Common use of Purchase by Partnership Clause in Contracts

Purchase by Partnership. The Partnership may acquire a portion or all of a Limited Partner’s Partnership Interests, upon such terms, provisions, and conditions as may be agreed upon by the General Partner and such Limited Partner. In the event of a default hereunder, which default is not cured within thirty (30) days after notice of said default, the Partnership shall have the option to purchase the defaulting Partner’s interest upon the price and terms as determined in Section 5.3 of this Agreement, as if said defaulting Partner was in Bankruptcy.