Common use of Incapacity of Limited Partner Clause in Contracts

Incapacity of Limited Partner. The Incapacity of a Limited Partner shall not dissolve or terminate the Partnership. In the event of such Incapacity, provided the transfer of the Partner's Interest complies with Section 7.1, the executor, administrator, guardian, trustee or other personal representative or successor in interest of the Limited Partner affected by such Incapacity shall be deemed to be the assignee of such Limited Partner's Interest and may, subject to Section 7.2, become a substituted Limited Partner.

Incapacity of Limited Partner. The Incapacity of a Limited Partner shall not dissolve or terminate the Partnership. In the event of such Incapacity, provided the transfer of the Partner's Interest complies with Section 7.1, the executor, administrator, guardian, trustee or other personal representative or successor in interest of the Limited Partner affected by such Incapacity shall be deemed to be the assignee of such Limited Partner's ’s Interest and may, subject to Section 7.27.02, become a substituted Limited Partner.

Incapacity of Limited Partner. The Incapacity of a Limited Partner shall not dissolve or terminate the Partnership. In the event of such Incapacity, provided the transfer of the Partner's Interest complies with Section 7.1, the executor, administrator, guardian, trustee or other personal representative or successor in interest of the Limited Partner affected by such Incapacity shall be deemed to be the assignee of such Limited Partner's Interest and may, subject to Section 7.27.02, become a substituted Limited Partner.

Incapacity of Limited Partner. The Incapacity of a Limited Partner shall not dissolve or terminate the Partnership. In the event of such Incapacity, provided the transfer of the Partner's Interest complies with Section 7.1, the executor, administrator, guardian, trustee or other personal representative or successor in interest of the Limited Partner affected by such Incapacity shall be deemed to be the assignee of such Limited Partner's ’s Interest and may, subject to Section 7.2, become a substituted Limited Partner.