Common use of Organization and Continuation Clause in Contracts

Organization and Continuation. The Partnership is a limited partnership organized by GGPI (as successor general partner to Arbor Properties, Inc.) and the Organizational Limited Partner pursuant to the provisions of the Act and upon the terms and conditions set forth in the Prior Agreement. The Partners hereby continue the Partnership and amend and restate the Prior Agreement in its entirety as of the Effective Date. Immediately following the admission of one or more Limited Partners to the Partnership on the Effective Date, the Organizational Limited Partner shall withdraw from the Partnership and release and relinquish any and all rights, interest, and claims he may have in and to the Partnership; provided, however, that the Organizational Limited Partner shall be admitted as a Limited Partner pursuant to the terms hereof, with all the rights and interests thereof. Except as expressly provided herein to the contrary, the rights and obligations of the Partners and the administration and termination of the Partnership shall be governed by the Act. The Partnership Interest of each Partner shall be personal property for all purposes.