Common use of Purchase Price of Partnership Interest Clause in Contracts

Purchase Price of Partnership Interest. On exercise of the option described in Paragraph 16 above, the remaining Partner shall pay to the person who is legally entitled to it the net book value of the interest as shown on the last regular accounting of the Partnership preceding the dissolution together with the full unwithdrawn portion of the deceased, withdrawing, or terminated Partner’s distributive share of any net profits earned by the Partnership between the date of the accounting and the date of dissolution of the Partnership.