Common use of Right to Remove General Partner Clause in Contracts

Right to Remove General Partner. The Limited Partner shall have the right to remove the General Partner and admit a Substituted General Partner selected by it upon the occurrence of either of the following events: (a) the General Partner defaults under the terms of that certain promissory note, dated the date hereof, delivered by General Partner to the Limited Partner and the Limited Partner properly exercises its right to acquire the Interest of the General Partner in accordance the terms of such promissory note and the security agreement entered into by the General Partner and Limited Partner in connection therewith; (b) the General Partner or any party designated by the General Partner that holds an option to purchase the Property shall allow such option to terminate unexercised. The removal of the General Partner shall become effective upon the admission of the Substituted General Partner and upon the admission of a Substituted General Partner the entire Interest of the General Partner shall be deemed to be transferred and conveyed to the Substituted General Partner which transfer shall not require the payment of any consideration to the removed General Partner by any party.