Right of Partition. The Tenants in Common agree that any Tenant in Common (and any of his successors-in-interest) shall have the right at any time to file a complaint or institute any proceeding at law or in equity to have the Property partitioned in accordance with and to the extent provided by applicable law. The Tenants in Common acknowledge and agree that partition of the Property may result in a forced sale by all of the Tenants in Common. To avoid the inequity of a forced sale and the potential adverse effect on the investment by the other Tenant in Common, the Tenants in Common agree that, as a condition precedent to filing a partition action, the Tenant in Common filing such action shall follow the buy-sell procedure set forth in Section 10.
Appears in 4 contracts
Samples: Tenants in Common Agreement (Medalist Diversified REIT, Inc.), Tenants in Common Agreement (Medalist Diversified REIT, Inc.), Tenants in Common Agreement (Medalist Diversified REIT, Inc.)
