Incapacity of a Limited Partner. A Limited Partner shall be deemed incapacitated as of the date it files for Bankruptcy, is judicially declared incompetent or insane, or has appointed a legal guardian or conservator. The trustee in Bankruptcy, legal guardian, or conservator shall be referred to as the Successor. On the incapacity of a Limited Partner, its Successor shall become a Limited Partner except that its Percentage Interest shall be subject to the option described in Paragraph 15.1.3.
Appears in 4 contracts
Samples: Limited Partnership Agreement (Investment Grade R.E. Income Fund, L.P.), Limited Partnership Agreement (Investment Grade R.E. Income Fund, L.P.), Limited Partnership Agreement (Investment Grade R.E. Income Fund, L.P.)
