New Partnership Sample Clauses
New Partnership. The Partners desire to form a general partnership pursuant to Chapter 1 of Title 2 of the California Corporations Code upon the terms, agreements and conditions hereinafter set forth.
New Partnership. The partners desire to form a general partnership under --------------- the laws of the State of California for the purposes and on the terms and conditions stated in this agreement.
New Partnership. Upon a dissolution resulting from the death of a Partner, the remaining Partner shall have the option of terminating the Partnership, or, if the personal representative of the deceased Partner consents, constituting a new partnership.
5.3.1 If the remaining Partner elects to terminate the Partnership, the Partnership shall be wound up in accordance with the terms of Section 5.2, unless the remaining Partner elects to purchase the Partnership interest of the deceased Partner. If the remaining Partner so elects, the price shall be determined jointly by appraisers representing the remaining Partner and the personal representative of the deceased Partner. If the two are unable to agree, they shall select a third appraiser who shall be an M.A.I., and the price shall be determined by the concurrence of two (2) of the three (3) appraisers. If the two (2) appointed appraisers are unable to agree on the third appraiser, he or she shall be selected by the Presiding Judge of King County, Washington, Superior Court. The cost of the third appraiser shall be borne equally by the parties. The price so determined shall be payable in full in cash or on other terms satisfactory to the personal representative of the deceased Partner.
5.3.2 If the remaining Partner and the deceased Partner's representatives elect to constitute a new partnership, the Partnership shall not terminate. Upon such election, and without further act or deed, a new partnership shall be constituted of the remaining Partner and the successor in interest of a deceased Partner, and all of the terms and provisions of this Agreement shall be applicable thereto. The Partners agree to execute any and all instruments and documents necessary or incidental to the formation of the new partnership and the vesting of title to the Partnership property therein.
New Partnership. Buyer and Seller shall have formed New Partnership substantially on the terms set forth in Exhibit "E" hereto, such partnership to be otherwise on terms and conditions reasonably satisfactory to Seller and Buyer. New Partnership shall execute supplementary escrow instructions to authorize the actions to be taken by New Partnership hereunder.