Rights of Transferees. No transferee of the Partnership Interest(s) of any Limited Partner shall have the right to become a Substituted Limited Partner, unless: (a) his transferor has expressed such intention in the instrument of assignment; (b) the transferee has executed an instrument reasonably satisfactory to the General Partner accepting, adopting and agreeing to be bound as a Limited Partner to all the terms and provisions of this Agreement; (c) the transferor or transferee has paid all reasonable expenses of the Partnership in connection with the admission of the transferee as a Substituted Limited Partner; and (d) the General Partner (in his sole, absolute and unfettered discretion) consents to such person becoming a Substituted Limited Partner.
Appears in 12 contracts
Samples: Limited Partnership Agreement, Limited Partnership Agreement (UHS of Timberlawn, Inc.), Limited Partnership Agreement (UHS of Timberlawn, Inc.)
