Payment Upon Withdrawal. If the Partnership purchases the Successor’s interest, the Partnership shall pay the Successor in five equal annual installments. The first installment shall be due 90 days after the Value Date, and subsequent equal payments in the amount of one-fifth of the principal shall be made each 12 months after the Value Date. The amount unpaid shall bear simple interest at the rate of 10% per annum, with accrued interest payable at the time of each principal payment. The Successor shall cease being a Partner and have no further rights or obligations of a Partner as of the Value Date.
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.)
