shares of Stock Purchaser
DISSOLUTION OF MARRIAGE types, requirements and consequences xii Repudiation (ṭalāq) by the husband Xxxxx is a unilateral repudiation of a wife by the husband. It is the standard form of divorce and is regulated in articles 85-94.
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DISSOLUTION OF MARRIAGE. In the event of the dissolution of the marriage of a husband and wife who are a party herein, only one, but not both, of the members of that party may continue in the venture. The name of the member to continue in the venture shall be furnished in writing signed by both the ex husband and the ex wife to the other parties. In the event of a dissolution where the husband and wife cannot agree on which member shall continue in the venture, and such disagreement continues until the judgment ordering the dissolution becomes final, then within ten days thereafter the members of the party dissolving their marriage shall offer their interest in the Property for sale to the remaining party as described in Paragraph 12 above.
