Common use of Purchase due to Involuntary Transfer Clause in Contracts

Purchase due to Involuntary Transfer. In the event of the death of a Member (“Deceased Member”) the Member’s estate or heirs (“Involuntary Transferees”) have the option to sell the Deceased Member’s Interest to the Manager in the first instance and thereafter, to the Remaining Members. Such option may be exercised only by the Involuntary Transferees by giving the Manager and thereafter, the Remaining Members written notice of its desire to sell said Interest. The option must be exercised within one (1) year of the death of the Deceased Member. If the Manager desires to purchase said Deceased Member’s Interest, the Manager must give written notice thereof within thirty (30) days after its receipt of notice of the Involuntary Transferees’ the intention to sell the Interest. Thereafter, notice of exercise of the option shall be given to the Remaining Members which must include the contact information for the Involuntary Transferees. If the Involuntary Transferees have not elected within the period specified herein to sell or the Remaining Members have not elected to purchase the Deceased Member’s Interest the Involuntary Transferees shall, within thirty (30) days thereafter, execute and deliver to the Company such documents, in a form reasonably satisfactory to the counsel for the Remaining Members, as may be necessary and requisite to evidence and effect the transfer of such Interest to the Involuntary Transferees, together with its acceptance of this Agreement and the rights and duties of a Member hereunder. Within thirty (30) days after delivery of such documents, the Company shall notify the Involuntary Transferees of its acceptance of such documents and of the approval as a Member, and shall thereupon be deemed a Member.

Purchase due to Involuntary Transfer. In the event of the death of a Member (“Deceased Member”) the Member’s estate or heirs (“Involuntary Transferees”) have the option to sell the Deceased Member’s Interest to the Manager in the first instance and thereafter, to the Remaining Members. Such option may be exercised only by the Involuntary Transferees by giving the Manager and thereafter, the Remaining Members written notice of its desire to sell said Interest. The option must be exercised within one (1) year of the death of the Deceased Member. If the Manager desires to purchase said Deceased Member’s Interest, the Manager must give giving written notice thereof within thirty (30) days after its receipt of notice of the Involuntary Transferees’ the intention to sell the Interest. Thereafter, notice of exercise of the option shall be given to the Remaining Members which must include the contact information for the Involuntary Transferees. If the Involuntary Transferees have not elected within the period specified herein to sell or the Remaining Members have not elected to purchase the Deceased Member’s Interest the Involuntary Transferees shall, within thirty (30) days thereafter, execute and deliver to the Company Fund such documents, in a form reasonably satisfactory to the counsel for the Remaining Members, as may be necessary and requisite to evidence and effect the transfer of such Interest to the Involuntary Transferees, together with its acceptance of this Agreement and the rights and duties of a Member hereunder. Within thirty (30) days after delivery of such documents, the Company Fund shall notify the Involuntary Transferees of its acceptance of such documents and of the approval as a Member, and shall thereupon be deemed a Member.