Dissolution of Partnership. The Partnership shall be dissolved upon the expiration of its term or the earlier occurrence of any of the following events. (a) The effective date of the Withdrawal or removal of the General Partner, unless (1) at the time there is at least one other General Partner (which may be the Special Limited Partner if it elects to serve as successor General Partner under Section 13.4 hereof) who will continue as General Partner, or (2) within 120 days after the occurrence of any such event the Limited Partner elects to continue the business of the Partnership. (b) The sale of the Project and the receipt in cash of the full amount of the proceeds of such sale. Notwithstanding the foregoing, however, in no event shall the Partnership terminate prior to the expiration of its term if such termination would result in a violation of the Mortgage or any other agreement with or rule or regulation of South Trust Bank National Association to which the Partnership is subject.
Appears in 6 contracts
Samples: Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 7), Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 6), Limited Partnership Agreement (WNC Housing Tax Credit Fund Vi Lp Series 5)
